Nigeria’s liquid foreign reserves have climbed to $40.320 billion; a figure last recorded in December 2021 when the country accumulated a reserve of $40,35 billion. Reserves once again hit the…
President Bola Ahmed Tinubu has approved a plan to refinance 4 trillion naira ($2.61 billion) in debt primarily owed to 27 power generation companies (Gencos) for outstanding invoices between 2015…
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…
In a significant move aimed at bolstering the Nigerian Naira and reducing pressure on the foreign exchange market, the federal government has proposed that the Nigerian Maritime Administration and Safety…
In a bid to address the persistent depreciation of the naira against the US dollar, the Central Bank of Nigeria (CBN) has announced the sale of foreign exchange worth $20,000…
The Nigerian Naira experienced another setback on Tuesday, September 10, as it depreciated further against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX). The decline, exacerbated…
As of September 9, 2024, the Nigerian Naira (₦) continued its tumultuous journey against major foreign currencies. While the official NAFEM closing rate for the US dollar stood at ₦1,580.46/$,…
The Nigerian Naira experienced further losses against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, September 6. This marks the fourth consecutive day of…
In a significant development for Nigeria’s petroleum industry, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has finalized an agreement between the Nigerian National Petroleum Corporation (NNPC) Limited and…
Nigeria to Commence Crude Oil Sales in Naira from October 1 The Nigerian government is set to embark on a significant economic overhaul as it prepares to begin selling crude…