Fuel Scarcity Looms as Forex Shortage Halts Importation   Oil marketers are increasingly worried they can’t import petrol due to the dollar shortage in the country. Despite the deregulation of the downstream sector, concerns have been raised about the potential comeback of the country’s persistent fuel...

Dollar Exchanges For N876/$ As Forex Shortage Worsens   The naira maintained its downward trend against the dollar as it traded for 876/$ at the parallel market on Sunday. Some Bureau de Change operators said the local currency had earlier exchanged to the dollar at 820 a...

CBN Groans Over Forex Shortage - Emefiele Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has tasked leaders of the Nigerian banking sector to brainstorm expansively on ways to resolve the shortage of foreign exchange in the country. Emefiele, who spoke at the 13th...

Despite Forex Shortage, Nigeria’s Imports Increase By N12.11trn   According to the Central Bank of Nigeria (CBN) and the National Bureau of Statistics (NBS) data, Between 2016 and 2021 Nigeria’s import bill rose from N8.73trn to of N20.84trn. This implies that within the five-year period, imports...

Forex Shortage To Hit $5bn In Nigerian Banks – Moody’s   Nigerian banks’ foreign currency funding gap will rise to $5bn over the current low oil prices, volatile foreign inflows and lower remittances amid coronavirus pandemic, Moody’s Investors Service said on Wednesday. Moody’s, in its July 2020...

The naira hit an all-time low of 409 against the dollar at the parallel market on Thursday, two days after the Central Bank of Nigeria banned nine Deposit Money Banks from the interbank foreign exchange market over their failure to remit $2.334bn to the...