April 21
Nigeria: The Implications of Naira's Unprecedented Rally
Unprecedented, yes! Never has the naira made such a comeback against global currencies - especially the US dollar - as it has in recent times. Read more »
April 18
Nigeria: Naira Gains At Official Market Amidst Depleting Reserve
Market data published on the FMDQ website on Wednesday indicated that the naira closed at N1,072.74 against N1,148.14 recorded in the previous market session on Tuesday. Read more »
April 15
Nigeria: Nigeria's Inflation Hits 33.20 Percent Amid High Food Prices
The food inflation rate in March 2024 quickened to 40.01 per cent on a year-on-year basis Read more »
March 20
Nigeria: Central Bank Clears All 'Valid' Forex Backlog
The CBN recently completed the payment of $1.5 billion Read more »
March 05
Nigeria: Binance Discontinues Naira Services
Nigeria is recognised as one of the largest cryptocurrency markets globally. Read more »
March 01
Nigeria: Central Bank Revokes Operating Licenses of Thousands of Forex Bureaus
The Central Bank of Nigeria (CBN) has revoked the operational licences of 4,173 Bureaux De Change operators in the country. Read more »
February 29
Nigeria: Seplat Rakes in Record N885 Billion Income Amid Foreign Currency Gains
"Our revenue exceeded $1bn, and while costs increased, our proactive approach meant we generated more than $260m of free cash flow in the year," said CEO Roger Brown. Read more »
February 27
Nigeria: CBN Resumes Sale of Dollars to BDCS
Each BDC will have access to the $20,000 at the rate of N1,301/$, representing the lower band rate of executed spot transactions at NAFEM for the previous trading day Read more »
February 21
Nigeria: Exclusive - Forex Crisis: Nigeria Plans Clampdown On Binance, Other Crypto Firms
Binance has had similar aaccusations of currency manipulation and unethical conduct leading to sanctions in many countries and an ongoing lawsuit in the United States. Read more »
February 19
Nigeria: Presidency Replies to Atiku's Exchange Rate Proposal
The floating of the naira and the removal of petrol subsidies have led to huge increases in the prices of goods and services. Read more »
February 13
Nigeria: Naira Hits New Low At Official Market
Naira fell to N1,534 at the official market on Monday, hitting a new record low in the segment. Read more »
February 03
Nigeria: No Plans to Convert $30bn Domiciliary Deposits to Naira - CBN
Describing these allegations as completely false, the CBN asserts that the intention behind such reports is to instigate panic within the foreign exchange market Read more »
February 01
Nigeria: Facing Fx Crisis, Nigeria's Central Bank Lifts Exchange Rate Restrictions for Imtos
IMTOs are hereby allowed to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the Nigerian Foreign Exchange Market on a willing seller,… Read more »
January 30
Nigeria: CBN Clears Verified Fx Claims By Foreign Airlines
The latest payment brings the total amount disbursed to the aviation sector to $136.7 million, effectively settling all verified claims. Read more »
January 29
Nigeria: CBN Injects Additional $500m to Clear Fx Backlog
The CBN's focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years. Read more »
December 23, 2023
Nigeria: CBN Lifts Ban On Cryptocurrency Transactions
Ex-CBN Governor, Godwin Emefiele, had announced restriction on cryptocurrency transactions due to the money laundering and terrorism risks they posed. Read more »
November 29, 2023
Nigeria: Again, Supreme Court Extends Validity of Old Naira Notes
The Supreme Court, in the ruling, reviewed its earlier order that the old notes should cease be legal tender by the last day of December 2023. Read more »
November 17, 2023
Nigeria: Revamping the National Currency - a Pipe Dream or Achievable Hope?
The first point we would like to stress here is that the exchange rate of a nation's currency cannot be legislated. Read more »
November 06, 2023
Nigeria: Naira Strengthens Across Fx Markets Amidst Move to Boost Supply
In recent months, the naira has weakened significantly in both the authorised and unauthorised market segments. Read more »
October 27, 2023
Nigeria: Higher Interest Rates, Naira Devaluation Drive Access Holdings' Profit to All-Time Peak
Nigeria's biggest lender also reported a spring in revenue to a record N1.6 trillion from N906 billion a year ago, which too surpassed the full-year 2022 level, in this case by… Read more »
October 24, 2023
Nigeria: Nigeria Expects $10 Billion Forex Inflows in Weeks - Minister
"...there is a line of sight of $10 billion worth of foreign exchange in the relatively near future in weeks rather months," Mr Edun said. Read more »
October 15, 2023
Nigeria: NDLEA Seizes $4.8m, CFA57 Million Suspected Fake Currencies On Lokoja-Abuja Highway
NDLEA said on Sunday in Abuja that the suspected counterfeit notes were seized from a commercial bus travelling from Lagos to Kano on Tuesday Read more »
October 10, 2023
Nigeria: Reps to Probe Use of Dollar, Other Foreign Currencies As Legal Tender in Nigeria
The lawmakers also said there is a need for the CBN to tackle the depreciation of the naira while clamping down on the domestic use of dollars. Read more »
September 30, 2023
Nigeria: Naira Appreciates At Forex Markets
The naira strengthened marginally against the dollar at the official market to close at N755.27/$1 on Friday Read more »
September 10, 2023
Nigeria: Unity Bank Sinks to N39 Billion Loss After Heavy Hit From Forex Revaluation
Unity Bank's foreign exchange revaluation loss for the period stood at N35.4 billion, compared to N16.2 million a year earlier. Read more »