Nigeria recorded a robust merchandise trade surplus of N5.2 trillion in the first quarter of 2025, but analysts have warned that the country’s external competitiveness is weakening, raising concerns over long-term foreign exchange sustainability. Data from the National Bureau of Statistics (NBS) show that total trade rose 6.2 per cent year-on-year to N36 trillion in […]
BY BARTH EZE & OKEY DURU The biting forex scarcity is leaving bitter pills in the mouths of Nigerians, especially students in foreign schools, who need it to pay for tuition and sundry levies. At the moment, many in foreign schools are facing serious academic challenges on this premise. Saturday Times gathered that the schools […]
By Omotolani Oseni The Association of Meter Manufacturers of Nigeria (AMMON), has warned that the foreign exchange (forex) fluctuations have impacted negatively on the operations in the sector. The association, which expressed concern over the challenges posed by foreign exchange fluctuations, said this is also impacting on the continuous supply of meters to the Nigerian […]
The Forex (foreign exchange) market is the largest financial market in the world, where currencies are traded round the clock. Driven by countless factors, this dynamic marketplace reflects the heartbeat of the global economic landscape. With the advent of technology, platforms for online forex trading have made it easier for traders, both novices and experts, […]
You can find the research results of the experts at Traders Union on Nigerian brokerage companies on tradersunion.com. In the course of the comprehensive study, the trading conditions of brokers were verified via the use of over 100 proprietary criteria, which made it possible to form an objective rating of the Best Forex Brokers in […]
By Tunde Shorunke Experts want CBN to unify exchange rates Nigeria already in deep recession, says analyst The prevailing difficulties in accessing the major global currencies (forex) especially at the Investors and Exporters Foreign Exchange (I&E FX) window is expected to further create a contraction on investment in Nigeria. Domestic and foreign portfolio investors have […]
By Tunde Shorunke Foreign exchange (FOREX) illiquidity in the Investor and Exporter (I&E) FX window has continued to disrupt the importation of Premium Motor Spirit (PMS), otherwise called petrol. In fact findings, Daily Times discovered that the illiquidity of FOREX is attributed to the inability of the dollar to be traded (bought/sold) on Naira demand, […]
The collapse of oil price, oil price war, COVID-19 pandemic and the global lockdown have been identified as reasons why Nigeria’s foreign exchange market has been under immense pressure. However, industry experts believe that steps taken so far by the Federal Government and the Central Bank of Nigeria (CBN) to support the economy will bring […]
.As MAN lauds Dangote for spearheading Nigeria’s export drive Dangote Cement has boosted the federal government’s foreign exchange drive with the exportation of 27,800 metric tonnes of clinker to a neighbouring African country. With this historic maiden voyage from its Export Terminal located in Apapa Port, Lagos weekend, Dangote has gradually made Nigeria, which until […]
.Speculators to lose over N10bn as CBN, ABCON finalise BDCs resumption Following the rising accretion to the foreign reserves to over $37 billion, the Nigerian currency, naira future looks bright. To this end, foreign currency speculators will in the coming months face over N10 billion losses as the Central Bank of Nigeria (CBN) and Association […]
The Petroleum Products Pricing Regulatory Agency (PPPRA) says it is engaging the Central Bank of Nigeria (CBN) to determine the applicable foreign exchange rates for the importation of petroleum products into the country. The PPPRA Executive Secretary, Abdulkadir Saidu, said in a statement issued in Abuja on Monday that the engagement was also to ensure […]
Abuja – The Central Bank of Nigeria (CBN) has injected the sum of 292.34million dollars into the retail Secondary Market Intervention Sales (SMIS). CBN Director, Corporate Communications, Mr Isaac Okorafor made this known in a statement in Abuja on Friday. Okorafor said that the Bank also intervened with the sum of CNY 22.8million in the […]
ABUJA – The Central Bank of Nigeria (CBN) has injected the sum of 210 million dollars into the inter-bank Foreign Exchange Market to boost liquidity in the sector. The bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor made this known in a statement in Abuja on Tuesday. Okorafor explained that authorised dealers in the wholesale […]
Abuja – The Central Bank of Nigeria (CBN) has injected the sum of 218.41 million dollars into the retail Secondary Market Intervention Sales (SMIS). The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja on Friday. Okorafor said 18 million Yuan was also injected in the spot and […]
Abuja – The Central Bank of Nigeria (CBN) has injected 325.5million dollars in the retail Secondary Market Intervention Sales (SMIS) and CNY14million in the spot and short tenored forwards segment of the inter-bank foreign market. The bank’s Director, Corporate Communications, Mr Isaac Okorafor made this known in a statement in Abuja on Friday. Okorafor explained […]
The Nigerian Association of Small and Medium Enterprises (NASME) has stated that the agriculture value chain can provide over 50 million jobs if the Federal Government stops forex restriction as well as place an outright ban on food import. The Chairman of Agricultural Group of NASME, Lagos Chapter, Adam Adebayo made this suggestion in Lagos […]
Motolani Oseni President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji (Dr.) Aminu Gwadabe has said the trade wars between the United States of America (US) and China have led to higher crude oil (Brent) prices, which is good for the naira and the Nigerian economy. Speaking yesterday to financial journalists in Lagos, […]
The Naira on Thursday remained stable across foreign exchange segments, including the parallel market, where it closed against the US Dollar at N359.3. The Pound Sterling and the Euro traded at N472 and N402, respectively. At the Bureau De Change (BDC) window, the naira was sold at N360 to the dollar, while the Pound Sterling […]
…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 […]
…5 banks rake N362bn from investments in 6 months …CBN injects $ 615m, CNY46.58m in 1 week, reserves now $45.468bn Investors and Exporters (I&E) FX window between Monday, August 27 and Friday, September 7, 2018, recorded total transactions turnover of N1.129 trillion ($3.138 billion), findings by The Daily Times revealed. This is just as five […]