Tag: Forex
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Naira resumes decline as CBN faces more FX backlog
The naira weakened on Wednesday despite efforts by the central bank to clear a backlog of matured foreign-exchange forward contracts. The naira fell to...
Why naira is suddenly gaining against dollar
The injection of dollars into the Nigerian foreign exchange market and the central bank’s interest rate hikes are working in favour of the naira,...
Nigerian govt considers banning dollar black market
The Nigerian government is considering making it illegal to trade in the foreign exchange parallel market in a bid to control a chronic dollar...
Textile, maize importers can get forex as CBN unbans 43 items (See full list)
The Central Bank of Nigeria has lifted a ban on 43 items that were previously restricted from accessing forex, a bank spokesperson said on...
Minister blames naira fall on $6.8bn forex payment backlog
Finance minister Olawale Edun says Nigeria has to clear a $6.8 billion backlog of foreign exchange forward payments before the naira stabilizes.
Forward contracts allow...