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 …

The President of the Nigerian Economic Society (NES), Prof Adeola Adenikinju, has advised the Federal Government to find a way of increasing its oil production capacity as part of measures to solve the current economic challenges facing the nation. A Professor of Petroleum Economics, Adenikinju said the Gross Domestic Product ratio of oil in recent times has been contributing negatively …

The naira has appreciated to N970 per dollar on the black market, as the government’s plans to shore up dollar liquidity in the foreign exchange (FX) market, triggered positive sentiments. Street traders were already buying dollars at the rate of N950 at the weekend as against N1,130 bought on Thursday last week. Speculators who have been hoarding dollars for arbitrage …

The exchange rate between the naira and the dollar has dropped to N1,040 in the parallel market. The ongoing trend of demand surpassing supply seems to be a contributing factor. Forex traders report inflow quotes ranging from N1,035 to N1,045 per dollar, indicating heightened scarcity, Nairametrics reports Wednesday night. Despite this, the official trade rate remains at N776.8/$1, highlighting a …

Domestic airlines under the aegis of Airline Operators of Nigeria (AON), on Monday, demanded that the Federal Government should allow AON to procure the requisite licence for the importation and distribution of aviation fuel, popularly called JetA1. AON also asked the government to provide a dedicated support line for domestic airlines to access foreign exchange from the Central Bank of …

The Central Bank of Nigeria (CBN) has said it is set to take new measures to stabilise the naira against the dollar. Acting CBN Governor, Mr. Folasodun Sonubi, made the disclosure to State House Correspondents after briefing President Bola Tinubu on what the bank was doing the halt the slide on Monday at the State House. He said President Tinubu …

Travellers are expressing their disappointment and frustrations as airfares continue to skyrocket, making it increasingly difficult for individuals to embark on their desired trips. The rising costs, coupled with economic uncertainties, have left many passengers in a state of dismay. About two weeks after President Bola Tinubu promised to unify the nation’s multiple exchange rates, the regulatory bank decided to …

In the last five months, the Central Bank of Nigeria (CBN) injected $7.6 billion into the economy to stabilise the value of the naira. CBN’s banking regulator’s monthly economic reports on foreign exchange market developments state that the regulator intervened in the markets with $1.65 billion in January, $1.39 billion in February and $1.82 billion in March, while the injection …