Forex

The Central Bank of Nigeria (CBN) has reaffirmed its directive to banks regarding the utilisation of foreign currency (FCY) revaluation gains. In a circular released by the bank on Thursday and signed by the Acting Director of the Banking Supervision Department, Adetona Adedeji, the CBN advised banks against undertaking such actions. In the circular, referencing a letter dated 11 September 2023, the CBN emphasised the need for banks to exercise utmost prudence in handling these gains. According to the directive,…

The Bank of Ghana on Monday announced the suspension of the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN). The suspension, effective 18 March, will run for one month. According to a statement by the Ghanaian central bank, the suspension is in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723). It said the move comes as a response to several breaches of the foreign exchange market regulations, including instances of fraudulent…

MTN Nigeria joined the expanding list of financially distressed companies in the country after its entire shareholders’ fund was obliterated by a sweeping after-tax loss precipitated by a dollar scarcity in Africa’s biggest economy. The wireless carrier, which executes the majority of its transactions with trade partners in foreign currencies, incurred N740 billion in net foreign exchange loss last year following sharp jumps in the rates of exchanging the naira for the dollar. That turned its shareholders’ fund…

There is intense apprehension at the Central Bank of Nigeria (CBN) Thursday that the Naira may weaken further as the Federation Account Allocation Committee (FAAC) is set to disburse allocations from the revenues generated into the federations’ accounts among the federal, state and local governments. Sources within the apex bank Thursday told PREMIUM TIMES that there are concerns that funds from FAAC were often illegally converted to dollars by some corrupt state governors at the unofficial market, with a ripple…

The Nigerian currency plummeted further against the United States dollar across both the official and unofficial markets on Monday. According to data published on the FMDQ website, the local currency closed at N1,598.54/$1 at the official market on Monday as against N1,537.96 recorded in the previous market last Friday. Monday’s rate represents a 3.94 per cent depreciation from the previous market rate last Friday. The Naira experienced an intraday high of N1,100/$1 and a dip of N1,712.00 before the market…

An investigation into possible foreign exchange violations at Patym Payments bank by India's financial crime fighting agency has not yet found any breaches, a government source directly aware of the matter said on Monday.Last week, India's Enforcement Directorate announced the investigation into overseas transactions by Paytm Payments Bank, a unit of One 97 Communications, popularly known as Paytm.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in…

The Central Bank of Nigeria (CBN) uncovered invalid foreign overdue claims totalling $2.4 billion, which have pressured the naira for long and spooked the currency market, Central Bank Governor Olayemi Cardoso said on Monday. Mr Cardoso said the discovery was made after an audit by the consultant that the Central Bank engaged brought several shady deals to light. After seven years of being concealed from public knowledge, the audited accounts of the CBN became public last year during which auditors revealed a $7…

The Central Bank of Nigeria (CBN) uncovered invalid foreign overdue claims totalling $2.4 billion, which have pressured the naira for long and spooked the currency market, central bank governor Yemi Cardoso said on Monday. Mr Cardoso said the discovery was made after an audit by the consultant that the central bank engaged brought several shady deals to light. After seven years of being concealed from public knowledge, the audited accounts of the CBN became public last year during which auditors revealed a $7…

The Central Bank of Nigeria (CBN) uncovered invalid foreign overdue claims totalling $2.4 billion, which have pressured the naira for long and spooked the currency market, central bank governor Yemi Cardoso said on Monday. Mr Cardoso said the discovery was made after an audit by the consultant that the central bank engaged brought several shady deals to light. After seven years of being concealed from public knowledge, the audited accounts of the CBN became public last year during which auditors revealed a $7…

Naira slipped to an all-time low against the United States dollar across forex markets on Tuesday as the Central Bank of Nigeria (CBN) moved to clear dollar backlogs owed to foreign airlines operating in the country. According to data published by FMDQ, naira closed Tuesday at N1,482.57 per $1 at the official market. The rate represents 10 per cent depreciation from N1,348/$1 the domestic currency traded in the previous session on Monday. Meanwhile, the local currency also depreciated further at the unauthorised…