CBN’s Quarterly Forex Intervention Declines By $930m   The Central Bank of Nigeria’s foreign exchange intervention in the economy declined by $930m in the third quarter of 2021 to $4.03bn from $4.96bn in Q2. The CBN disclosed this in its report on the supply of forex for...

Four Banks Borrow $6.21bn From Foreign Market Amid Dollar Shortage     In a bid to support their balance sheets with foreign exchange, four banks in the country raised $6.21bn from foreign creditors between January and October 2021. An analysis of reports shared on the issuer’s portal of...

Speculators Lose Billions As Naira Appreciates, Exchanges For 540/$   The naira has appreciated further in the parallel market as the dollar was sold for N540 on Wednesday, with traders saying speculators hoarding dollars would be losing a lot of money. The dollar, which was bought and...

Beyond Aboki: The Ifekaego Foreign Exchange Tutorial, by Kingsley Moghalu         The most important determinant of the value of the Naira is whether or not the Nigerian economy is productive and competitive in international trade. That is to say, whether it has a diversified base of...

CBN Stops Sale Of Foreign Exchange To BDC Operators       The Central Bank of Nigeria has said it will no longer sell foreign exchange to Bureau De Change operators. The CBN Governor, Mr Godwin Emefiele on Tuesday announced this at the end of the Monetary Policy Committee...

Oil Imports Gulped $1.32bn In 2020 - CBN       The quantity of foreign exchange used for oil imports in 2020 was $1.32bn, compared to $2.10bn in 2019, the latest data from the Central Bank of Nigeria have shown. The CBN’s data on sectoral utilisation for transactions valid...