The country’s external reserves have depleted further to a record-low of $24.8bn, according to the latest data posted on the Central Bank of Nigeria’s website. The foreign exchange reserves fell by $600m in two weeks before shedding $1bn in four weeks, the CBN statistics showed. Specifically,...

President Barack Obama of United States of America has commended President Muhammadu Buhari of Nigeria for allowing flexibility in foreign exchange rates (Forex). President Obama who spoke after a meeting with President Buhari on the sidelines of the annual United Nations General Assembly, said that...

Following the free fall of the naira against the United States dollar, the cost being incurred for the purchase of gas for power generation has risen by about 60 per cent, our correspondent has learnt. Gas for power generation is denominated in the US dollar...

The Nigerian economy, prior to the advent of petro-dollar (oil boom) years of the 1970s was basically agricultural based. Agriculture contributed about 65 per cent to the GDP and represented 70 per cent of total exports. The sector was marked with high labour-absorptive ratio and...

Intending Pilgrims for this year’s Hajj will access dollar from the Central Bank of Nigeria (CBN) at a concessionary exchange rate of N197 to dollar. A circular to all authorised dealers signed by CBN Acting Director, Trade and Exchange, W.D. Gotring, said each pilgrim is...

President Muhammadu Buhari has given the Central Bank of Nigeria (CBN) the go-ahead to introduce flexibility in the naira’s exchange rate. The Senior Special Assistant Media and Publicity to the President, Mallam Garba Shehu made the disclosure in an interview on the Nigerian Television Authority...