Top 5 Stories Of The Day | Nigerians Fear As Inflation Rises To 34.8%

The skies above might soon come with a steeper price tag as Nigerian airline operators hint at a potential increment in flight costs. Brace yourselves, as that familiar buzz of jet engines could become synonymous with a heavier financial burden. Obiora Okonkwo, the spokesperson for the Airline Operators of Nigeria (AON) and Chairman of United... Read More

Blogs

Airline Operators of Nigeria, foreign exchange, Lagos to Abuja Flights, N250000, Obiora Okonkwo

September 22, 2022

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First Bank announces suspension of international transactions on naira cards

First Bank of Nigeria has declared that beginning September 30, its naira cards will no longer be accepted for international transactions. The bank attributed its decision to current foreign exchange market conditions. Prior to this change, consumers could use their naira debit cards for any transaction, but only up to $20 or $50 each month.... Read More

The News Blog

first bank, foreign exchange, international transactions, Naira cards

October 13, 2017

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We should all be worried about what we consume | 5 takeaways from Nigeria’s yam crisis

On Thursday, the House of Reps during its plenary session opened up an investigation into the Federal Ministry of Agriculture and a number of other agencies, all who are involved in the exportation of yam tubers. The lawmakers raised concerns about two major issues. First, yam tubers belonged to the list of food produce that... Read More

Featured, Thinking Through

Audu Ogbeh, foreign exchange, House of Reps, Ministry of Agriculture, nigeria, yam export programme, yams

September 10, 2017

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We should not celebrate Nigeria’s exit from recession yet – Okonkwo

The Managing Director/Chief Executive Officer of Fidelity Bank Plc, Nnamdi Okonkwo has asked Nigerians not to celebrate the exit of the recession announced by the National Bureau of Statistics (NBS), as execution of economic policies is what matters now. In an interview with Punch, Mr Okonkwo also commended the Central Bank of Nigeria (CBN) for... Read More

The News Blog

central bank of Nigeria, Fidelity Bank, foreign exchange, Nnamdi Okonkwo, recession

July 18, 2017

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U.S Dollar rate crashes with Republican Healthcare bill

Following news that Republicans were unable to repeal and replace Obamacare, the U.S. dollar went crashing alongside the Republican Healthcare on Monday, Politico reports. According to CNN, the U.S dollar index, which measures the U.S. currency dropped to the lowest it has ever been since September 2016. The dollar also weakened against the Euro, the... Read More

The News Blog

dollar, foreign exchange, Health care bill, Newt Gingrich, Republicans

April 28, 2017

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We have enough forex for end users, bank customers – CBN

The Bankers Committee of the Central Bank on Thursday declared that there was adequate stock of foreign exchange to sustain the spate of dollar sales to various segments of forex market. The apex bank said it has enough to meet demanded of all genuine bank customers in the country. The Director, Banking Supervision, CBN, Ahmed... Read More

The News Blog

bank customers, CBN, dollars, end users, foreign exchange

March 14, 2017

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CBN pumps fresh $195m into foreign exchange market

by Azeez Adeniyi The Central Bank of Nigeria on Tuesday released fresh $195m into the foreign exchange market. This was confirmed in a statement signed by the Acting Director of Corporate Communications Department, Isaac Okoroafor. Okoroafor in the statement said the intervention of $195m is made up of $150m for the wholesale auction and $45m... Read More

The News Blog

$195m, CBN, dollars, foreign exchange, Forex market, naira

February 28, 2017

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CBN releases additional $180m into forex market

by Azeez Adeniyi The Central Bank of Nigeria (CBN) on Monday released additional $180m in order to increase liquidity in the foreign exchange market. This was disclosed by the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor. He said $100 million was released into the wholesale forwards segment of the market, while $80m was... Read More

The News Blog

$180m, CBN, central bank of Nigeria, foreign exchange, Forex

February 20, 2017

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Just In: Central bank introduces new foreign exchange policy

The Central Bank of Nigeria (CBN) has released a new foreign exchange policy. In a statement on Monday, the CBN it would henceforth provide direct additional funding to banks. The apex bank said this will ease the difficulties encountered by Nigerians in obtaining funds for foreign exchange transactions. It said the needs of Nigerians for personal and business... Read More

The News Blog

CBN, central bank of Nigeria, dollar, foreign exchange, National economic council

January 27, 2017

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#OccupyCBN: Nigerians protest at CBN headquarters (PHOTOS)

