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Forex - Page 2

Forex Crisis Costs Nigeria Over $500m Annually, Importers Warn

Forex Policies Hindering Intra-African Trade, Says Transborder Traders Association

Nasiru Salami, the president of the Transborder Traders Association, voiced concerns about the impact of Nigeria’s forex policies on cross-border trade within Africa. Salami highlighted the challenges faced by small and medium enterprises (SMEs), emphasizing the difficulties encountered in repatriating export proceeds

April 11, 2024

Opinion

EFCC, CBN Investigation Of Forex Frauds Validate Suspicion Of Banks’ Complicity

Things are unravelling in the foreign exchange segment of the financial industry. Indeed, foreign exchange deals that were consummated in the crevices of secret places are now being exposed for fraud as it is against the good people of Nigeria that they

March 28, 2024

Just In: CBN Resumes Fx Sale To BDCs At N1,021/$1

Business·Markets·News

CBN Clears $7bn Forex Backlog, Boosting Economic Confidence

The Central Bank of Nigeria has announced the successful clearance of all valid foreign exchange (Forex) backlogs, marking a significant milestone in the nation’s economic journey. This accomplishment fulfills a commitment made by CBN Governor, Mr Olayemi Cardoso, to address an inherited

March 21, 2024

Business·Markets·News

Binance Adopts Price Caps As Presidential Aide Advocate Ban On Forex

In response to mounting concerns from Nigerian authorities, Binance, a prominent peer-to-peer cryptocurrency exchange, has taken measures to control the selling price of the cryptocurrency stablecoin, Tether, on its platform. This move comes amidst accusations of attempting to dictate exchange rates and

February 22, 2024

Naira Ends Week With N30 Gain In Black Market: Hope For Naira?

Business·Markets·News

Nigerian Govt To Raise $10bn To Boost Foreign Exchange Liquidity As Naira Falls To N1,850/$1

In a bid to address the escalating challenges in the foreign exchange market, the Nigerian Federal Government has announced plans to secure a substantial sum of $10 billion. The aim is to enhance liquidity and stabilize the naira, which recently plummeted to

February 21, 2024

Business·News

NSA, EFCC To Collaborate With CBN To Curb Forex Crisis Amidst Economic Hardship

In a move aimed at tackling the rampant forex speculation plaguing Nigeria’s economy, the National Security Adviser’s Office (NSAO), under the leadership of Nuhu Ribadu, has joined hands with the Central Bank of Nigeria (CBN) to initiate a collaborative effort. Zakari Mijinyawa,

February 20, 2024

Business·Markets·News

Naira Drops To N1,730/$1 In Parallel Market As EFCC Raids BDC Operators In Abuja

The Nigerian naira hit a new low against the US dollar on Monday, sparking concern among citizens as the currency continued its downward spiral in both official and parallel foreign exchange markets. At an alarming rate of N1,730/$ in the parallel market,

February 20, 2024

Business·News

CBN Reforms Yielding Positive Returns As FX Transactions Surge To $800m, CBN Gov Assert

In a revelation today, the Governor of the Central Bank of Nigeria (CBN), Mr. Cardoso, unveiled the tangible results of recent reforms initiated by the apex bank, underscoring a surge in liquidity within the foreign exchange market. Addressing the House of Representatives,

February 6, 2024

Breaking: Senate Confirms Cardoso As CBN Governor, 4 Deputies

Business·News

$2.4bn Of The $7bn Inherited Were Linked to Non-existing Entities- CBN Gov Exposes Forex Phantom Transactions

Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria, revealed a shocking revelation about the foreign exchange backlog, stating that $2.4 billion of the $7 billion inherited was linked to non-existing entities, undocumented requests, and various infractions. Cardoso, addressing concerns

February 5, 2024

Business·News

Economic Turmoil Unleashed As EFCC Targets Forex Traders Amidst Chaos, Confusion

In a turn of events, the Economic and Financial Crimes Commission (EFCC) launched a crackdown on Bureau de Change (BDC) operators, sending shockwaves through the financial markets. The operation aimed to apprehend both sellers and buyers of forex, raising questions about the

February 2, 2024

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Forex - Page 2

Forex Policies Hindering Intra-African Trade, Says Transborder Traders Association

EFCC, CBN Investigation Of Forex Frauds Validate Suspicion Of Banks’ Complicity

CBN Clears $7bn Forex Backlog, Boosting Economic Confidence

Binance Adopts Price Caps As Presidential Aide Advocate Ban On Forex

Nigerian Govt To Raise $10bn To Boost Foreign Exchange Liquidity As Naira Falls To N1,850/$1

NSA, EFCC To Collaborate With CBN To Curb Forex Crisis Amidst Economic Hardship

Naira Drops To N1,730/$1 In Parallel Market As EFCC Raids BDC Operators In Abuja

CBN Reforms Yielding Positive Returns As FX Transactions Surge To $800m, CBN Gov Assert

$2.4bn Of The $7bn Inherited Were Linked to Non-existing Entities- CBN Gov Exposes Forex Phantom Transactions

Economic Turmoil Unleashed As EFCC Targets Forex Traders Amidst Chaos, Confusion

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