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Forex - Page 3

Zimbabwe Imposes $100,000 Fine On Forex Violators In New Crackdown

August 16, 2025

The Reserve Bank of Zimbabwe (RBZ) has announced a tough new policy introducing heavy fines for those who breach foreign exchange regulations, setting a minimum penalty of US$100,000 or 1 percent of

Naira Falls Against Dollar In Black Market As Demand Increases In FX Market

Business News·Markets·News

Naira Falls Amid Increased Forex Turnover To N15.74tn, Says FMDQ Report

September 26, 2024

Forex Turnover Soars as Naira Weakens The value of foreign exchange turnover in Nigeria surged to N15.74 trillion in August 2024, marking a 33.88% increase from July’s N13.23 trillion. This rise reflects

Forex Crisis Hits Nigerian Ports As Operators Lament 2.39% Drop in Container Import

Business News·News

Forex Crisis Hits Nigerian Ports, Operators Lament 2.39% Drop in Container Import

July 2, 2024

Licensed Customs Agents Blame Forex Crisis for Decline The forex crisis has caused a 2.39% drop in container throughput at Nigerian ports in Q1 2024, according to licensed customs agents. Nigerian Ports

Business News·News

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

June 27, 2024

The ongoing forex crisis in Nigeria has resulted in financial losses and operational challenges for importers. According to Dr. Basil Nwaolisa, the National Coordinator of Customs, Shipping, and Terminal Operations of the

Naira vs Dollar: What To Expect This Week (24th-30th, March 2025)

Business News·Markets·News

Naira Holds Steady In Official Market Amid Parallel Market Fluctuations Within Fitch Ratings projection

June 24, 2024

Official Market Stability The Nigerian naira has shown stability in the official market, aligning with projections by Fitch Ratings. Despite trading within the N1500 range against the U.S. dollar in the parallel

Business News·Markets·News

Nigeria’s FX Reserves Rises To $32.8bn After 10-week Slump

June 9, 2024

Nigeria’s foreign exchange (FX) reserves have shown a notable increase over the past six days, indicating a potential recovery for the economy’s external reserves. According to data from the Central Bank of

Business News·Markets·News

Naira Decline Breaks Four-Day Winning Streak, Falls To N1485/$1 Amid Forex Market Volatility

May 24, 2024

The naira’s four-day winning streak ended on Thursday as it depreciated by 1.55%, closing at 1485.66/$1 on the official market. This marks the currency’s lowest level since March 20, when it traded

Business News·News

Forex Crisis: 3 States Govts Seek Suspension of $501m Foreign Debts

May 9, 2024

State governments in Nigeria are facing the brunt of the foreign exchange (Forex) crisis and are seeking relief from their debt repayment burdens. Ekiti, Cross River, and Ogun states have jointly proposed

NMDPRA: Nigerian Govt Will Not Fix Price For Petroleum Products From Dangote Refinery, Pushes CNG Expansion

Business News·News·Oil & Gas

Dangote Refinery: How Forex Shortage Is Delaying Crude Supplies

April 26, 2024

The $20 billion refinery project in Nigeria, the brainchild of Africa’s richest man, Aliko Dangote, is having payment problems, which is delaying the discharge of crude oil shipment from Chinese state energy

Forex Crisis: CBN Sells $122.67m To 46 Authorised BDC Operators

Business News·Markets·News

Tighten Access To Forex For Non-Oil Exporters- ABCON Tells CBN

April 11, 2024

The Association of Bureau De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to tighten access to foreign exchange (forex) for non-oil exporters. ABCON President, Dr.

Africa·Business News·Markets·News

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

April 11, 2024

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

Opinion

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

March 28, 2024

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

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

Business News·Markets·News

CBN Clears $7bn Forex Backlog, Boosting Economic Confidence

March 21, 2024

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

Business News·Markets·News

Binance Adopts Price Caps As Presidential Aide Advocate Ban On Forex

February 22, 2024

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

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

Business News·Markets·News

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

February 21, 2024

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

Business News·News

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

February 20, 2024

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

Business News·Markets·News

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

February 20, 2024

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.