A group of Nigerians led by PDP member, Deji Adeyanju on Friday protested at the entrance of the Central Bank of Nigeria headquarters in Abuja. The protesters under the #OccupyCBN umbrella are demanding to know what the CBN is doing concerning the forex exchange crisis. See photos below:

The News Blog

#OccupyCBN, Abuja, CBN, foreign exchange, protest

November 17, 2016

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Oo Nwoye: Emefiele really has to go now | Here’s how

by Oo Nwoye Here’s a simple idea to help CBN get rid the f_k of Emefiele. Emefiele, Nigeria’s Central Bank’s Governor has to go because: He is grossly incompetent He is not independent I do not know of other industries but mine (tech) has been sorely negatively affected by the CBN’s shameless and disastrous foreign... Read More

CBN, economy, Emefiele, foreign exchange, Foreign policies, Revolt

October 20, 2016

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Airlines’ inability to access foreign exchange may lead to plane crashes – Senate

The Senate on Thursday said the country might experience plane crashes if a total improvement is not done on the aviation sector. This was following a motion tagged “Disturbing Development in the Nigerian Aviation Industry” by Sen. Dino Melaye. Minority Leader, Godswill Akpabio said airlines inability to access foreign exchange may lead to endangering the lives... Read More

The News Blog

foreign exchange, plane crashes, senate

September 7, 2016

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Opinion: Who parallel market epp?

by Olamide Eyinla The main topic today in Nigeria is the value of the Naira. Sometime in June 2016, the Naira was floated to reflect its true value as the government ran out of resources to maintain her defence of the artificial value of the naira. Ceteris paribus, this decision would lead to the eventual... Read More

CBN, devaluation, foreign exchange, naira, Nigerian customs, parallel market

August 31, 2016

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Just In: CBN reinstates banks suspended from forex trade

The Central Bank of Nigeria (CBN) on Wednesday reinstated nine banks that were recently suspended from the foreign exchange market over non-remittance of oil money. The apex bank’s Director of Banking Supervision, Tokunbo Martins said in Abuja that the banks were reinstated after presenting repayment plans. The Nine banks were suspended last week for not remitting about... Read More

The News Blog

CBN, central bank of Nigeria, foreign exchange, Nigerian National Petroleum Corporation, NINE BANKS, reinstated, Treasury single account

August 30, 2016

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CBN licenses 11 new international money operators

The Central Bank of Nigeria has licensed 11 new international money operators in the country. In a statement signed by its Ag. Director, Corporate Communications, Isaac Okorafor on Tuesday, the apex bank said the decision was to ensure liquidity and make foreign exchange more readily available to low end users. The newly licensed operators are; TRANS-FAST REMITTANCE LLC,... Read More

The News Blog

CBN, central bank of Nigeria, eleven, foreign exchange, new international money operators

June 20, 2016

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Naira gains beyond expectations in parallel market

The new foreign exchange regime announced by the Central Bank of Nigeria (CBN) appears to be effecting positive reactions on the parallel markets in respect to the naira. The naira bounced back from N355 on Friday to N330 to a dollar by 9am on Monday in the parallel market even as the new forex regime fully... Read More

The News Blog

central bank of Nigeria, dollars, euro, foreign exchange, naira, pounds

May 24, 2016

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CBN bows to pressure, adopts flexible foreign exchange

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has asked the number one bank of the nation to commence the adoption of a flexible exchange rate policy. After the MPC meeting at the Bank’s headquarters in Abuja, while addressing journalists today, the CBN Governor, Godwin Emefiele disclosed that with the new directive,... Read More

The News Blog

America, CBN, China, dollars, Emefiele, foreign exchange, naira, Yuan

May 15, 2016

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Even the president of the Bureau de Change association is wailing

The President of Association of Bureau de Change of Nigeria, Aminu Gwadabe, has declared that there is no better option for the government than to revert to the two official exchange codes in the face of the diminishing foreign reserves. Aminu revealed this to the Guardian today. He said an outright devaluation of the naira would effect... Read More

The News Blog

dollar, economy, foreign exchange, market, naira, nigeria

February 18, 2016

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Ghana bans importation of Nigerian products

Nigeria’s neighbor and long time trading partner, Ghana, has banned the importation of some products into the country. According to Vanguard, the Ghanaian Minister of Trade and Industry, Ekwow Spio-Garbrah, on Wednesday, said that Ghana and Nigeria account for about 68 per cent of the ECOWAS region’s Gross Domestic Product. It would be recalled that... Read More

Featured, The News Blog

ban, foreign exchange, Ghana, importation, nigeria

July 31, 2015

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#YNaijaExplains: Why are some banks rejecting forex deposits?

