External Reserves Rise, End Year At $35.35bn       The country’s external reserves rose by $380m from $34.98bn as of December 24 to $35.36bn as of the end of December 2020, according to figures obtained from the Central Bank of Nigeria on Wednesday. According to the figures, the...

ABCON To CBN: Make BDCs Diaspora Remittance Agents         The Association of Bureaux De Change Operators of Nigeria has appealed to the Central Bank of Nigeria to make Bureaux De Change operators payout agents for diaspora remittances. The President, ABCON, Alhaji Aminu Gwadabe, said the apex bank...

Naira Bounces Back, Appreciates To N470/$ In Parallel Market       The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar. The naira had earlier depreciated by N30 against the dollar, as the parallel market...

Parallel Market Responds To Devaluation, As Dollar Trades At N500       The parallel market has responded to the fresh devaluation of the naira amidst growing foreign exchange illiquidity. The local currency weakened to N500/$ at the black market at the weekend. The Central Bank of Nigeria (CBN)...

Naira Declines Further, Exchanges For 483/$ Over Speculation         The naira exchanged to the dollar for 483 in the parallel market on Monday. This was despite the regular interventions in terms of forex injections by the Central Bank of Nigeria. Bureau de Change operators have blamed the depreciation...

ABCON Kicks Against Speculators Depreciating Naira Forcefully         The Association of Bureaux De Change Operators of Nigeria has warned foreign exchange speculators pushing the naira to forceful depreciation through their illegal activities. ABCON gave the warning in a statement titled, ‘ABCON warns speculators will lose money as...