Foreign investors are showing stronger appetite for Nigeria as inflows from foreign sources into the foreign exchange (forex) market rose to the highest level in more than five years. Latest report at the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday indicated that monthly inflows to the forex market rose by 53.5 per cent to $4.74 billion in January 2025, from …

The Central Bank of Nigeria (CBN) has extended the foreign exchange (FX) sale period to Bureau de Change (BDC) operators until 30 May. This aims to better serve retail market demands. The bank disclosed this in a circular,  bythe  acting director of the trade and exchange department, Dr W. J. Kanya to BDCs on Monday and made available on its …

Content creator Denilson Igwe has expressed doubt over Mark Angel’s claim of losing $3.7 million in foreign exchange trading. Earlier, Mark Angel had shared a post on Instagram, revealing how 2024 was his most challenging year after his significant loss of $3.7 million to foreign exchange business. Igwe hinted that Mark’s claims might be fabricated, writing on Instagram, “Lies na …

MThe Central Bank of Nigeria (CBN) sold a total of $543.5 million to authorised dealers at the Nigerian Foreign Exchange Market (NFEM) in September 2024. The bank’s Director of the Financial Markets Department, Dr. Omolara Duke, disclosed this in a Summary of September Spot Sales in Abuja on Friday. According to the director, the sales were through two-way quotes and …

The National Assembly on Wednesday passed for second reading an Executive Bill seeking to tax the windfall made by banks from foreign exchange business. The bill is an amendment to the Finance Act of 2023. The one-time tax will be used to finance capital infrastructure development, education, healthcare and other welfare initiatives, according to the Federal Government. Another Executive Bill …

Foreign investors have committed $822.6 million to the economy through the Nigerian Autonomous Foreign Exchange Market (NAFEM) window. The NAFEM is the market trading segment for investors, exporters and end-users that allows for forex trades to be made at exchange rates determined based on prevailing market circumstances, thus ensuring efficient and effective price discovery in the forex market. The NAFEM …

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that foreign exchange backlogs have been cleared in all the banks except for five of them. Cardoso said this on Thursday during an investor call facilitated by the Nigerian Exchange Group, during which he said that the remainder of the banks’ FX backlogs would be cleared in …

The Economic and Financial Crimes Commission (EFCC) has established a task force to tackle illegal forex trading and naira abuse. The commission is combating illegal forex trading against the backdrop of the continued depreciation of the naira against the US dollar. According to data from the financial market infrastructure group warehousing, also known as FMDQ, the naira depreciated to N1,537.96 …

The haemorrhaging economic condition in Nigeria is impacting negatively on various sectors including the real estate market and its supply chains. This impact is in more ways defining the economy of the sector in the first quarter of 2024 as more renters groan under the weight of price increases in the real estate market forcing individuals, households and businesses to …

The Association of Industrial Pharmacists of Nigeria (NAIP) has attributed the increased prices of drugs in the country to the high cost of diesel and forex. This is even as the association has voiced grave concern over the detrimental implications of the current economic climate on the country’s import and manufacturing of pharmaceuticals. In an interview with LEADERSHIP, NAIP chairman, …