In the third quarter of 2024, the demand for foreign exchange decreased significantly, mainly because of a notable reduction in invisible transactions. 

The Central Bank of Nigeria (CBN) has authorized the sale of dollars to Bureau de Change (BDC) operators at a rate of N1,580 per dollar in a bid to improve liquidity in the foreign exchange market.  

According to the Central Bank of Nigeria (CBN), there has been a significant increase in remittance inflows, reaching $553 million in July 2024, a 130 per cent increase from the corresponding period in 2023.  

Foreign Exchange: 136% of 2023 Inflows Recorded in QI – Cardoso The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that the foreign exchange inflows recorded in the first quarter of 2024 into Nigeria were about 136 per cent of the...

Naira Drops to ₦1,399 Per Dollar at Official FX Market The Nigerian foreign exchange (FX) market witnessed a historic drop in the value of the naira, reaching an unprecedented intraday rate of N1,399 per dollar at the official market on Thursday. Data sourced from the Financial...

CBN Pays $2bn, Vows to Clear Foreign Exchange Liabilities Backlog   The Central Bank of Nigeria (CBN), in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately USD 2.0 billion across various sectors, including manufacturing, aviation and petroleum. The Bank has also...