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CBN Gives Deadline For Banks, Others To Migrate To Electronic Fx Matching System

The Central Bank of Nigeria (CBN) has introduced the Electronic Foreign Exchange Matching System (EFEMS) for conduct of Foreign Exchange transactions on the official...
Business

CBN Directs BDCs To Demand BVN Before Dollar Sale

The Central Bank of Nigeria has made it compulsory for Bureau de Change (BDCs) and other eligible forex dealers to sell dollars to only...
Business

Medical, School Fees, Mount Pressure On FX Market, Naira Slides Further

The Naira has depreciated by 2.5 per cent in one month as pressure from invisible transactions like school fees and medical allowances have destabilised...
Business

Forex: Banks, BDCs, Others Must Play By The Rule- Cardoso

The Central Bank of Nigeria has said that banks and all financial institutions including Bureau De Change operators under its regulation must play by...
Business

CBN Intervenes In Forex Market With $122.671m To 46 Dealers

The Central Bank of Nigeria (CBN) said it has sold the sum of $122.67m to 46 authorised dealers after the naira fell to N1,560...
Business

CBN gives banks go ahead to deposit excess FX at Lagos, Abuja branches

In a bid at deepen the foreign exchange market, boost liquidity and attain convergence in the exchange rates, the Central Bank of Nigeria (CBN)...
Business

MAN fears more factories may close up, as FX crisis worsens

The Manufacturers Association of Nigeria (MAN) has warned that the worsening foreign exchange crisis in the economy may force many factories to shut down...
Business

Despite Investing N61bn To Expand Operations, Nestle Nigeria Records Worst Loss Since 2012

Nestle Nigeria has recorded N79bn loss after tax despite heavy investment to improve profitability and expand its reach in 2023.This is Nestle’s worst performance...
Business

Forex: FG Investigating Those Involved In Illegal Activities, Sabotage- Information Minister

The Minister of Information and National Orientation, Mohammed Idris has disclosed that the government has been working round the clock in the past few...
Politics

Tinubu’s forex policy responsible for poverty, hardship in the country – Atiku

A former Vice-President, Atiku Abubakar has blamed the forex policy of the administration of President Bola Ahmed Tinubu for the current poverty and economic...
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