• Naira appreciates at the forex market

    Naira appreciates at the forex market

    The Naira on Thursday appreciated at the forex market barely 24 hours after liquidity challenges forced it to depreciate thrice in six hours, the News Agency of Nigeria (NAN) reports.

    The Nigerian currency gained five points to close at N465 at the parallel market, from N470 it traded on Wednesday, while the Pound Sterling and the Euro exchanged at N565 and N505 respectively.

    Trading at the Bureau De Change (BDC) window saw the Naira close at N385 to a dollar, while the […]

  • Naira maintains stability at forex market

    Naira maintains stability at forex market

    The Naira on Monday remained stable at the foreign exchange market as it maintained its rate of N305 to dollar achieved on Friday at interbank deals.

    At the Bureau De Change window, the naira was sold at N385 to a dollar, while it traded at N553 for the Pound Sterling and N500 for the Euro.

    The currency, however, closed at N455 to the dollar, N547 to Pound Sterling and N495 for the Euro at the parallel market.

    The figures were same as Friday’s rate […]

  • Naira appreciates against dollar in Forex market

    Naira appreciates against dollar in Forex market

    The Naira on Friday appreciated against the dollar in all the segments of the Forex market, the News Agency of Nigeria (NAN), reports.

    The Nigerian currency exchanged at N422 to the dollar, gaining 3 points from N425 it traded on Thursday, while the Pound Sterling and the Euro closed at N535 and N464 respectively.

    At the Bureau De Change segment of the market, the Naira also strengthened against the dollar, exchanging at N415, and N535 and N460 to the Pound Sterling and […]

  • CBN re-admits sanctioned banks to forex market

    CBN re-admits sanctioned banks to forex market

    A week after it barred nine banks from all foreign exchange (forex) related transactions, the Central Bank of Nigeria (CBN) yesterday re-admitted other eight banks to commence dealing in the market.

    The reprieve came after United Bank for Africa Plc (UBA) was readmitted last Thursday following  its remittance of all outstanding NNPC/NLNG deposits in its possession to Nigerian National Petroleum Corporation’s (NNPC) Treasury Single Account (TSA) at the CBN.

    Announcing the reinstatement of the eight banks in Abuja, the CBN Director of […]

  • CBN reinstates 9 banks suspended from forex market

    CBN reinstates 9 banks suspended from forex market

    The Central Bank of Nigeria, CBN, has reinstated the nine commercial banks that were recently suspended from the foreign exchange, forex, market.

    The reinstatement of the banks was announced in Abuja on Wednesday by the CBN Director of Banking Supervision, Mrs. Tokunbo Martins.

    She explained that the apex bank reached the decision after the banks presented repayments plans.

    Recall that the banks were suspended last week for failing to remit about $2.3 billion funds of the Nigerian National Petroleum Corporation, NNPC, to the […]

  • Forex: Suspended banks meet CBN, seek truce

    Forex: Suspended banks meet CBN, seek truce

    Nine banks banned this week from foreign exchange trading for failing to remit some oil money into a government account are holding talks with the Central Bank to seek a truce, operators said Thursday.

    The Central Bank of Nigeria (CBN) on Tuesday suspended nine banks for withholding 2.12 billion dollars belonging to the Nigerian National Petroleum Corporation (NNPC) and the Nigeria Liquified Natural Gas (NLNG) contrary to a government regulation.

    “We have been meeting with CBN officials to find a way out […]

  • CBN re-admits UBA into forex market

    CBN re-admits UBA into forex market

    As managers of the nine banks sanctioned for withholding the Nigeria National Petroleum Corporation (NNPC) $2.1 billion move to negotiate with the Federal Government to resolve the controversy, the Central Bank of Nigeria (CBN), yesterday announced it has readmitted the United Bank for Africa (UBA) into the interbank foreign exchange market.

    According to Mrs. Tokunbo Martins, the Director of Banking Supervision, the move followed the remittance of all the outstanding NNPC/NLNG deposits in its possession to NNPC’s TSA account at the […]