CBN forex reserves hit 3-year peak at $23.11bn in 2024
Post AMUGE
April 2, 2025
The Central Bank of Nigeria (CBN) has recently announced a substantial improvement in its Net Foreign Exchange Reserve (NFER) position, reflecting a positive shift in the nation’s external liquidity, a reduction in short-term obligations, and an uptick in investor confidence. The apex bank, in its recent report, revealed that the country’s Net Foreign Exchange Reserve […]
CBN halts extension for export proceeds repatriation
Post AMUGEJanuary 9, 2025
Onome Amuge The Central Bank of Nigeria (CBN) has suspended approvals for the extension of export proceeds repatriation on behalf of exporters, affecting both oil and non-oil export transactions. The CBN, in a circular dated January 8, 2025, stated that the decision is in compliance with existing foreign exchange regulations, and aims to ensure that […]
CBN policies propel uptrend in Nigeria’s FX reserves to $40.23bn
Post AMUGEDecember 9, 2024
Bamidele Famoofo The latest data from the Central Bank of Nigeria (CBN) indicates a notable improvement in the country’s foreign exchange reserves, highlighting a positive trajectory in their periodic movement. By the end of November 2024, Nigeria’s reserves had appreciated by an impressive 21.90 percent year-on-year, climbing from $33 billion in November 2023 to $40.23 […]
CBN sets $100,000 minimum trade limit on new electronic FX platform
Post AMUGENovember 27, 2024
Onome Amuge The Central Bank of Nigeria (CBN) has set a new minimum trade size of $100,000, with increments of $50,000, for all foreign exchange (FX) transactions conducted on the Electronic Foreign Exchange Matching System (EFEMS) platform. In a recent directive to banks, the CBN stated that the Bloomberg BMatch system will be deployed as […]
Nigeria loses N13trn to forex subsidy — World Bank
Post AMUGEOctober 22, 2024
Business a.m. The federal government incurred a significant loss of N13.2trn in foregone revenue as a direct consequence of the implementation of its foreign exchange subsidy policy between 2021 and 2023, the World Bank has stated. It said the government lost N2trn in 2021, N6.2trn in 2022, and N5trn in 2023. The amount forgone in […]
Delay in resolving $2.4bn CBN’s FX forwards contracts threatens economy
Post AMUGEJuly 1, 2024
PHILLIP ISAKPA IN LONDON, UK The lingering delay by the Central Bank of Nigeria (CBN) to reach a final resolution on its controversial position over $2.4 billion worth of foreign exchange forward trading contracts is creating an undercurrent that is producing multiple negative impacts on the economy, sources familiar with the situation have said. Fears […]
ABCON talks collaboration, guidance with SEC on digital currency harmonisation
Post AMUGEMay 20, 2024
Business a.m. The Association of Bureaux De Change Operators of Nigeria (ABCON) has reached out to the Securities and Exchange Commission (SEC) to propose a collaborative effort on harmonising the nation’s digital currency and peer-to-peer (P2P) forex sectors. Aminu Gwadabe, the ABCON president, in a recent courtesy visit to Timi Agama, the newly appointed Securities […]
Nigeria’s subnationals, under FX pressure, want suspension of foreign debt repayment
Post AMUGEMay 14, 2024
ONOME AMUGE IN LAGOS, NIGERIA Nigeria’s foreign debt stock has been on a steady climb over the past year, hitting $4.61 billion by the end of 2023, a 3.36 percent surge from the previous year’s $4.46 billion, translating to a $150 million rise in just 12 months. However, the plot thickens as external debt servicing […]
FX market to remain unsettled for months, say Coronation analysts
Post AMUGEMay 14, 2024
PHILLIP ISAKPA IN LONDON, UK Nigeria’s foreign exchange market will remain unsettled for a few more months and any expectation of stability should be much later in the year, say analysts at Coronation Asset Management. In a market analysis note seen by Business a.m., the analysts said five months into the year 2024, the Nigerian […]
CBN’s FX Interventions top $581m in 2024- FMDQ
Post AMUGEApril 19, 2024
Business a.m. The Central Bank of Nigeria (CBN) has committed $581 million to foreign exchange interventions at the Nigeria Autonomous Foreign Exchange Market (NAFEM) in the first few months of 2024, according to data released by the FMDQ Securities Exchange. Despite the significant FX interventions by the Central Bank of Nigeria in NAFEM, only a […]