Naira Before falling to 487 on Friday, the local currency had consecutively closed flat at 485 for four days last week. The severe shortage of the dollar has put the naira under persistent pressure at both the official and parallel forex markets. The global crash in the...

...Meets BDCs over rates convergence The Central Bank of Nigeria has fined Standard Chartered Bank N2billion for foreign exchange infraction, THISDAY report. The bank, according to the source, drew the apex bank’s anger for buying $25million at the official rate and selling same way above the...

The naira closed flat at 470 against the United States dollar on Monday, the same level it recorded on Friday. The naira had plunged to 470 on Wednesday, down from 455 on Tuesday as fresh dollar shortage hit the official and parallel forex markets. The local...

The Central Bank of Nigeria’s (CBN) Financial Stability Report (FSR) has revealed that in terms of size of assets and deposit of banks, the market share of the five largest banks in the country, declined to 43.30 per cent and 51.96 per cent in...

The Central Bank of Nigeria has approved an increase in the maximum amount that could be sold to the Bureau De Change operators from $30,000 to $50,000 per week. The decision was taken at the Bankers’ Committee meeting, which was held at the headquarters of...

The federal government’s plan to increase the availability of renminbi (Yuan) was already favouring the Naira against the dollar, the President, Association of Bureau De Change Operators of Nigeria, Mr Aminu Gwadabe has said. Gwadabe said in an interview with the News Agency of Nigeria...