Tag: forex

With Dollar cut access to individuals, businesses, Forex scarcity Chokes Nigeria’s Economy ,Recession Looming

Nigeria’s foreign-currency shortage is squeezing the life out of Africa’s biggest economy. Banks won’t honour card payments, foreign investors can’t get their money out and manufacturers are unable to import…

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BDCs to Get Dollars on Resumption of International Flights, says CBN

  Central Bank of Nigeria (CBN) has said it would restart the auctioning of foreign exchange to bureau de change (BDC) operators once international flights resume. CBN Director, Corporate Communications,…

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As Currency Woes Deepen, Naira crashes to N470/$1

The exchange rate at the parallel market fell to another new 3-year low closing at N470/$1 on Wednesday, July 15, 2020. However, on the officially recognized NAFEX Market, the forex turnover rose by 44.9% while the exchange rate depreciated closing at N386.50/$1.        Parallel Market: At…

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