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FX MARKET
According to a statement on Friday, the transactions, conducted on July 22 and 23, 2024, aim to provide much-needed stability in the FX market.
The Senate on Thursday rejected a bill seeking to amend the Foreign Exchange Act of 2004 to introduce provisions for the control, monitoring, and supervision of transactions in the Foreign Exchange Market according to reports from the News Agency of Nigeria (NAN).
Nigeria emerged as a major recipient of diaspora remittances in Sub-Saharan Africa, capturing approximately 35% of the region’s total inflows in 2023.
The Nigerian Autonomous Foreign Exchange Market, NAFEM, is set to record its lowest foreign exchange (FX) turnover in five months in June 2024, as dollar illiquidity continues to exert pressure on the naira.
The Governor of the Central Bank, Yemi Cardoso, stated that the country has already experienced the worst of naira volatility regarding foreign exchange.
Nigeria's foreign exchange (FX) reserves have surged to their highest level since March 28, 2024, marking a significant financial milestone that coincides with the longest period of stable exchange rate seen in over a year.
The special adviser to the President on Information and Strategy, Bayo Onanuga, said Nigeria was spending a whooping sum of $1.5 billion monthly to peg foreign exchange before Tinubu’s unification policy in June 2023.
Naira weakened in the official market while Nigeria's headline inflation readings rose to a three-decade high in May, worsening the naira's fortunes in the short term
The foreign exchange (FX) turnover on the Nigerian official market crashed by 39.95% on Monday.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has attributed the recent volatility in the foreign exchange market leading to the recent depreciation of the Naira against the dollar to “seasonal demand” for the greenback.
The naira stayed around a key support line in the country's unofficial market as analysts expect Nigeria’s apex bank to increase interest rates later today.
MTN Nigeria has said that it utilized the improved liquidity in the FX market to reduce the balance of outstanding letters of credit (LC) obligations to $243.4 million as of 31st March 2024, from $416.6 million as at December 2023.