Business News·News

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

February 6, 2024

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

Breaking: Senate Confirms Cardoso As CBN Governor, 4 Deputies

Business News·News

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

February 5, 2024

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

Business News·News

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

February 2, 2024

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

Naira Vs Dollar: What To Expect This Week (2nd - 6th June 2025)

Business News·Currency

5 Measures To Stabilize Naira As Value Sinks To New Low Of N1,400/$1

January 26, 2024

Concerns about the impact of persistent depreciation of the value of the naira on Nigerian economy have continued to worry stakeholders in different stakeholders.

Naira Falls To ₦1,530/$ At Official Market After Public Holiday

Business News·Finance & Economy·News

Persisting Forex Crisis Threatens Nigeria’s $1trn Economy Ambition

November 27, 2023

Analysis by Prime Business Africa has shed light on Nigeria’s struggle to achieve its $1 trillion economy goal amidst the forex exchange market turmoil and the naira’s persistent weakness. The devaluation of

Business News·News

C&I Leasing Forecasts 2024 Forex Impact, Ensures Dividends Amid FX Volatility

November 23, 2023

The Group Managing Director/Chief Executive Officer of C&I Leasing, Mr Ugoji Lenin Ugoji, has highlighted the impact of foreign exchange dynamics in the upcoming year, while assuring shareholders of dividend payouts amidst

Business News·Currency

CBN Finally Lifts Forex Restrictions On 43 Items Banned By Emefiele [FULL LIST]

October 12, 2023

Nine years after the Central Bank of Nigeria (CBN) under its former Governor, Godwin Emefiele, placed restriction on access to the official foreign exchange (forex) market for the importation of some

Shareholders Remember Wigwe, Others At Access Holdings Annual General Meeting

Business News·Currency

Access Bank Reduces Forex Payout For International Students, Traders

March 15, 2023

Access Bank has reviewed its foreign exchange (FX) application for international school fees, a move that indicates other banks might follow suit. Account holders of Access Bank received a message titled; “important information

Naira Appreciates At Official Market As Dollar Supply Rises On Friday

Business News·Currency

Naira Weakens, Dollar Rate Rises In Official Market

March 13, 2023

Traders and investors exchanged the Naira and Dollar at N461.50/$1 on Friday, 10 March 2023, the FMDQ Exchange data has disclosed. The foreign exchange (Forex) rate rose from N461.00/$1 reported on Thursday,

Naira Ends Week With Marginal Gain Against Dollar

Business News·Currency·Insights

How Nigerian Youths, Traders Strengthen Dollar Against Naira, Prospects For 2023

January 27, 2023

The Naira suffered heavy depreciation against the United States Dollar (USD) in 2022 in the official channel and the Bureau De Change-controlled Black market. Despite some notable policies by the Central Bank

CBN Releases Another Around Of $10,000 FX To Each BDC, Mandates Them To Sell At N1,117/$1

Business News·Currency

Forex Transaction Drops In Official Market, Dollar Rate Rises In Black Market

January 18, 2023

The volume of foreign exchange (forex) traded on Tuesday, 17 January 2023, fell by 72 per cent in the Investors and Exporters (I&E) window of the official market. According to data obtained

Business News·Currency

Dollar Rate Rises As CBN Finds It Difficult To Supply Forex

January 16, 2023

The naira couldn’t hold its ground against the dollar on Friday, 13 January 2023, depreciating in value by 0.16 per cent, data from the FMDQ Exchange has shown. According to the data

Naira Gains More As Exchange Rate Drops To N1,300/$1 At Official Market

Business News·Currency

Dollar Goes For N740 In Black Market, Maintains N200 Above Official Forex Rate

December 27, 2022

As Nigerians celebrate the yuletide period, the dollar rate remains at a premium in the black market, as the naira exchanged at N740/$1 on Tuesday. The exchange rate between the naira and

Finance & Economy·News

CBN To Refund Pending Licence Applications Fees To Bureau De Change Promoters

The Central Bank of Nigeria (CBN) will commence the immediate refund of capital deposits and licensing fees to Bureaux de Change (BDC) promoters who have pending licence applications. The CBN announced this in a circular signed by Ibrahim Tukur, director of financial

July 30, 2021

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