Naira Weakens Further as FX Turnover Declines by 71%   The naira fell on Monday at both the official and black markets to 1670.75/$ and 1748/$, respectively, as the daily foreign exchange turnover in the official market dropped by 71 per cent to $81.17m. This comes amid...

Forex Crisis Crashes Border Trade by 80% Licensed customs agents operating at the nation’s land borders have blamed the foreign exchange crisis in Nigeria for the 80 per cent drop in trade activities at the borders. They said that in the last three years, the value...

Operators Blame Forex as Vehicle Import Crashes by 61%   The importation of vehicles into Nigeria dropped from 28,024 units in the first quarter of 2023 to 10,991 units in the same quarter of 2024, representing a 60.8 per cent decrease, a document by the Nigerian...

Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), has spoken against the effectiveness of Nigeria’s recent economic reforms, highlighting flaws in their execution.  

The naira has surged to N1,173.88 per dollar on the Nigerian Autonomous Foreign Exchange Market, (NAFEM) on Tuesday, May 28th, marking a remarkable increase of 14.09 percent from the previous day's rate. 

MTN Nigeria has experienced significant financial strain as a result of the continued depreciation of the naira, reporting a net foreign exchange loss of $4,810, million in Q1 2024, contributing to a record high forex loss of $102,363 billion since 2023.