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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…


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…


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…


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…


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…