Manufacturers’ Forex Losses Rise 566% to N792bn in 2023 A review of the performance of  multinational corporations and big indigenous firms operating in the country for the financial year ended December 2023 have shown that they recorded a combined Foreign Exchange, forex, losses of N792...

Manufacturers’ Forex Losses Rise 566% to N792bn in 2023 A review of the performance of  multinational corporations and big indigenous firms operating in the country for the financial year ended December 2023 have shown that they recorded a combined Foreign Exchange, forex, losses of N792...

Foreign Reserves Shed $975.7m Year-to-date   Nigeria’s foreign reserves continued its downward slope, a trend formed towards the end of last year after it failed to sustain a momentary recovery witnessed in October. The gross figure, which has remained a consistent gradual depletion in the past five...

Naira Relapses To N500/$1 Despite Marginal Gains     The naira yesterday depreciated to N500/$1 after recording marginal gain against the greenback at the weekend. The naira closed last week at N498/$1, N2 weaker than current position of the local currency. Also, foreign exchange (forex) reserves have dropped to...

In Two Months, External Reserves Fall By $1.4bn     The country’s external reserves fell by $1.4bn in two months, the latest data from the Central Bank of Nigeria showed on Wednesday. The reserves, which stood at $35.25bn as of April 16, fell to $34.23bn as of May...

Despite CBN’s Defence Measures, Naira Tumbles By 51.95%       The value of the naira to the dollar fell from 196.99 in December 2015 to 410 in April 2021, reflecting a 51.95 per cent decline despite the various foreign exchange policies introduced by the Central Bank of...