Forex Rate: Manufacturers, Importers, Others Bemoan High Costs   Importers, clearing agents and manufactures have cried out over the high foreign exchange (forex) rate in the country. It was in June, this year that the Central Bank of Nigeria (CBN) unified exchange rate windows to maintain Naira...

Manufacturers Incur Heavy Losses As Inflation, Forex Crisis Get Worse   In apparent reflection of the depreciation in the value of the Naira coupled with the sustained inflationary pressure, the cost of raw material input for consumer goods companies rose by 18.5 percent in the first...

In Seven Months, Forex Turnover Hits N22trn On FMDQ   The turnover of foreign exchange on the FMDQ hit N22.98tn ($44bn) in the period between January and July 2023. This was revealed in the August edition of the FMDQ Spotlight, a monthly publication by the exchange. FMDQ is...

CBN Launches FX price verification system portal The Central Bank of Nigeria has introduced a foreign exchange price verification system designed for importers to have access to forex. The apex bank in a statement from its Trade and Exchange Department on Thursday night, said a price...

Forex Scarcity: Consumer Goods Manufacturers Borrow N1.8trn To Survive   At the backdrop of rising interest rates and foreign exchange scarcity, leading consumer goods manufacturing companies have come under severe funding pressure. Findings from the financial statements of the companies show that they have resorted to very...

We Don't Have Control Over Fuel Price, Exchange Rate - CBN   The Central Bank of Nigeria (CBN) yesterday told the House of Representatives that it lacks control over the price of Premium Motor Spirit (PMS), popularly known as fuel, and the foreign exchange rate between...