Tags : Forex

In Two Months, CBN Defends Naira With $3.36bn

Figures obtained from the Central Bank of Nigeria’s January monthly report on ‘Foreign Exchange Market Developments’ showed that $1.71bn and $1.65bn were injected in December 2021 and January 2022 respectively. This is part of efforts to ensure the stability of the naira. In total CBN injected $3.36bn into the foreign exchange market in two months. […]Read More

Forex Remittances Crash By 48%

Figures obtained from the Central Bank of Nigeria have revealed that Nigeria’s total direct remittances dropped by $119.4 million. This is a drop to $130.12 million as of January 2022 from $249.52 million as of December 2021. The development indicates a 48 percent increase over a period of one month. Breakdown Analysis According to the […]Read More

Forex Inflows Fall By $9.58bn

Foreign exchange inflows into the economy declined in the fourth quarter of 2021. This is not unconnected to lower receipts from the Central Bank of Nigeria and autonomous sources. This is an indication of a worsening crisis for a forex-strapped economy. The latest figures from the Central Bank of Nigeria’s quarterly report on “Foreign Exchange […]Read More

Trading In Fixed Income, Currency Markets Drop By 31.2%

A January 2022 report just released by the FMDQ Exchange has revealed that trading in the fixed income and currency (FIC) market has slumped back to 31.21 percent after the December 2021 uptick. The report said that Nigeria’s financial markets trading platform has put transaction volume at N14.13 trillion, down from N20.54 trillion recorded in […]Read More

NGX Annual Profit Hits 22%

The Nigerian Exchange Group’s profit after tax rose by 22 percent at the end of the 2021 financial period. The group, who disclosed this in its audited results which ended December 31, 2021, revealed that its gross earnings rose by 13 percent to N6.8bn from N6.0bn; while its revenue rose by 14.9 percent from N5bn […]Read More

CBN’s Forex Intervention Drops by $930m

The Central Bank of Nigeria’s foreign exchange intervention in the economy declined by $930m in the third quarter of 2021 to $4.03bn from $4.96bn in Q2. The CBN disclosed this in its report on the supply of forex for the third quarter of 2021. Its intervention in the Investors & Exporters, SMEs and the invisible […]Read More

Transactions In Fixed Income, Currency Market Up 94.9%

A report by FMDQ Exchange Limited’s Fixed Income and Currency (FIC) Market Summary for September, 2021 has shown that the turnover in the fixed income and currency market rose to N24.03 trillion in September, 2021. This represents a 94.89 percent Month-on-Month (MoM) increase compared to N11.7 trillion in August and  a 70.79 percent Year-on-Year (YoY) […]Read More

Net Forex Inflow Rose To $2.77bn In July

The Central Bank of Nigeria said in its report on forex flows the net foreign exchange inflow into the Nigerian economy rose slightly to $2.77bn in July from $2.27bn in June. Despite the contraction in autonomous inflow, the apex bank added that  the upward trajectory in crude oil prices improved forex inflow through the bank, […]Read More

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INFOGRAPHICS: Forex Price Increase Over New Policy

The Central Bank of Nigeria, last week, announced the discontinuity of forex supplies to the Bureau de Change Operators in the country. The end of forex sales and new licence was approved after the Monetary Policy Committee two-day meeting. BDCs were set up to receive a weekly supply of FX… You must be registered to […]Read More

Nigeria Spent $160m forex On Food Import In January

The Central Bank of Nigeria has revealed that the country spent $160m from its foreign exchange on food importation in January. According to figures obtained from CBN’s economic report on ‘Sectoral utilisation of foreign exchange’ for January showed that this was lower than $310m spent in December. The report reads: ‘“Total foreign exchange utilisation by […]Read More