forex crisis

FX Crisis: Nigeria May Slam $10bn Fine on Binance

March 1, 2024

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto

Economy

Forex Crisis: CBN Prohibits Payment of BTA, PTA in Cash

February 15, 2024

Modupe Gbadeyanka

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has directed authorised foreign exchange (FX) traders, particularly commercial banks, from disbursing cash to customers

Economy

FX Crisis: Obasanjo Calls for Economic Diversification

October 24, 2023

Adedapo Adesanya

By Adedapo Adesanya A former president of Nigeria, Mr Olusegun Obasanjo, has said the country must work towards weaning itself from the over-dependence on

Economy

Stock Investors Lose N140bn as FX Crisis Triggers Panic Selling

October 20, 2023

Dipo Olowookere

By Dipo Olowookere The foreign exchange (FX) crisis in the country took a toll on the Nigerian Exchange (NGX) Limited on Thursday, weakening it

Economy

FX Crisis: CBN Introduces Mechanism to Verify Prices of Imported Goods

August 25, 2020

Adedapo Adesanya

By Adedapo Adesanya The current shortage in foreign exchange (forex) in the country has forced the Central Bank of Nigeria (CBN) to introduce a

Economy

Forex Crisis Worsens as Pound Sells for N604

August 7, 2020

Adedapo Adesanya

By Adedapo Adesanya The foreign exchange crisis continued to hit hard as the Naira further depreciated against the Pound Sterling on Thursday, August 6,

Economy

Naira Hits N522/$ as Forex Crisis Deepens

February 21, 2017

Dipo Olowookere

By Dipo Olowookere The foreign exchange crisis in Nigeria continued to sink deeper as the local currency further weakened against the Dollar at the

Economy

Banks Jostle for Fresh Capital as Forex Crisis Worsens

February 10, 2017

Dipo Olowookere

By Dipo Olowookere The worsening state of the Naira and rising non-performing loans have put banks in a precarious position and needing to raise

Economy

Forex Crisis: Naira May Go Above N500 Per Dollar This Week

February 6, 2017

Modupe Gbadeyanka

By Modupe Gbadeyanka The Nigerian local currency exchanged at N500 to the Dollar on the parallel market on Monday morning, Business Post reports. This