In Five Years, Nigeria Lost $10.8bn In Telecom Sector     Nigeria lost $10.8bn in the last five years to capital flight in the telecommunications sector amid lingering foreign exchange scarcity in the country. In its ‘National Policy for the Promotion of Indigenous Content in the Nigerian Telecommunications...

FOREX: Turnover In I&E Rises By 132% To $2.6bn       The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange (forex) market rose sharply by 132 per cent month-on-month (MoM) to $2.6 billion in May, 2021 from $1.12...

CBN Increases Forex Allocations To Banks       The Central Bank of Nigeria on Sunday announced an increase in foreign exchange allocations to banks to meet the requests of customers. These requests include travellers seeking foreign exchange for travel allowances, payment of tuition and medical fees, among other...

UK Firms Urge Fed Govt To Provide More Forex       United Kingdom companies operating in Nigeria have urged the Federal Government to provide more foreign exchange to enable their businesses to thrive. The call was made at an interactive session which involved the Minister of Industry, Trade...

Forex: ABCON Bans Street Hawking, Moves To Cut Rate       The Association of Bureau De Change Operators has said it will commence what it called ‘Operation No Street Trading’ to stop the hawking of foreign exchange by BDC operators. The President, ABCON, Alhaji Aminu Gwadabe, said this...

COVID-19, Forex Forced 415 Firms Out Of Production – MAN       The foreign exchange restriction by the Central Bank of Nigeria and the COVID-19 pandemic forced 415 companies to stop manufacturing in the last one year, the Manufacturers Association of Nigeria has said. The Director-General, MAN, Mr...