Bureaux de Change at risk as Naira gains more muscle

Business seems bad for Bureaux De Change (BDCs) — no thanks to the naira’s new strength that has hit them with heavy losses. The naira has strengthened below N381 to…

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Rush for dollar drops as CBN records $19m surplus

The demand for dollar by banks is now dropping across the country. For the first time since the dollar scarcity started, the Central Bank of Nigeria (CBN) on Friday recorded…

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World Bank approves $200m agric-credit to Nigeria

The World Bank has approved a $200 million credit facility to further support Nigeria, in its efforts to enhance agricultural productivity of small and medium scale farmers. In a statement…

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Forex: Banks seek buyers as CBN continues to flood market

The new strategy of the Central Bank of Nigeria (CBN) to meet all legal demand for foreign exchange (Forex) has led Money Deposit Banks to contend with expending all the…

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Nigeria’s FX Market Posts Dollar Trades at Near Record Low

Nigeria’s interbank forex market traded $540,000 in early deals at 375 naira per dollar, near a record low exchange rate hit last November, Thomson Reuters data showed on Monday. The…

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Nigeria’s Naira on a Free Fail, Now N499 to $1

Nigeria’s naira was quoted as low as 499 to the dollar on the black market on Tuesday, 39 percent weaker than on the official market, where the central bank has…

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