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, …

An additional $64.44 million out of the trapped funds belonging to airlines was paid yesterday by the Central Bank of Nigeria (CBN). The apex bank said the payment was the final settlement of the verified foreign exchange (forex) owed to all foreign airlines operating in the country. Yesterday’s payment brought the disbursements to the airlines to $136.73 million as verified …

Experts in the foreign exchange (forex) sector have called on the Federal Government to incorporate forex trading in the Skills Acquisition and Entrepreneurship Department (SAED) of the National Youth Service Corps (NYSC). The call was made on Friday during a press briefing in Lagos to announce the annual Forex millionaire expo to hold on Saturday, 13 January, at Landmark Centre, …

Telcom giant Airtel Nigeria, on Wednesday, said President Bola Tinubu’s economic policy reforms, especially the unification of the exchange rate, eased its planning and operations within Nigeria. The Chief Executive Officer of Airtel Africa, Mr Segun Ogunsanya, revealed this after he paid a courtesy call to the President at the Aso Rock Villa, Abuja. Ogunsanya noted that although the company …