Banks Ration Forex Sales As Scarcity Deepens   Banks have begun to reduce approval requests for Personal Travel Allowance and Business Travel Allowance to legitimate users. The legitimate users will be able to access forex only once in two quarters. Before this new development, the banks had been...

Dollar Hits N590 As Forex Scarcity Bites Harder   The lingering foreign exchange (FOREX) scarcity in the country has continued to worsen even as the exchange rate on the parallel market is inching towards N590/$1. The development may lead to massive job loss in the manufacturing industry,...

Eight-month Fuel Imports Gulp $690m Amid Forex Scarcity As Nigeria’s refineries continue to sit idle, fuel imports remain a major user of foreign exchange as $690.19m (about N285.95bn, using N414.3/$, I&E rate as of Tuesday) was utilised in eight months amid the lingering forex scarcity...

Forex Scarcity: BDCs Fear N300bn Loss, Job Cuts           More than two months after the Central Bank of Nigeria stopped the sale of forex to its licensed Bureau de Change operators, workers in the sector are being laid off over scarcity of forex, findings have revealed. Operators...

Forex Scarcity, Inflation Put Pressure On FMCG Companies’ Profits       Analysts have identified scarcity of foreign exchange, inflationary pressures and rising input costs due to naira devaluation as responsible for the shrinking profit margins of some fast-moving consumer goods companies listed on the Nigerian Exchange Limited...

Forex Scarcity: Airlines Worried As Operational Cost Rises       There is no end in sight to the operational challenges confronting domestic airlines following the seemingly unending naira depreciation and scarcity of foreign exchange. With one dollar exchanging for N502 at the parallel market as at yesterday, operators...