One of the favourite past times of Nigerians over the last few months has been the daily check of exchange rates. Every new low of the Naira against either the Dollar or Pound has brought with it weeping and gnashing of teeth from those who have to deal regularly in foreign exchange for either personal... Read More

Featured

CBN, dollar, foreign exchange, Godwin Emefiele

June 24, 2015

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“Private jets, rice and tomatoes” – It will become hard to import these items and 37 others

The Central Bank of Nigeria has issued a directive which will effectively stop the importers of certain goods from accessing foreign exchange. According to the apex bank, this move is in a bid to help stabilise the foreign exchange market and encourage local production of these items. The implementation of the new policy is expected to... Read More

The News Blog

CBN, foreign exchange, private jets, rice

December 18, 2014

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Highest fall in 5 years: Naira trades for N187 to dollar

by Godwin Akanfe The naira has experienced its highest fall in 5 years. The Nigerian currency fell by four percent against the dollar to 187.05 at the interbank foreign exchange market on Wednesday, December 17. According to foreign exchange market dealers, the fall is caused by the Central Bank of Nigeria’s announcement that its... Read More

#BigBrotherAfricahotspots, central bank of Nigeria, dollar, foreign exchange, Freefall, Interbank, naira, Retail Dutch Auction System

November 14, 2014

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Foreigners own 53.81% of the Nigerian Stock Exchange

by Tunji Andrews Total equity transactions at the nation’s bourse increased to N522.74 billion (about $3.37 billion) in September representing an increase of 187.27 % from the beginning of the year. Foreign Portfolio Investments (FPI) increased by 152.7 9% from N89.67 billion in January to N 226.68 billion in September 2014 while Domestic participation increased... Read More

The News Blog

equity, foreign exchange, Foreign Portfolio Investments, foreigners, Nigerian Stock Exchange

October 15, 2014

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More foreign capital came into Nigeria in Q2, $12.67 billion of it

by Tunji Andrews Provisional data indicated that foreign exchange inflow through the CBN in the second quarter of 2014 amounted to US$12.67 billion, representing an increase of 23.9% and 34.1% above the levels in the preceding quarter and the corresponding quarter of 2013, respectively. The development relative to the preceding quarter was attributed to the... Read More

The News Blog

CBN, crude oil, economy, foreign exchange, Inflow, nigeria, Second quarter

August 16, 2013

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Opinion: What Jargons- Common sense Economics and sensible Politics

by Adisa Adeleye If we can manage the domestic economy properly and efficiently, the external sector will gradually assume less importance and the Naira will find its level in the floating basket of currencies”. This is commonsense economics, leading to a lively and fully employed economy – with all hands available for producing enough goods... Read More

Adisa Adeleye, Economics, foreign exchange, jargos, leader, Ngozi Oknojo-Iweala, nigeria, oil revenue, opinion, policy, politcs, President Goodluck Jonathan, ynaija

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Here’s Why Flights From Lagos to Abuja May Soon Go for N250,000

First Bank announces suspension of international transactions on naira cards

We should all be worried about what we consume | 5 takeaways from Nigeria’s yam crisis

We should not celebrate Nigeria’s exit from recession yet – Okonkwo

U.S Dollar rate crashes with Republican Healthcare bill

We have enough forex for end users, bank customers – CBN

CBN pumps fresh $195m into foreign exchange market

CBN releases additional $180m into forex market

Just In: Central bank introduces new foreign exchange policy

#OccupyCBN: Nigerians protest at CBN headquarters (PHOTOS)

Oo Nwoye: Emefiele really has to go now | Here’s how

Airlines’ inability to access foreign exchange may lead to plane crashes – Senate

Opinion: Who parallel market epp?

Just In: CBN reinstates banks suspended from forex trade

CBN licenses 11 new international money operators

Naira gains beyond expectations in parallel market

CBN bows to pressure, adopts flexible foreign exchange

Even the president of the Bureau de Change association is wailing

Ghana bans importation of Nigerian products

#YNaijaExplains: Why are some banks rejecting forex deposits?

“Private jets, rice and tomatoes” – It will become hard to import these items and 37 others

Highest fall in 5 years: Naira trades for N187 to dollar

Foreigners own 53.81% of the Nigerian Stock Exchange

More foreign capital came into Nigeria in Q2, $12.67 billion of it

Opinion: What Jargons- Common sense Economics and sensible Politics

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