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CBN Injects $7.6bn To Naira In Five Months
The Central Bank of Nigeria, in its banking regulator’s monthly economic reports on foreign exchange market developments, has said that it injected $7.6 billion into the economy to stabilise the value of the naira in five months. According to the reports, the CBN intervened in the markets with $1.65bn, $1.39bn and $1.82bn in January, February…
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How Much Are Nigerian Banks Charging For Dollar Transactions?
A new report has shown that banks in Nigeria have raised dollar charges by 45.15%, following the stoppage of dollar sales to the Bureau De Change (BDC) operators in July 2021 by the CBN. BusinessDay shared that a bank customer performed a dollar transaction and was charged N601 to a dollar for his first transaction…
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Naira Falls to N525/$1 As CBN Stops Forex Sale to BDCs
Nigeria’s naira has dropped to N525 to a dollar at the parallel market as the Central Bank of Nigeria (CBN) discontinued the sale of foreign exchange (FX) to Bureaux De Change (BDCs) operators in the country. The local currency, which opened today’s trading at N505/$1, lost N20 or 3.9 percent, according to data on abokiFX.com. At…
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Naira Drops To Record Low On Official Market
The Nigeria naira has dropped to a record low on the official market, with lenders quoting it 7.7% weaker against the dollar, following a currency devaluation that was aimed at unifying multiple exchange rates. Prior to the naira’s decline, the Central Bank of Nigeria issued an indefinite extension to its “Naira4dollar” scheme for foreign remittances…