Rates Unification: Govt, Banks Rake in N2.2trn Governments, at the federal, state, and local levels, and banks, gained about N2.21trn following the exchange rates unification policy of the Central Bank of Nigeria (CBN). The Federation earned N834.36bn as exchange difference revenue between June and August 2023,...

Multiple Exchange Rates Affecting FDIs In Nigeria, Says NESG   The Nigerian Economic Summit Group (NESG) has identified multiple exchange rates as one of the major limitations to attracting tangible Foreign Direct Investments (FDIs) into Nigeria. The disclosure was part of a communique from the meeting of...

BDCs Suspension Worsening Dollar Scarcity - ABCON   The Association of Bureaux De Change Operators of Nigeria (ABCON) said that the widening gap between the official and parallel market exchange rates is driven by acute dollar scarcity due to the continued suspension of foreign exchange sales...

CBN To Unify Exchange Rates, Pegs Naira At N379/$     The Central Bank of Nigeria on Saturday officially changed the exchange rate of the naira to the dollar from N361 to N379 on its website. The apex bank had earlier expressed its decision to unify the exchange...

CBN Moves To Unify Exchange Rates, Debits Banks N122bn     The Central Bank of Nigeria debited N122bn ($338m) from banks’ excess cash with the apex bank before weakening the currency at a retail auction on Friday in a move to unify its multiple exchange rates. Reuters reported...