Forex turnover at the I&E window increased substantially by 442% on Tuesday.
Zenith Bank told customers that "this review is in response to today’s economic realities.”
The possibility of further devaluation and weak economic outlook has stalled foreign portfolio inflows.
Note that Nigeria's inflation could potentially rise to 14% by the end of the year due to a higher VAT and a weakened naira.
CBN intervenes in the foreign exchange market, the local currency, naira, on Monday May 4, 2020, appreciated against the dollar
"There is therefore no need for panic by any end-user that could necessitate recourse to illegitimate sources and spike in foreign exchange rates."
The volatility of Nigeria’s foreign exchange market seems to be heading towards the 2015 crisis era as the naira has further depreciated to N450 to a...
Central Bank of Nigeria (CBN) has restricted foreign exchange for milk importation to six companies in Nigeria to boost local production.
Industry experts have advised the CBN to consider consulting stakeholders before effecting the ban on access to forex for milk importers.
As part of its continued intervention in the foreign exchange market, the Central Bank of Nigeria (CBN) injected a cumulative sum of $2.63 billion to further sustain relative...
