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...

Dollar Falls by 8.39% on Parallel Market Foreign exchange (FX) speculators are now counting losses as the dollar has fallen by 8.39 percent on the parallel market, following some government-announced policies. From the lowest of N1,310 per dollar, naira has strengthened to N1,200/$1 on the black...

CBN Orders Banks To Save Gains From FX Revaluation   The Central Bank of Nigeria, CBN, has ordered banks to save gains from foreign exchange (FX) revaluation as a buffer against emerging economic shocks. The regulator in this regard stopped banks from using FX revaluation gains to...

CBN Expends $17.81bn To Strengthen Naira   The Central Bank of Nigeria (CBN) drew down Nigeria’s foreign reserves and expended $17.81billion to defend the nation’s weak currency, at the foreign exchange(forex) markets in 2022. According to the apex bank in its Annual CBN Activity Report, in 2022,...

Lack Of License, Foreign Exchange, Others Hinder Fuel Importation   Barely a month after deregulation, operators in the downstream sector have not been able to import petrol into Nigeria, due mainly to a lack of license and foreign exchange. Checks during weekend, indicated that many oil marketers...

Domiciliary Accounts: CBN Lifts Deposit Restriction, Allows $10,000 Withdrawals Daily The Central Bank of Nigeria (CBN) has provided further guidance to Deposit Money Banks (DMBs) on the operational changes to the foreign exchange market announced on June 14, 2023. Going by the latest guidance, holders of...