The Central Bank of Nigeria (CBN) wielded the big stick on Tuesday August 23, 2016 by suspending nine banks from the foreign exchange (forex) market for their failure to remit a total of $2.334 billion Nigerian National Petroleum Corporation (NNPC)/Nigerian Liquefied Natural Gas (NLNG) Company dollar deposits to the Federal Government’s ...

After several months of grappling with the dwindling fortunes of the naira, the Central Bank of Nigeria (CBN) finally liberalised the foreign exchange (FX) market by the re-introduction of the flexible exchange rate inter-bank market. The move, which the CBN Governor stressed, is in line with the bank’s objectives of; ...

The recent decision by the US Federal Reserve Bank (Fed) to hike interest rate for the first time in almost a decade is triggering serious concerns around the world and poised to further pressure the Central Bank of Nigeria (CBN) to devalue the Naira. The move is expected to lead ...

The last week of July 2015 was noteworthy in Nigeria for the curious rebound of the Naira against the Dollar. In a strange chain of events, since the removal of some items from the foreign exchange market sparked off an alarming slide of the Naira in the parallel market, the ...