Nigeria loses N13trn to forex subsidy — World Bank
Post AMUGE
October 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 […]
ABCON sees further naira recovery on CBN recall of BDCs to FX market
Post AMUGEApril 1, 2024
Business a.m. The Association of Bureaux de Change Operators of Nigeria (ABCON) sees the recovery of the Naira continuing on the back of the recall by the Central Bank of Nigeria of their members to the mainstream of Nigeria’s foreign exchange market. The association, therefore, commended the CBN for this decision, which it said has […]
CBN Unlocks $7 Billion Stuck in Foreign Exchange Transactions
Post AMUGEMarch 21, 2024
Business a.m. The Central Bank of Nigeria (CBN) has announced that it has fulfilled its promise to process the backlog of $7 billion in foreign exchange claims inherited from the previous administration Hakama Sidi Ali, the acting director of corporate communications at the CBN, made the disclosure in a statement seen by Business a.m. Ali […]
CBN moves to prevent banks from engaging in speculative foreign exchange trading
Post AMUGEJanuary 31, 2024
Business a.m The Central Bank of Nigeria (CBN) has released a new circular containing guidelines aimed at addressing suspected cases of excessive foreign currency speculation and hoarding by Nigerian banks. The circular, which is titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” outlines a set of guidelines designed to reduce the […]
Bankers want to use commodities ecosystem drive CBN’s RT200 FX
Onome AmugeMarch 21, 2022
BY: OMOME AMUGE Bankers and other operators in the Nigerian financial market have identified deployment of commodities ecosystem as a potent way by which the Central Bank of Nigeria (CBN) can achieve the plan to generate $200 billion in the next three to five years through its RT 200 FX policy. By the set of […]