20 Sep 2020
These are trying times for Nigeria's economy, as an expected recession means the government has to take pro-active steps to mitigate the impact of the recession and recover in the shortest period. Meanwhile, President Buhari has asked the Central bank of Nigeria to stop issuing foreign exchange for food and fertilisers imports. Andrew Nevin, Partner and Chief Economist at PwC Nigeria joins CNBC Africa’s Kenneth Igbomor to assess the state of the Nigerian economy.
3 Sep 2020
In a circular, the Central Bank of Nigeria directed that Form M for Letters of Credit, Bills for Collection and other forms of payment should only be opened in favour of the ultimate supplier of the product or service. Reacting to this directive, the Lagos Chamber of Commerce and Industry says while the policy attempts to curb abuses in the foreign exchange market, it would create more problems than it would solve. Muda Yusuf, Director-General of the LCCI joins CNBC Africa’s Christy Cole for this conversation.
16 Aug 2019
President Muhammadu Buhari has directed the Central bank of Nigeria to stop providing foreign exchange for importation of food into the country.
1 May 2019
Exactly two years after the Central Bank of Nigeria introduced the Investors and Exporters Window; experts say it has helped to improve foreign exchange liquidity, with about $50 billion dollars cumulative transactions carried out on the platform as at March 2019.
11 Aug 2017
Nigeria's importers and exporters foreign exchange window introduced by the Central Bank of Nigeria about four months ago has attracted four billion dollars from foreign investors since April.
21 Jul 2017
Nigeria's manufacturing sector was one of the worst hit by the foreign exchange crisis last year but with the manufacturing PMI up for the third consecutive month, optimism about this space is slowly returning this year.
5 Jun 2017
Nigeria's foreign exchange market has continued on a path of rates convergence as the naira is currently trading at around three-hundred and sixty-five to the dollar.
10 May 2017
Nigeria's vice-president Yemi Osinbajo says the country targets self-sufficiency in rice production by the end of 2018, saving scarce foreign exchange spent on importing the staple food.
1 Apr 2017
The Central Bank of Nigeria says it would begin the sale of foreign exchange to Bureau De Change Operators twice a week from Monday.
8 Feb 2017
The aviation sector in Nigeria has been confronted with several challenges in the last two years. For a sector that is heavily dependent on foreign exchange, the scarcity of the dollar poses a huge challenge to airline operations.
27 Jan 2017
Following criticism for pegging the naira at an artificially strong rate to the dollar despite heavy inflationary pressure, the Central Bank of Nigeria has called those opposing the current foreign exchange framework, 'unpatriotic'.