News

Cardoso: Clearing FX backlog boosted reserves

Promise Eze 4 October 2025 0

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the clearance of the country’s foreign exchange (FX) backlog played a key role in the recent rise in Nigeria’s external reserves. Cardoso spoke on Friday at the CBN Governor’s Annual Lecture Series, held at the Lagos Business

News

BDC: CBN’s decision, a wake up call – Lawal

Ihesiulo Grace 14 August 2021 0

Joy Obakeye An Expert from CircleHills, a financial company, that provides foreign exchange services and licensed to operate in Nigeria as a Bureau De Change, have spoken on the recent decision of the Apex bank, Central Bank of Nigeria, to discontinue sale of weekly foreign exchange (FX) to the Bureau De Change (BDC) segment of […]

Business Top Stories

Stakeholders laud CBN on forex as inflation drops

Ihesiulo Grace 16 June 2021 0

*Apex bank’s interventions reflect positive growth of economy-Expert Motolani Oseni, Lagos And Philip Clement, Abuja Following the latest World Bank report on the impacts of the Central Bank of Nigeria’s (CBN’s) management of the foreign exchange regime, industry stakeholders have insisted that the country’s apex financial institution is on the right

Business

OTC FX futures sale hit $34.83bn in over 3 years – FMDQ

Ihesiulo Grace 17 February 2020 0

The FMDQ OTC securities Exchange limited has disclosed that the Central Bank of Nigeria (CBN) has sold $34.83 billion Over the Counter (OTC) Foreign Exchange (FX) futures since June 2016 it was launched. The apex bank has yet again shown its commitment towards the development of the FX market in collaboration with FMDQ Holdings, to […]

Business News

CBN imposes ban on importation of fertilizers

Ihesiulo Grace 3 February 2020 0

The Central Bank Of Nigeria (CBN) has said all authorised dealers of fertilizer in the country are now prohibited from accessing foreign exchange for the importation of all NPK fertilizers. This was according to a circular signed by the Director of Trade and Exchange Department of CBN, A.S jibrin. Jibrin said any dealer that tries […]

Business

Naira down to N364.98/$ at Investors’ Forex Window

Ihesiulo Grace 6 January 2020 0

The pressure continued to mount on the Naira at the Investors and Exporters (I&E) foreign exchange window as it weakened 0.05 per cent to N364.98 against the Dollar on Friday. The currency opened at N364.60 in I&E Forex window, traded high at N366.00 and eventually closed at N364.98, as investors traded a total of $19.05 […]

Business

Naira stables against dollar across official FX segments

Ihesiulo Grace 26 September 2019 0

…As investors record transactions turnover of $245m The Nigerian currency, Naira on Wednesday remained stable against the Unites State Dollar across official Foreign Exchange segments. This is even as the Investors & Exporters FX (I&E FX) window, recorded a total transactions turnover of $245 million, higher than $179.10 million sold on Tuesday. The I&E

Business

Systemspecs urges FG to optimise data mining, automate Foreign exchange payments

Ihesiulo Grace 7 May 2019

Ladesope Ladelokun The formidable IT Company, Systemspecs has urged the federal government to automate foreign exchange payments and to optimize data mining. This charged was made by the Chief Executive Officer, Systemspecs, Mr John Obaro at the First Accounting Technology Summit (ACCOUNTEKS) hosted by the Institute of Chartered Accountants of Nigeria (ICAN) in Lagos.

Business

CBN boosts Forex market with fresh $210m FX injection

Ihesiulo Grace 28 November 2018 0

The Central Bank of Nigeria (CBN) on Tuesday, November 27, 2018, intervened in the wholesale segment of the foreign exchange market, offering the sum of $100 million to dealers in that window. In the latest round of intervention, which was made public on Tuesday, the CBN also made interventions of $55 million each in the […]

Business Top Stories

Forex, T-bills, other turnovers hit N145.7trn in 10 months

Ihesiulo Grace 26 November 2018 0

…Transactions turnover decline by N3.30trn in one month …As CBN reports $3.98bn FX net flow loss in Q3 As trading activities in the Fixed Income and Currency (FIC) market wind down in 2018, not less than a whopping N145.68 trillion has been traded in Foreign exchange (FX), Treasury bills (T. bills), FGN Bonds, among other […]

