CBN launches electronic Fx matching system to curb speculation
Post AMUGE
October 4, 2024
Busayo Samuel The Central Bank of Nigeria (CBN) has launched the electronic foreign exchange matching system (EFEMS). A circular issued on Thursday by Omolara Duke, the apex bank’s director of financial markets department, said the system, which is for forex (Fx) transactions, would be implemented not later than December 1. She said there would be […]
Nigeria records 5% boost in net foreign exchange inflows to $25.4bn in H1 2024
Post AMUGEAugust 8, 2024
Business a.m. The Central Bank of Nigeria (CBN) has confirmed that the total net foreign exchange inflows into the country rose 55 percent year-on-year to $25.4 billion during the first six months of 2024. The CBN, in a statement obtained by Business a.m., indicated that its policy objectives are achieving visible and promising results, resulting […]
CBN reports 83% decline in FX allocation for foreign education in Q1 2024
Post AMUGEJuly 25, 2024
Business a.m. The Nigerian diaspora’s expenditure on education overseas plunged between January and March 2024, with $38.17 million spent, representing a 83 percent drop compared to the $218.87 million spent in the same period in 2023, according to the Central Bank of Nigeria’s first-quarter statistical bulletin published recently. Although a significant decline in FX expenditure […]
Volatile FX market threatens Nigeria bank recapitalisation plan, warns Teriba
Post AMUGEMay 27, 2024
Onome Amuge Ayo Teriba, the chief executive officer of the Economic Associates (EA), has warned that the volatility and unpredictability of the foreign exchange rate pose a significant threat to the projected gains of the Central Bank of Nigeria’s (CBN) proposed banking sector recapitalisation programme. Teriba, in a presentation during the Vanguard Economic Discourse themed: […]
ABCON welcomes CBN move against domiciliary account collateral for naira loans
Post AMUGEApril 15, 2024
Business a.m. The recent move by the Central Bank of Nigeria (CBN) to ban the use of non-export domiciliary accounts as collateral for naira loans has received a positive nod from the Association of Bureaux De Change Operators of Nigeria (ABCON). Aminu Gwadabe, president of ABCON, said the directive will have a positive effect on […]
CBN working on true price discovery of undervalued naira,Cardoso assures
Post AMUGEJanuary 24, 2024
Business a.m Yemi Cardoso, the governor of the Central Bank of Nigeria (CBN) has acknowledged that the naira is currently undervalued,assuring that the bank will prioritise real price discovery in the foreign exchange market in 2024, with the goal of establishing a more accurate and fair exchange rate for the Nigerian currency . Cardosos stated […]
CBN faces uphill battle as Fitch reveals shortfall in funds to clear forex backlog
Post AMUGEJanuary 19, 2024
Business a.m Credit ratings agency Fitch has noted that the Central Bank of Nigeria (CBN) continues to face challenges in clearing the backlog of foreign exchange (FX) obligations due to a shortage of FX. This is as the country’s high debt service to revenue ratio is also negatively impacting its sovereign credit rating. A […]
$20 FX spend limit on back of scarcity to become widespread
Charles AbuedeMarch 16, 2022
BY: CHARLES ABUEDE On the heels of the decision by the Central Bank of Nigeria (CBN) to put a stop to the sale of foreign exchange to banks, Nigerian banks are now taking measures in response to the CBN move and as a way of adjusting their portfolios. With the apex bank already informing the […]
Fertilizer FX ban: Sacrifice towards self sufficiency
Onome AmugeSeptember 28, 2020
Onome Amuge The production of food for consumption is an indispensable activity necessary for the sustenance of human life. Food production and consumption also play a vital role in the actualisation of economic stability of a nation. With the global population currently growing at an average rate of 1.05 per cent per year, as estimated […]
CBN resumes forex sale to banks, to clear unmet forex demands
Businessam StaffSeptember 3, 2020
After many weeks of absence from the foreign exchange market during which huge unmet forex demands piled up, the Central Bank of Nigeria (CBN) has resumed the sale of forex to banks to clear the backlog said to be in excess of $1.5 billion. On Monday and Wednesday, the CBN intervened at the investors and […]