Nigerian BDC Operators and CBN Head for Showdown Amidst Market Manipulation Claims
Bureau de Change (BDC) operators and the Central Bank of Nigeria (CBN) seem to be on a collision course as…
Category: Currency
Shilling’s Slide Spurs Currency Gains: Tier One Banks Record Substantial Earnings Boost in H1 2023
Tier one banks in Kenya have experienced a noteworthy surge in currency gains, amassing a total of Ksh 14.5 billion…
Dollar Retreats from 10-Week Highs as Risk Appetite Recovers Amid Bond Yield Surge and China Concerns
The U.S. dollar has eased from its recent 10-week highs as global risk appetite rebounded following a jump in U.S.…
Nigeria’s Central Bank Introduces Forex Price Verification System
The Central Bank of Nigeria (CBN) has launched a Foreign Exchange Price Verification System aimed at facilitating importers’ access to…
Naira Strengthens Against Dollar Following CBN’s Forex Market Intervention
The Nigerian naira demonstrated strength against the US dollar, closing at 740.67/$ on the Investor & Exporter forex window. This…
FMCGs Report Significant Net Foreign Exchange Losses Amid Exchange Rate Unification
Major consumer goods companies in Nigeria, especially in the fast-moving consumer goods (FMCG) sector, have reported substantial net foreign exchange…
Nigerian Central Bank Implements Measures to Counter Naira Decline and Speculative Activity
Amidst the recent depreciation of the naira in the parallel market, the Central Bank of Nigeria (CBN) has initiated foreign…
Nigerian Central Bank to Rename Official Forex Market as Nigerian Foreign Exchange Market (NFEM)
The acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, announced that the official foreign exchange market, previously…
Ghana’s Inflation Reaches Four-Month High Amid Rising Food Costs
Ghana’s inflation rate surged to 43.1% in July, marking the highest level in four months. The increase was primarily driven…
Naira Hits Record Low of N900/$1 on Parallel Market
The Nigerian naira has reached a record low of N900 against the US dollar on the parallel market, driven by…
Dollar Deposits in Kenyan Banks Reach New All-Time High as Shilling Depreciates
The value of dollar deposits in Kenyan commercial banks has reached a record high of Sh1.185 trillion by the end…
Save Nigeria Movement Demands N2 Trillion Compensation for Consequences of Naira Redesign Scheme
The Save Nigeria Movement (SNM) has called on the Central Bank of Nigeria (CBN) to compensate Nigerians with the sum…
Nigerian Naira Continues Downward Trend Against Dollar, Central Bank Faces Monetary Pressure
The Nigerian naira maintained its depreciating trend against the dollar, reaching 876/$ at the parallel market on Sunday. Just a…
Nigerian Naira Appreciates Against Dollar in Forex Window
On Wednesday, the Nigerian naira appreciated against the US dollar on the Investor & Exporter forex window, closing at 793.70/$.…
UK Adds Naira to “Pre-Approved Currencies” for Financing Nigerian Trade
The United Kingdom (UK) will include the Nigerian naira in its list of “pre-approved currencies” for financing transactions, allowing the…
Nigerian Naira Faces Volatility Amidst Exchange Rate Fluctuations
The official exchange rate of the Nigerian Naira improved from N803.9 per dollar, but at N820/$1, the parallel market rate…
Currency in Circulation Jumps to N2.53tn – CBN.
According to the Central Bank of Nigeria (CBN), currency in circulation in the country increased by 157.27 percent to N2.53…
Convergence of Currency Rates through FX Reforms.
Within one week of their implementation, the current FX reforms at the Central Bank of Nigeria (CBN) led to a…
Dollar Trades at A Discount Against Naira in Black Market.
The naira is trading higher on the black market for the first time since 2015, exactly one week after the…
At the Official Market, Naira Drops to 770.38/$.
After ending Monday’s trading in the investor & exporter FX market at 770.38/$, the naira fell even further against the…
Naira Drops to 702/$, With a Potential New FX Supply from CBN.
The Central Bank of Nigeria has permitted a free float of the naira against the dollar and other world currencies,…
The central bank of Nigeria permits the naira to fall 2% to a historic low.
On Wednesday, the naira was permitted to reach a record low on the official market by around 2%, although the…
CBN: Currency in Circulation Rises by 71% to N1.6tn.
After the Central Bank of Nigeria changed its stance on the redesign of the naira, the amount of currency in…
Banks are being Investigated for Dollar Price Fixing.
The Competition Authority of Kenya (CAK) is looking into several unnamed banks over allegations that they fixed foreign exchange trades,…
Bitcoin Surpasses $30,000 as Speculators Anticipate an End to Rate Increases.
As investors increased their bets that the U.S. Federal Reserve will soon halt its aggressive monetary tightening campaign, major cryptocurrency…
Banks Reimburse Consumers with Soiled, Damaged Notes, Easing the Cash Shortage.
This comes after numerous commercial banks over the weekend paid consumers with naira notes in person and through automated teller…
Reps Inform CBN that Banks Should Update their E-banking Platforms.
The Nigerian Central Bank has been urged by the House of Representatives to order banks to urgently update their electronic…
Naira Scarcity Gets Worse As MPC Raises Interest Rate to 18%
The scarcity of Naira notes has continued to bite harder on Nigerians despite the Central Bank of Nigeria (CBN) announcement…
Currently Circulating Currency now N982bn – CBN
As a result of the Central Bank of Nigeria’s naira redesign strategy, the amount of currency in circulation in the…
Naira Redesign Has Two Issues: Moghalu
Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria, has voiced his displeasure with the string of…