FX
CBN injects $197.71 million to boost FX liquidity
The Central Bank of Nigeria (CBN) has supplied $197.71 million to the foreign exchange market through sales to authorised dealers. The apex bank’s director of financial markets department, Omolara Duke, disclosed this in a statement on Saturday in Abuja. She noted that the intervention aligned with the apex bank’s ongoing commitment to ensuring adequate liquidity […]
CBN sells $543.5m to stabilise FX market in September
The Central Bank of Nigeria (CBN) has revealed that it sold a total of $543.5 million (N844,920,000,000.00) to authorised dealer banks through the Nigerian Foreign Exchange Market (NFEM) between September 6 and 30, 2024. This move was part of the apex bank’s efforts to reduce volatility in the foreign exchange market amid rising demand for […]
Nigeria’s FX reserve dips by $1.02 billion in 18 days on CBN’s naira defence
Nigeria’s foreign exchange (FX) reserve has experienced a sharp decline of about $1.02 billion within 18 days, as the Central Bank of Nigeria (CBN) continues its aggressive defence of the naira. As of April 4, 2024, the FX reserves stood at $33.43 billion, down from $34.45 billion on March 18, 2024, according to the latest […]
CBN directs BDCs to buy forex at N1,301 per dollar, sell at 1% profit
The Central Bank of Nigeria has announced plans to sell forex to bureau de change operators at N1,301 per dollar. The decision, which aimed to enable the sale of foreign exchange to BDC operators to meet the retail demand for eligible invisible transactions, was contained in a statement signed by Hassan Mahmud, a director at […]
CBN issues stricter guidelines for BDCs, other FX stakeholders
The Central Bank of Nigeria (CBN) has issued a draft of revised Regulatory and Supervisory Guidelines for all Bureau de Change (BDC) Operators and stakeholders in the financial services industry. The guidelines which seek to enhance the regulatory framework for BDC operations as part of ongoing reforms of the Nigerian foreign exchange market, were contained […]
CBN: Foreign oil firms prohibited from 100% repatriation of FX revenue
The Central Bank of Nigeria (CBN) has prohibited International Oil Companies (IOCs) from repatriating all their foreign exchange earnings to their parent companies abroad. Commencing immediately, the policy restricts foreign oil firms from repatriating 50 percent of their proceeds in the first instance and the other half after 90 days. IOCs must have easy access […]
CBN Pays $2bn To Clear FX Backlog, To Sanction Defaulters
The Central Bank of Nigeria (CBN) says it paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum in its bid to clear the backlog of outstanding foreign exchange liabilities. The apex bank said it has also cleared up the entire liability of 14 banks and started settlements with foreign airlines. A CBN […]