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. 

Forex Shortage Delays Crude Supplies – Dangote Chinese state energy major, PetroChina, has been waiting to unload a cargo of United States crude at Nigeria’s giant new refinery for nearly a month due to payment issues, according to four trading sources and shipping data, Reuters...

On Tuesday, Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, stated that the concerted efforts of the Yemi Cardoso-led Central Bank of Nigeria which aimed at steadying the naira aligned with President Bola Tinubu’s “multi-faceted approach to ridding the nation’s foreign exchange market of malign actors and sharp practices.” 

As the value of the Naira strengthens against US dollar, the Association of Bureaux De Change Operators of Nigeria (ABCON), the umbrella body of all Central Bank of Nigeria (CBN)-Licensed Bureaux De Change (BDCs) in Nigeria yesterday appealed to the Apex Bank to adjust and lower its applicable Exchange Rate downward below the N1,251/$ its pegged for the BDCs.

Rewane: FX Crisis, Energy May Ruin Many Businesses Bismark Rewane, the renowned economic expert, has expressed his optimism regarding the future of Nigeria’s currency, the naira, forecasting brighter days ahead despite its recent depreciation against major foreign currencies. Speaking on Channels Television’s Politics Today on Thursday,...

Rewane: FX Crisis, Energy May Ruin Many Businesses Bismark Rewane, the renowned economic expert, has expressed his optimism regarding the future of Nigeria’s currency, the naira, forecasting brighter days ahead despite its recent depreciation against major foreign currencies. Speaking on Channels Television’s Politics Today on Thursday,...