Business Top Stories

2019 polls: Macroeconomic challenges, others put pressure on Naira

Ihesiulo Grace 12 November 2018 0

…FX window records $731.5m in one week …$2.8bn Eurobond sale to provide respite to foreign reserves –Analysts …As FG determines to expand exportation of locally produced goods Due to several uncertainties surrounding Nigeria’s 2019 general elections, macroeconomic challenges, among others have continued to mount pressure on the nation’s local currency,

Business Top Stories

Forex, T.bills, others record N115.7trn turnover in 8 months

Ihesiulo Grace 2 October 2018 0

…Account for 76. 99% of total market proceeds …Investors trade $1.25bn FX in 5 days The total transactions turnover for the January to August 2018 period amounted to N115.68 trillion, as trading activities in Treasury bills (T.bills) and Foreign exchange contributed the largest to overall turnover, accounting for 76.99 per cent of the market, latest […]

Business

FX transfers: KIAKIAFX partners TURTLEWAX BDC

Ihesiulo Grace 26 September 2018 0

KiaKiaFX, an indigenous Fintech company has signed a technical services agreement with Turtlewax BDC to promote the sale of retail Foreign Exchange (FX) where customers can exchange FX from the comfort of their homes offices via desktop, tablet or mobile device. Speaking in Lagos, the Managing Director, KiaKia FX, Abisoye Coker, said the digital platform […]

Business News

CBN’s sustained FX intervention aiding manufacturing sector growth-Analysts

Ihesiulo Grace 4 September 2018 0

…As PMI closes July at 57.1 index points Following the closure of the Manufacturing Purchasing Managers’ Index (PMI) in the month of August at 57.1 Index points from 56.8 index points in July, Finance analysts, haves said that the Central Bank of Nigeria (CBN) sustained foreign exchange intervention is the growth in the manufacturing sector. […]

Business News

ERGP has enhanced positive GDP growth – Osinbajo

Ihesiulo Grace 31 August 2018 0

Nigerian Vice President, Prof. Yemi Osinbajo, on Thursday, said that the economic blueprint of President Muhammadu Buhari, has restored stability in the foreign exchange market, while inflation rate has witnessed a decline for the 18th consecutive month since December 2016. He equally noted that the Economic Recovery Growth Plan (ERGP), within almost two years of […]

News Nigeria

Raw materials, products development key to reducing importation – Ogbonnaya

Ihesiulo Grace 17 August 2018 0

The Minister of Science and Technology, Dr Ogbonnaya Onu has said that boosting the raw materials and products development value chain in Nigeria will save the country over N3 trillion in foreign exchange, reduce the importation of goods by 11 percent, and create millions of jobs opportunities for the teeming populace. He made the disclosure […]

Business Top Stories

Wholesale market, others get $210m forex boost

Ihesiulo Grace 15 August 2018 0

The Central Bank of Nigeria (CBN) has sustained its intervention in the inter-bank foreign exchange market by injecting yet another $210 million into various sums of the market. CBN at Tuesday’s trading, offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $55,000,000 each for Small and Medium Enterprises (SMEs) forex window […]

Business

CBN pumps $210m to forex market

Ihesiulo Grace 9 May 2018 0

The Central Bank of Nigeria (CBN) has pumped $210 into the market to boost the inter-bank Foreign Exchange. The Bank again on Tuesday offered the sum of $100 million to authorized dealers in the wholesale segment of the market. The Small and Medium Scale Enterprises (SMEs) segment received the sum of $55 million while the […]

Business Top Stories

Forex transactions hit N15.32tr in 3 months

Ihesiulo Grace 16 April 2018 0

The total transactions value traded in the Foreign Exchange (Forex) market between January and March, 2018, settled at a whopping sum of N15.32 trillion, Investigations by The Daily Times revealed. The forex market, represents a platform in which participants are able to buy, sell, exchange and speculate on currencies, and is made up of banks, […]

Money

Naira strengthens as investors lifted FX market with $10bn

Ihesiulo Grace 5 March 2018 0

The Naira, at the close of trading week strengthened against the US Dollar at the Central Bank of Nigeria (CBN) spot market, Investors & Exporters Foreign Exchange (I&E) FX window and the parallel segment of the forex market, findings by The Daily Times findings has showed. In the first two months of this year, the […]