Nigeria’s Forex Inflow Hits $21bn In Q3       The total amount of foreign exchange inflow into the economy in the third quarter of 2020 stood at $21.46 billion, according to data from the Central Bank of Nigeria (CBN). The CBN, in its third quarter economic report said...

CBN Tackles Recalcitrant IMTOs Over Diaspora Remittances         The Central Bank of Nigeria (CBN) has expressed displeasure that some International Money Transfer Operators (IMTOs) continue to pay remittances in local currency contrary to its recent policy that granted unfettered access to forex from Diaspora and other...

CBN Issues New Directives On Foreign Currency Payment Of Diaspora Remittance         The Central Bank of Nigeria CBN) has issued fresh directives to International Money Transfer Operators (IMTOs) on foreign currency payment in cash to beneficiaries of diaspora remittances. The fresh directives follow the new rules unveiled...

Parallel Market Responds To Devaluation, As Dollar Trades At N500       The parallel market has responded to the fresh devaluation of the naira amidst growing foreign exchange illiquidity. The local currency weakened to N500/$ at the black market at the weekend. The Central Bank of Nigeria (CBN)...

CBN’s $450m Inflow To BDCs Stabilise Naira       The Central Bank of Nigeria (CBN) has injected over $450 million into the Bureau De Change (BDC) segment of the foreign exchange market to keep the naira stable. The dollar injections, which came after the apex bank resumed dollar...

The Central Bank of Nigeria, CBN has directed banks to sell dollars for invisible transactions such as personal travel allowance, business travel allowance, school fees and others at N360 per dollar. For this purpose, the apex bank released $85 million for sale to banks...