Ogun State Governor, Prince Dapo Abiodun, said the commencement of fuel production by the Dangote refinery will strengthen the nation’s economy by eliminating constant shortages and conserving foreign exchange. Petrol produced from the 650,000 barrels per day Dangote refinery is expected to hit filling stations in the next 48 hours as modalities with the Nigerian National Petroleum Company Limited (NNPCL) …

The Naira closed last month (April) on a good footing as it gained N28.15 at the official market, trading at N1,390.96 to the United States dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the gain represented a 1.98 per cent appreciation for the Naira. …

The removal of petrol and foreign exchange subsidies has indeed been a significant economic policy change, and it has stirred various opinions and concerns among Nigerians. President Bola Tinubu’s goal of pushing the economy to a $1 trillion GDP by 2026 is ambitious and requires substantial economic restructuring. At the 29th session of the Nigeria Economic Summit Group (NESG) on …

The Chairman of the Nigerian Medical Association (NMA), in Ekiti State, Dr Babatunde Rosiji, yesterday, decried the high rate of foreign exchange, saying that the development is taking the cost of drugs and medical supplies beyond the reach of the average citizen. The NMA chairman spoke during a press conference to commemorate the 2023 Physicians’ Week in Ado-Ekiti. Rosiji said …

The Central Bank of Nigeria (CBN) has introduced a foreign exchange price verification system designed for importers to have access to forex. In a statement on Thursday night, the regulatory bank’s Trade and Exchange Department said that a price verification report from the portal is now mandatory for all Form M requests while it takes effect from 31st August 2023. …

Airtel Africa Plc, on Thursday, reported that it lost $151 million due to the harmonisation of foreign exchange rates in Nigeria. It disclosed this in its second quarter report filed with the Nigerian Exchange Limited. The telecom company said, “Profit after tax was negative ($151 million), driven largely by a foreign exchange loss of $471 million recorded in finance cost …

The Central Bank of Nigeria might have eventually floated the Naira. For years, the World Bank and the International Monetary Fund had suggested that that was the way to end the dual Naira exchange system. On Wednesday, commercial banks and foreign exchange dealers were allowed to trade the Naira freely without a cap on the rate. Investigations by The Nation revealed …

A Federal High Court sitting in Abuja has ordered the Central Bank of Nigeria (CBN) to provide the Human and Environmental Development Agenda (HEDA) Resource Centre access to information relating to the country’s exchange rate subsidy. HEDA obtained the ruling when the court decided on a suit it instituted in 2020 against the apex bank after denying it access to …

The Association of Corporate Treasurers of Nigeria (ACTN) has lamented the scarcity of foreign exchange in the country. Foreign exchange scarcity has been a significant issue for Nigeria and its multiple windows. To this end, the group has urged the Federal Government to address foreign exchange scarcity bedevilling the country. At his inauguration as ACTN’s new President, Yinka Ogunnubi noted …