Forex

The Central Bank  of Nigeria (CBN) has revoked the operational licensed of 4,173 Bureau de Change (BDC) operators in the country as the cleansing of the FX market continues under Yemi Cardoso. There are over five thousand foreign exchange traders in Nigeria. In a press release Friday signed by Acting Director of Corporate Communications, Mrs. […]

The operatives of the Economic and Financial Crimes Commission (EFCC) on Monday, February 19, 2024, resorted to using firearms in their attempt to salvage the Nigerian currency from total collapse. Watch video: They had stormed the Abuja Zone 4 market, popular for foreign exchange trading, and started shooting sporadically at Bureau De Change operators in an attempt to

As the foreign exchange crisis deepens in Nigeria, the apex bank has directed all Authorized Dealer Banks in the country to stop payment of Personal Travel Allowance and Business Travel Allowance (PTA/BTA) by cash to applicants. In a communique dated February 14 and signed by the Director of Trade and Exchange Department, Hassan Mahmud, the

The Nigerian currency is at its lowest ebb ever. It has never experienced the kind of depreciation it is currently undergoing since it became the official currency on January 1, 1973. With the current exchange rate of the Naira against the United States Dollar, which stands at $1/N1,517.204 according to the CBN rate, the national

WorldRemit, MoneyGram, and other International Money Transfer Operators (IMTOs) will cease releasing dollars or other foreign currencies to Nigerians. Instead, remittances will now be processed and converted to Naira, with the recipient’s account being credited in the local currency. More than 50 licenced IMTOs are operating in Nigeria, they include Sendwave, MoneyGram, WorldRemit, Remitly, and

Pyoneer can no longer send dollars and other foreign currencies to Nigeria. This change is due to banks in the country implementing the latest foreign exchange guidelines set by the Central Bank of Nigeria (CBN). This marks a departure from previous practices where freelancers could transfer funds from their Payoneer account directly to their domiciliary

The Central Bank of Nigeria (CBN) is bringing another twist to Nigeria’s foreign exchange market by removing  ±2.5% cap spread on interbank FX transactions. The latest announcement overrides the initial practice when there was ±2.5% cap spread on FX transactions. The apex bank noted that the removal of spread would enhance a market-based price discovery

The Somalian currency (SOS) is now stronger than the Naira. 1 SOS can buy N2.8, meaning 50,000 SOS is equivalent to 140,000 naira at the time of publication, just as a foreign exchange crisis envelops Africa’s biggest economy amid acute inflation. SOS gained 157.67 percent against the Nigerian currency from February 1, 2023, to February