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NEWS

External reserves drop by $950m in 17 days — CBN report

Nigeria’s foreign exchange reserves have taken a significant hit, dropping by approximately $1.02bn within 18 days as the Central Bank of Nigeria steps up efforts aimed at defending the naira. On March 18, 2024, the FX reserves stood at $34.45bn, but by April 3, it had dropped to $33.50bn, based on the latest data from the CBN. Before the current decline, the reserve had been steadily growing, witnessing a remarkable […]

todayApril 8, 2024 8

BUSINESS

BDC operators ask CBN to lower exchange rate

The Association of Bureaux De Change Operators of Nigeria has appealed to the  Central Bank of Nigeria to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members. ABCON National President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade & Exchange Department. The appeal comes when the parallel market rate of 1,235/$ is lower than the BDCs’ applicable buying exchange rate […]

todayApril 8, 2024 6

BUSINESS

CBN resumes forex sale to BDC operators after three years

The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country. The development came three years after the former CBN governor, Godwin Emefiele, announced the suspension of foreign exchange sales to BDC operators. The apex bank disclosed this in a new circular issued and signed by the Director, Trade and Exchange Department, Hassan Mahmud, on Tuesday. […]

todayFebruary 28, 2024 9

BUSINESS

CBN plans tough sanctions for banks

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has vowed to pursue an aggressive regulatory environment to reduce infractions in the country’s banking system. He said this on Tuesday in Abuja at the Monetary Policy Committee meeting of the apex bank, the first since he assumed office in September 2023. He also stated that an in-depth investigation was underway to determine the necessary actions against banks involved in […]

todayFebruary 28, 2024 23

BUSINESS

Foreign airlines repatriate N795bn in six months – CBN report

Foreign airlines repatriated N795.48bn from Nigeria in six months, data from the Central Bank of Nigeria have shown. Data from the apex bank’s Balance of Payment compilation revealed that airlines withdrew (as debits) $1.76bn (converted to naira at N451/$) in the first and second quarters of 2023. Total credit to the Balance of Payment account from airline travel was $19.39m (N8.75bn). The amount on the debit side of the balance […]

todayJanuary 19, 2024 22

BUSINESS

Foreign airlines repatriate N795bn in six months – CBN report

Foreign airlines repatriated N795.48bn from Nigeria in six months, data from the Central Bank of Nigeria have shown. Data from the apex bank’s Balance of Payment compilation revealed that airlines withdrew (as debits) $1.76bn (converted to naira at N451/$) in the first and second quarters of 2023. Total credit to the Balance of Payment account from airline travel was $19.39m (N8.75bn). The amount on the debit side of the balance […]

todayJanuary 19, 2024 25

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