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The Naira started Friday's session at N1,580/$ per dollar in the parallel market, down from N1,590/$ on Thursday, despite the bullish dollar index in the global financial market.
A new report by the Nigeria Economic Summit Group (NESG) in partnership with Stanbic IBTC reveals that businesses continue to be strained by economic challenges such as high inflation and interest rate coupled with instability of the Naira in the foreign exchange market.
The Central Bank of Nigeria (CBN) has approved the sale of $20 thousand each to Bureau De Change (BDC) operators at the rate of N1,580/$ in a bid to provide more forex liquidity in the market and meet demand.
The governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said that the country recorded a total foreign exchange inflow of about $24 billion in the first quarter of 2024.
The Nigerian official foreign exchange (FX) market witnessed a significant downturn in turnover, crashing by 42.92% on Monday, June 3, 2024.
CBN's ban on foreign currency collateral garners analyst support for economic stability and FX liquidity boost
Egypt started paying off debts it owes foreign oil and gas companies operating in the country having set aside $1.5bn for the payments.
The NGX's most recent earnings results reveal that PZ Cussons and Nigerian Breweries, among other blue-chip brands, FX exposures cost the blue-chip companies a substantial sum of money.
The Central Bank of Nigeria (CBN) has said that it has released 500 million dollars to various sectors in its determination to address the backlog of verified foreign exchange transactions.
Spot FX market turnover in November 2023 was $5.17 billion (N4.33 trillion), representing a Month-on-month (MoM) increase of 10.94% ($0.51 billion) from the turnover recorded in October 2023 ($4.66 billion).
