The volume of US Dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market shot up   by 135 percent, month-on-month, to  $1.98  billion in September from  $843.97  million in August 2020.

President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) not to provide forex for the importation of food items or fertilizer. Speaking on Thursday at a meeting of the National Food Security Council at the State House in Abuja, the president urged private businesses bent on food importation to source their foreign exchange independently, […]

By Elizabeth Adegbesan MONEY MARKET The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market fell by 10  percent, month-on-month, to $843.97 million last month from $937.27 million in July, 2020. This represents the second consecutive decline after it fell 6.0 percent in July from $992.12 […]

By Elizabeth Adegbesan MONEY MARKET The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market fell by 10  percent, month-on-month, to $843.97 million last month from $937.27 million in July, 2020.   This represents the second consecutive decline after it fell 6.0 percent in July from […]

By Babajide Komolafe   The Association of Bureaux De Change   Operators of Nigeria (ABCON) has called on the   Central Bank of Nigeria (CBN) to increase the margin allowed for BDCs on foreign exchange transactions. Making this appeal yesterday at a webinar organised by the association, ABCON President, Aminu Gwadabe, said the N2 margin per dollar presently […]

ABUJA —The Central Bank of Nigeria, CBN, on Thursday, directed licensed bureaux de change, BDC, operators to sell dollars to customers at a rate not higher than N386 to the dollar.

…Introduces Product Price Verification Mechanism By Emma Ujah The Central Bank of Nigeria, CBN,  has moved against unscrupulous Nigerians and corporate, who abuse the Form M system through over-pricing as it introduces Product Price Verification Mechanism (PPVM). It has, therefore, directed authorised dealers to use the PPVM to verify quoted prices of goods and services […]

Foreign exchange (forex) inflows into the country’s economy declined by 25 percent in April 2020 to $9.7 billion from $12.9 billion in March 2020. This was due to the weak global demand for oil on account of Coronavirus (COVID’19) Pandemic.

Top securities dealers in Nigeria have urged the Federal Government to expand the agriculture sector to create job opportunities for youths and leverage Commodities Exchanges to grow the country’s foreign exchange earnings, forex, in view of dwindling income from the international oil market.

The declining fortune of the Naira against the dollar in the parallel market is expected to persist this month with the exchange rate rising to N480 per dollar by the end of the month.