In Six Months, CBN Disburses $13.99bn Forex       The Central Bank of Nigeria supplied $13.99bn into the market between January and June. The bank disclosed this in its quarterly statistical bulletin on ‘Supply of forex’ for the month of June. According to the CBN, the forex were supplied...

Nigeria’s Forex Reserves Drop By $47.3m       Nigeria’s foreign exchange reserves suffered its first decline in recent weeks at the weekend as dreary global crude oil prices, dollar recovery and domestic pressure on the controlled exchange rate heightened fears of further depreciation in naira. Nigeria’s foreign exchange...

Inventories Hit N402bn Amid Weakened Purchasing Power, Forex Concerns         Despite struggling to access foreign exchange to secure raw materials, local manufacturers have decried the rising level of inventory, especially for unsold manufactured goods, adding that weakened disposable income of consumers has worsened the situation. Similarly, irregular...

Forex: Turnover In I&E Falls By 10% To $843.97m     The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market fell by 10 percent, month-on-month, to $843.97 million last month from $937.27 million in July, 2020. This represents...

Naira Set To Gain As CBN Resumes Forex Sales     The resumption of forex sales to the Bureau De Change operators by the Central Bank of Nigeria on Monday (today) will strengthen the exchange rate of the naira to the dollar according to the operators. In a...

Forex Inaccessibility Stopping Us From Importing Petrol — Marketers     Independent oil marketers are not fully back into the business of importing petrol due to their inability to access foreign exchange. Dealers stated that since the downstream oil sector was deregulated in March this year, the Nigerian...