Banks Review Forex Sale Policy As Dollar Scarcity Persists   Commercial banks have reviewed their policy on forex sales to Nigerian students abroad and travellers. Quarterly dollar disbursements to customers were slashed, with a limit to students schooling abroad pegged at $1,500 as against $4,000. Economic Confidential gathered...

Banks’ Forex Ban: Dollar Scarcity, Inflation, Firms’ Closure Imminent, Experts Warn   Financial analysts and economic experts have expressed worry over the plan by the Central Bank of Nigeria to stop the sale of foreign exchange to Deposit Money Banks by December this year. The economists, who...

Naira Relapses To N515/$1 As Dollar Scarcity Persists       The naira yesterday lost N5 to close at N515/$1 at the parallel market. The local currency had also lost N5 to close at N510/$1 on Tuesday as dollar scarcity and volatility continued to hold sway in the market. The...

The naira closed flat at 485 against the United States dollar at the parallel market on Wednesday, three trading days after the local currency fell against the greenback to the current level. The naira has been under persistent pressure both at the official and parallel...

The scarcity of foreign exchange will remain challenging in the second half of 2016 due to low oil prices, which may push up credit risks for commercial banks as naira weakness makes loans harder to service, the Central Bank of Nigeria has said. In its...

The naira tumbled to 402 at the parallel market on Wednesday, a day after the Central Bank of Nigeria banned nine banks from the foreign exchange market over their failure to remit $2.334bn to the Federal Government’s Treasury Single Account domiciled with the Central...