CBN to Take Legal Action Against FX Contract Defaulters Post-Audit   The Central Bank of Nigeria (CBN) has disclosed that it is considering legal actions against the violators of the foreign exchange forward contracts after the completion of a forensic audit of those contracts. CBN indicated this...

Vessel Traffic Increases at Lagos Port Despite Forex Challenges   Despite the fluctuating exchange rate and other operational challenges, vessel activities have recorded a significant surge at Lagos port in the past week. The Nigerian Ports Authority(NPA)'s Daily Shipping Position between March and date showed that since...

FX Inflow Rises by 20.62% as CBN's Share Declines   The Nigerian economy recorded a rise in foreign exchange inflow during the fourth quarter of 2024, according to the latest Central Bank of Nigeria (CBN) Economic Report. The report revealed that total foreign exchange inflow rose by...

Forex Stability Boosts Manufacturers' Confidence - MAN   Manufacturers are optimistic about the stability of the sector following a challenging period of unsold inventory and economic uncertainty, according to the Chairman of the Manufacturers Association of Nigeria (MAN) Ogun State Chapter, George Onafowokan. It was reported in...

February Foreign Exchange Reserve Drops by $1.3bn   Nigeria’s foreign exchange reserves fell by $1.31bn in February 2025, reflecting sustained external pressures amid the recent appreciation of the naira. Data from the Central Bank of Nigeria (CBN) showed that reserves declined from $39.72bn on January 31, 2025,...

CBN Urges Telcos to Manufacture SIM Cards Locally to Conserve Forex   The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has urged telecommunications companies to manufacture essential components locally, in a bid to reduce the industry's reliance on foreign exchange and promote economic growth. This...