The Central Bank of Nigeria (CBN) has taken a decisive step to enhance foreign exchange (FX) regulations by suspending the approval of extensions for the repatriation of export proceeds. This…
The Central Bank of Nigeria (CBN) has announced a substantial increase in the country’s non-oil export earnings, signaling a positive trend in Nigeria’s economic diversification efforts. According to the CBN’s…
The Central Bank of Nigeria (CBN) has taken a significant step to streamline and regulate the interbank foreign exchange (FX) market by introducing new guidelines for its Electronic Foreign Exchange…
The Central Bank of Nigeria (CBN) has granted a much-needed reprieve to Bureau De Change (BDC) operators by extending the deadline for recapitalization. The new deadline, set for June 3,…
Nigeria’s foreign exchange market continues to be a subject of intense scrutiny, with divergent views emerging from global financial institutions. While the International Monetary Fund (IMF) has expressed optimism about…
South African retail giant Pick n Pay has become the latest international company to exit Nigeria, underscoring the increasingly challenging business environment in the country. The company’s CEO, Sean Summers,…
The International Monetary Fund (IMF) has issued a strong call for Nigeria to undertake significant structural reforms to bolster its economic outlook. Tobias Adrian, the IMF’s Financial Counsellor and Director…
The International Monetary Fund (IMF) has categorically refuted claims that the Nigerian government has sought a loan from the institution. Abebe Selassie, the IMF’s Director of the African Department, clarified…
Nigeria’s external reserves have experienced a remarkable resurgence, reaching a new high of $39.07 billion as of September 19, 2024. This significant boost, announced by the Central Bank of Nigeria…
As of September 9, 2024, the Nigerian Naira (₦) continued its tumultuous journey against major foreign currencies. While the official NAFEM closing rate for the US dollar stood at ₦1,580.46/$,…