Forex Crisis

Naira Appreciates To ₦1,600 As Dollar Supply Rises

Forex Crisis Causes 57% Drop In Nigeria’s Letter Of Credit Payments, Impacting Imports, Economy

Nigeria’s Letter of Credit Payments Drop Amid Forex Crisis Nigeria’s economy is feeling the impact of a severe forex crisis, with the country’s Letter of Credit (LC) payments for the first seven

Emmanuel Ochayi

2 months ago

Forex Crisis Hits Nigerian Ports As Operators Lament 2.39% Drop in Container Import

Business·Latest News

Forex Crisis Hits Nigerian Ports, Operators Lament 2.39% Drop in Container Import

Licensed Customs Agents Blame Forex Crisis for Decline The forex crisis has caused a 2.39% drop in container throughput at Nigerian ports in Q1 2024, according to licensed customs agents. Nigerian Ports

Emmanuel Ochayi

4 months ago

Business·Latest News

Forex Crisis Costs Nigeria Over $500m Annually, Importers Warn

The ongoing forex crisis in Nigeria has resulted in financial losses and operational challenges for importers. According to Dr. Basil Nwaolisa, the National Coordinator of Customs, Shipping, and Terminal Operations of the

Emmanuel Ochayi

4 months ago

Obaseki Pledges $35,000 To Fund Edo State Film Festival

Business·Latest News

Governor Obaseki Urges Fiscal Policies To Combat Forex Crisis

In a bid to address the ongoing forex crisis gripping Nigeria, Governor Godwin Obaseki of Edo State has emphasized the need for strategic fiscal policies aimed at stimulating local manufacturing and bolstering

Emmanuel Ochayi

8 months ago

NACCIMA Faults CBN’s Monetary Policies, As Inflation Keeps Rising

Business·Latest News

Implications Of Naira Devaluation Multifaceted, NACCIMA Tells Governors

NACCIMA president, Dele Kelvin Oye, has said that while the immediate effect of the devaluation of the naira on exports may be positive, the broader implications of a persistent devaluation are multifaceted

Admin

8 months ago

Nigeria’s Current Economic Stress May Linger For 3 Years - Moghalu

Business·Currency·Latest News

Forex Crisis: Go After Banks Not Only Crypto Platforms, Moghalu Tells CBN

Former Deputy Governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, has called on the apex bank to beam its regulatory searchlight on commercial banks not only cryptocurrency exchange platforms

Victor Ezeja

8 months ago

Naira Gains More As Exchange Rate Drops To N1,300/$1 At Official Market

Business·Currency

Naira Drops To ₦1,602.43/$ After 3-Day Winning Streak In Official Market

The Nigerian local currency, the naira, has dropped again to ₦1,602.43/$1 after three consecutive days of trading below the ₦1,600/$1 mark in the official foreign exchange market window. According to data published

Victor Ezeja

8 months ago

Business·Latest News

Forex Crisis: CBN Prunes Down Number Of BDCs To Almost 2009 Level

As the Central Bank of Nigeria (CBN) continues with its reforms of the foreign exchange market, it has reduced the number of Bureau De Change (BDC) operators to almost what it was

Victor Ezeja

8 months ago

CBN Raises Benchmark Interest Rate To 26.75% Amid Soaring Inflation

Business·Latest News

CBN Pays Out Additional $400m To Settle Forex Backlog

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, on Tuesday, disclosed that the CBN has paid out an additional $400 million to settle forex backlog owed.

Victor Ezeja

8 months ago

Why Nigerian Airlines Have Been Unable To Compete With Foreign Operators - Keyamo

Business·Latest News·Transport

Airlines Brace For Fare Hikes Amid Soaring Fuel Costs, Forex Crisis

In the face of mounting challenges, Nigeria’s airline operators are signaling potential fare increases as aviation fuel prices surge above N1300 per litre. Obiora Okonkwo, spokesperson for local airlines, stated on Friday

Emmanuel Ochayi

9 months ago

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Forex Crisis Causes 57% Drop In Nigeria’s Letter Of Credit Payments, Impacting Imports, Economy

Forex Crisis Hits Nigerian Ports, Operators Lament 2.39% Drop in Container Import

Forex Crisis Costs Nigeria Over $500m Annually, Importers Warn

Governor Obaseki Urges Fiscal Policies To Combat Forex Crisis

Implications Of Naira Devaluation Multifaceted, NACCIMA Tells Governors

Forex Crisis: Go After Banks Not Only Crypto Platforms, Moghalu Tells CBN

Naira Drops To ₦1,602.43/$ After 3-Day Winning Streak In Official Market

Forex Crisis: CBN Prunes Down Number Of BDCs To Almost 2009 Level

CBN Pays Out Additional $400m To Settle Forex Backlog

Airlines Brace For Fare Hikes Amid Soaring Fuel Costs, Forex Crisis

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