Forex: CBN Sold $500m, Speculators Set To Count Losses     Central Bank of Nigeria CBN sold about $500 million to foreign investors on the spot and forward market to gauge the level of foreign exchange demand in the market. The CBN offered a 150 day forward on...

CBN Moves To Clamp Down On Forex Abuse By Dealers     The Central Bank of Nigeria has said it is eliminating foreign exchange abuse and other practices by dealers which affect goods purchased by the average Nigerian consumers. The CBN said this in a circular on Monday...

Scarcity Disrupts Banks, IOCs, Telcos’ Forex Payments     There are indications that the lingering foreign exchange scarcity in the country is slowing down banks’ ability to meet their payment obligations that are denominated in dollar. Sources said that banks have been having long waits to access dollars...

Forex Scarcity: Bank Slashes Card Spending Limit     Amid the lingering foreign exchange scarcity in the country, Fidelity Bank says it has reviewed its card spending limit. In an email to its customers, the bank said the spending limit for debit card was pegged to $300 monthly,...

Turnover In I&E Forex Window Drops By 6% To $937m In July     The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market fell by six percent, month-on-month, to $937.27 million last month from $992.12 million in...

Investment One’s Dollar Fund Offers Investor Comfort Amid FX Uncertainty     As a petrodollar economy, Nigeria is susceptible to weakness in global oil prices which has continually impacted the country’s exchange rate and brings to the table conversations around devaluation of the local currency as was...