Forex

The Central Bank of Nigeria (CBN) has introduced a policy to address the inadequacy of foreign exchange (FX) supply and constant pressure on the exchange rate. The new scheme to improve dollar supply…

Deposit money banks have witnessed an increase in foreign exchange demand due to the central bank’s ban of forex sale to Bureaux De Change (BDCs). This was disclosed by CBN deputy governor, Adamu Edward Lametek in his statement at the…

The Centre for the Promotion of Private Enterprise has stated that the distortions inherent in the foreign exchange market will persist in 2022. This is according to the Economic Review for 2021 and Agenda for 2022 report of…

The exchange rate between the Naira and the US dollar at the official Investors and Exporters (I&E) window closed at N415/$1. Naira recorded a marginal gain against the US dollar following the resumption of trading activities after…

President Muhammadu Buhari has assured manufacturers that his administration would take appropriate measures to ease access to foreign exchange for importation of raw materials and machines that are not available locally. The promise by…

Mrs Zainab Ahmed, Nigeria’s Minister of Finance, Budget, and National Planning, has stated that the ministry is collaborating with the Central Bank of Nigeria to reduce the gap between official and unofficial dollar rates by improving…

The Central Bank of Nigeria (CBN) has refuted purported claims that the apex bank has plans to convert domiciliary account holdings into Naira. In a circular signed and issued by the CBN’s Director for Corporate Communications,…

The Central Bank of Nigeria (CBN) says it will no longer provide foreign exchange (FX) for Bureau de Change (BDCs) operators in the country. Mr Godwin Emefiele, governor of the apex bank, announced this on Tuesday at the end of…

The Central Bank of Nigeria (CBN) has released supervisory framework for payment service banks (PSB), which among other things empowers the PSB operators to sell foreign currencies, especially dollars, to authorised foreign exchange…

Forex traders under the aegis of the Association of Bureaux De Change Operators of Nigeria (ABCON) have said they will start what it tagged “Operation No Street Trading” to stop the hawking of foreign exchange by Bureau de Change operators.…