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 School (LBS). On March 20, the CBN […]
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 […]
*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 track as its different […]
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 […]
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 […]
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 […]
…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 FX […]
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. According […]
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 […]
…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 […]
…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, Naira, foreign exchange reserves, and […]
…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 […]
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 […]
…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. […]
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 […]
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 […]
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 […]
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 […]
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, […]
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 […]