Home Topics Exchange Market

Exchange Market

The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar.

Central bank’s new forex remittances policy begins today

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele said beneficiaries of diaspora remittances will now be paid in dollars from today, Friday, 4th December, 2020.

How money transfer operators sabotage naira – CBN chief

Despite an estimated annual diaspora remittance of $24 billion, international money transfer operators (IMTO) have been shortchanging recipients by delivering in local currency and using the hard currency to attack the naira.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

CBN: Diaspora remittances now to be withdrawn in dollars

The Central Bank of Nigeria (CBN), had announced a new policy initiative, which would help to boost remittance inflows and foster an environment of faster, cheaper, and more convenient flow of remittances back to the country.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

CBN directs banks to close naira accounts for IMTO proceeds

Following its new policy that grants unfettered access to forex from Diaspora and other money transfer remittances, the Central Bank of Nigeria (CBN) yesterday directed all banks to close all naira ledger accounts opened for receiving International Monetary Transfer Operators’ (IMTOs’) proceeds.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

Central bank clarifies policy on diaspora remittances

The Central Bank of Nigeria (CBN) on Wednesday released a new circular clarifying its new rule on receipts of forex inflows from Diaspora remittances.

Central bank chief projects exit from recession Q1 2021

The Governor of Central Bank, Mr Godwin Emefiele, on Friday expressed optimism that Nigeria could emerge from recession by the first quarter of 2021.
Nigeria Naira

Naira weakens to lowest in three years

The Naira yesterday weakened to the lowest in over three years in the parallel market due to increased demand for dollars amid foreign-currency shortages.

MAN, LCCI others blame recession on coronavirus, #EndSARS crisis

Nigeria has formally entered its second economic recession in five years as the severe impact of the COVID-19 pandemic on global crude oil prices and restrictions imposed to curb the virus caused the nation’s economy to contract for the second consecutive quarter by 3.62 percent in the third quarter of 2020.

Recession: The worse may be possibly over – Lagos chamber

The Lagos Chamber of Commerce and Industry (LCCI) says the nation’s economic contraction of 3.62 per cent of the third quarter against the 6.1 per cent of the second quarter of the year may indicate that the worst is over.
china yuan dollar

Forex demand pressure worries CBN monetary committee members

The Deputy Governor, Corporate Services Directorate, Mr Edward Adamu, said the demand pressure in the forex market had remained elevated in the face of declining accretion to external reserves and declining private inflow.

Recent Stories

Chief of Army Staff, Lt. Gen. Tukur Buratai, on Monday met with President Muhammadu Buhari to brief him on efforts by the military to tame the wave of banditry and terrorism, especially in the North.

Group dismisses Nigerian Army chief’s coup alarm as diversionary

A Coalition of elders under the auspices of Nigeria Elders for Peace and Good Governance (CONEPAGG), has accused the Chief of Army Staff, Lieutenant General Tukur Buratai, of raising false alarm about “imaginary” coup to divert the attention of Nigerians from the failings of the Service Chiefs.

Maritime workers to begin warning strike Monday

The Maritime Workers Union of Nigeria (MWUN) is to embark on a three-day warning strike from Dec. 7, to protest the deplorable state of access roads to seaports in Lagos State.
Former Napoli centre-forward Andrea Carnevale has urged Victor Osimhen to be more selfish in order to score more goals.

Victor Osimhen: Napoli clears Super Eagles medics of any wrong doing

Napoli has denied reports from Italian media that Nigerian doctors complicated Victor Osimhen’s shoulder during the first treatment. Tuttosport claimed Napoli medic revealed that their Nigerian counterparts caused more damage to the shoulder in the process of treatment before he returned to Italy. However, Napoli and the player on Saturday afternoon took to their social media handle to debunk the reports and clear the Super Eagles team doctor of any wrongdoing. “The current situation regarding the injury of Victor Osimhen is only a consequence of the dislocated right shoulder,” Napoli said in a tweet. Osimhen dislocated his shoulder while in action for Super Eagles of Nigeria last month at the Samuel Ogbemudia Stadium in Benin City. The striker went down in the second under a challenge from a Sierra Leone defender and was subsequently rushed to the hospital in an ambulance. The striker had since returned to his base in Italy but has not featured for Napoli since as a result of the injury
Ifeanyi Okowa

Governor Okowa urges President Buhari to reconstitute NDDC board

Governor Ifeanyi Okowa of Delta State has told President Muhammadu Buhari to reconstitute the Board of Niger Delta Development Commission, NDDC, holding that instability in the commission’s board has contributed to the systemic institutional failure of the agency.
INEC officials sleeping at polling unit 014, Isele in Ikorodu as voters shun poll.

Lagos bye-election: INEC officials decry poor turnout

The Dec. 5, Lagos East Senatorial and Kosofe state Assembly by-elections recorded poor voter turnout as the elections progressed.