Forex: Turnover In I&E Drops By 69% To $1.5bn   The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market fell 69 percent, year-on-year (YoY), to $1.5 billion in October 2022, from $4.88 billion in October 2021. No...

Forex Pressure, High External Reserve Remains As MPC Meets Monday, Tuesday   As the Monetary Policy Committee (MPC) meets Monday and Tuesday, there are posers over a relief for the weakening naira or the speedy inflationary rise, which has prevailed despite a $38.7 billion external reserve. Just...

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...

Multiple Exchange Rates Affecting FDIs In Nigeria, Says NESG   The Nigerian Economic Summit Group (NESG) has identified multiple exchange rates as one of the major limitations to attracting tangible Foreign Direct Investments (FDIs) into Nigeria. The disclosure was part of a communique from the meeting of...

FOREX: CBN Allays Fears of Nigerians   ABUJA – In the face of rising demand for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria (CBN) has advised Nigerians to resist the urge of succumbing to the speculative activities of some...

CBN Urges Nigerians to Shun Speculative Activities - Forex The Central Bank of Nigeria (CBN), has advised Nigerians not to succumb to speculative activities of some players in the foreign exchange market. Mr Osita Nwanisobi, CBN’s Director, Corporate Communications CBN, gave the advice in a statement...