AGS NEWS – On August 6, 2024, the Central Bank of Nigeria (CBN) auctioned $876.26 million to end users through 26 commercial banks. This move aimed to bolster the ailing naira and enhance foreign exchange liquidity. The auction process, part … Continue reading CBN dumps 12-month forex policy with $876m auction
AGS NEWS – The Nigerian Naira experienced a notable recovery against the US Dollar on Wednesday across both official and parallel markets. This surge follows the announcement by the Central Bank of Nigeria (CBN) regarding the complete resolution of all … Continue reading Naira bounces back to N1,400/$ as speculators sell off forex
AGS NEWS – MTN Nigeria Plc has revealed a significant financial setback in its audited results for the year ending December 31, 2023. The company recorded a loss before tax amounting to N177.8 billion, a drastic shift from the pre-tax … Continue reading MTN reports N740 billion loss due to forex impact
AGS NEWS – Nigerian Breweries Plc has revealed a significant foreign exchange loss amounting to N153 billion, attributed to the devaluation of the naira. This information was disclosed in the company’s earnings report, which accompanied its audited results for the … Continue reading Nigerian breweries reports naira devaluation causing N153bn forex loss
Positive sentiments persisted last week as the All-Share Index achieved a historic milestone, crossing the 100,000 points mark and resulting in a gain of N4.3tn for investors. The market witnessed a robust buy sentiment, with investors strategically positioning themselves in … Continue reading Equity market surges by N4trn as investors strategically position for earnings season
Nigeria witnessed a total foreign exchange inflow of $11.11 billion in the combined months of July and August, as per data sourced from the Central Bank of Nigeria. The August economic report on foreign exchange flows, released by the CBN, … Continue reading CBN reports forex inflow surges to $11 billion over two months
In a recent report by the Economist Intelligence Unit (EIU), questions have been raised about the Central Bank of Nigeria’s (CBN) financial capacity to settle the $6 billion forex backlogs owed to banks. The EIU expressed skepticism, stating that the … Continue reading Economist intelligence unit doubt CBN’s ability to clear $6 billion forex backlog
The recent spike in cooking gas prices is primarily attributed to factors such as vessel scarcity, fluctuations in foreign exchange rates, and soaring oil prices, according to Nigeria Liquefied Natural Gas Limited (NLNG). A market survey indicated that the price … Continue reading NLNG attributes high cooking gas prices to forex factors
Dangote Industries Limited and BUA Group have become embroiled in a dispute over allegations that Dangote was being investigated for illegal foreign exchange dealings. Dangote Group vehemently denied these allegations, accusing BUA of spreading false and damaging information about the … Continue reading Dangote and BUA point fingers in dispute over forex probe allegations
The Nigerian naira has exhibited a positive trend, strengthening to N1,120 against the US dollar in response to news that the Central Bank of Nigeria (CBN) initiated the clearance of some of its foreign exchange (FX) backlog. This marks a … Continue reading Naira bounces back as CBN resolves forex debt backlog
In a meeting held on Monday, domestic airlines, operating under the umbrella of the Airline Operators of Nigeria (AON), urged the Federal Government to permit AON to obtain the necessary license for importing and distributing JetA1 aviation fuel. They called … Continue reading Domestic airlines call for jet fuel import license and forex access
Former Deputy Governor of the Central Bank of Nigeria, Dr. Tunde Lemo, has cautioned against adopting a free-floating exchange rate system for the Nigerian naira. The event, titled ‘Persistent unstable macro-economic environment: Any way out,’ saw Lemo express his reservations … Continue reading Clearing forex backlog vital for restoring naira confidence – Lemo
The FMDQ, between January and July 2023, recorded a total foreign exchange turnover of N22.98tn ($44bn), as reported in the August edition of the FMDQ Spotlight, a monthly publication issued by the exchange. Following the Central Bank of Nigeria’s rate … Continue reading Foreign exchange turnover on FMDQ reaches N22 trillion in seven months
The Committee of Vice Chancellors of Federal Universities has vehemently denied any involvement in bribery related to the House Committee’s investigation into job racketeering within Ministries, Departments, and Agencies. The Vice Chancellors clarified during a panel hearing that they had … Continue reading Vice chancellors clarify payments for forex amid probe, deny bribery allegations
The acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, has expressed the bank’s commitment to tackle the mounting demand pressure on the country’s exchange rate as the naira continues to depreciate against the dollar. Shonubi made these assurances … Continue reading CBN commits to addressing forex pressure, raises lending rate
The Nigerian naira sustained its downward trajectory against the US dollar, reaching 876/$ in the parallel market on Sunday, as reported by Bureau de Change (BDC) operators. Just a week earlier, the local currency had traded at 820/$, reflecting the … Continue reading Forex shortage worsens, dollar hits N876
Many clearing agents who previously operated at the borders have abandoned land borders following the reopening ordered by former President Muhammadu Buhari, according to recent findings. Buhari had ordered the reopening of some land borders for business in December 2020 … Continue reading Clearing agents abandon land borders due to soaring charges and forex rates
A sharp decline in foreign appetite for the Nigerian capital market has been attributed to various factors such as market uncertainty, political risk, and foreign exchange illiquidity. Over the past eight years, total foreign transactions executed on the equities market … Continue reading Nigerian capital market faces unprecedented decline in foreign investor appetite amidst market uncertainty and forex challenges
Over the last four months, Nigeria’s foreign exchange reserves have decreased by $1.82 billion, according to official data and reports. The forex reserves have been on a downward trend since the start of the year, with fears that the economy … Continue reading Nigeria’s Forex reserves plunge $1.82bn in four months, raising economic concerns
The fish business value chain in Nigeria is facing difficulties due to the foreign exchange (forex) restriction imposed on fish importation. Importers and traders have expressed their concerns about the harm this ban has done to their businesses, especially with … Continue reading Importers and traders in fish business chain lament forex restrictions on fish importation
The US dollar faced a significant downturn on Wednesday as consumer prices in the United States rose less than expected in March, leading experts to speculate that the Federal Reserve may halt its rate-hiking efforts, possibly after a rate increase … Continue reading Dollar declines as inflation falls short of economists’ forecasts
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