FMDQ Traders Introduce Key Reforms for Stability in Nigeria’s Forex Market

FMDQ Exchange Records N21.70 Trillion Secondary Market Turnover in October

In a bid to bring stability to Nigeria's forex market, traders on the FMDQ platform, where forex is officially traded, ...

EFCC Arrests 50 BDC Operators in Abuja for FX Rates Manipulation

Banks Sell $172 Million as CBN and EFCC Combat Currency Speculators

by Stephen Akudike

February 22, 2024

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In a bid to curb the activities of currency speculators and stabilize the exchange rate, Nigerian banks have sold approximately ...

Battered Commodity Currencies Gain Attention Amid Dollar’s Decline.

P2P market crosses N1800/$1 as Official Rates Settled at N1551/$

by Stephen Akudike

February 21, 2024

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The Nigerian naira witnessed mixed fortunes in forex markets on Tuesday, February 20th, 2024, with the official exchange rate settling ...

Naira Faces Significant Depreciation in Q3 2023, Raising Concerns Over FX Stability

Naira Resilience: Forex Sales Dip as Demand Surges

by Stephen Akudike

February 19, 2024

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In a week marked by fluctuating forex dynamics, the Nigerian Naira showcased its resilience amidst shifting market conditions. Despite a ...

The Redenomination Rumor: Analyzing Nigeria’s Naira Stability

Naira Closes Above N1500/$1 Amid Declining Forex Turnover

by Stephen Akudike

February 15, 2024

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The Naira experienced a significant depreciation, closing above N1500/$1 in recent trading sessions. This was accompanied by a notable decline ...

Naira-Dollar Exchange Rate Plummets to Lowest Ever at N803/$1

Naira Weakens at Official Market as Banks Sell $584 Million

by Stephen Akudike

February 7, 2024

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The official Nigeria Autonomous Foreign Exchange Market witnessed a surge in foreign exchange transactions, reaching a staggering $584 million, as ...

CBN Revises Cash Reserve Ratio for Merchant Banks, Slashing it to 10%

CBN Imposes Ban on Banks and Fintechs From International Money Transfers

by Victoria Attah

February 2, 2024

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In a pivotal move, the Central Bank of Nigeria (CBN) has officially prohibited banks and financial technology companies (fintechs) from ...

CBN Supplies $29.5 Million at FX Auction as Naira Depreciates at I&E Window.

CBN Directs Banks to Sell Excess Dollar Holdings Within 24 Hours

by Stephen Akudike

February 1, 2024

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The Central Bank of Nigeria (CBN) has issued a directive ordering Deposit Money Banks to sell their surplus dollar holdings ...

CBN Allows Oil Companies to Resume Dollar Sales to Banks in Effort to Boost Supply.

CBN Discovers Infractions by BDC’s in Forex Market, Vows Sanctions

by Victoria Attah

January 18, 2024

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The Central Bank of Nigeria (CBN) has uncovered instances of infractions, gross abuses, and non-compliance with foreign exchange market regulations. ...