Tag
FOREIGN EXCHANGE
The naira has strengthened steadily against the US dollar in recent weeks, with experts attributing the rebound to bold policy reforms, shifting consumer behavior, improved oil production, and renewed confidence in the foreign exchange (FX) market.
The Central Bank of Nigeria (CBN) has announced plans to pursue civil, administrative, or criminal sanctions against parties...
Trillions of dollars are traded daily on the global foreign exchange (FX) market, making it one of the largest and most liquid financial markets worldwide.
Nigeria recorded a current account surplus of $5.14 billion, or 11.46% of GDP, in Q2 2024, representing a significant improvement from the $3.38 billion (7.35% of GDP) surplus reported in the previous quarter.
The Central Bank of Nigeria (CBN) announced it sold $543.5 million to authorized dealer banks between September 6 and September 30.
Stanbic IBTC Plc, the Nigerian unit of Standard Bank Group Ltd., expects the proposed windfall tax on foreign exchange gains to have a minimal effect, consuming only a modest portion of 10% of its profits.
This development is part of a broader prosecutorial and legal campaign by federal government agencies to address alleged foreign exchange violations and tax evasion by foreign cryptocurrency platforms.
The Nigerian official foreign exchange (FX) market experienced a marked decline in turnover during the first two weeks of August, coinciding with the recent Retail Dutch Auction conducted by the Central Bank of Nigeria (CBN).
The naira has appreciated again to close below N1,600/$1 on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.
Nigeria’s external reserves have increased yet again, reaching $37.05 billion as of July 18, 2024.
The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) expressed serious concerns over the scarcity of foreign exchange in Nigeria, stating that it is impossible for pharmaceutical companies to cope.
As Nigeria grapples with inflationary pressures, Naira devaluation, and fluctuating investor confidence, experts emphasize the importance of establishing a predictable and stable Foreign Exchange (FX) environment to attract foreign investors.