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    CBN to issue guidelines on contactless payment

    CBN disburses N173bn under 100-for-100 policy

    Nigeria’s GDP Growth Slows to 2.31%, Driven by Non-oil Sector in Q1

    Nigeria’s GDP Growth Slows to 2.31%, Driven by Non-oil Sector in Q1

    Can IPPs drive Nigeria’s power generation capacity?

    Can IPPs drive Nigeria’s power generation capacity?

    Experts Urge Stakeholders to Explore CBN’s N250bn LPG intervention Fund

    CBN: Achieving $200b non-oil export earnings

    Petrol may hit N800/litre on subsidy removal – Marketers

    Immediate subsidy removal portends danger to economy, stakeholders warn

    Olam, BATN, eight other exporters earn $100.88m in one month

    Import bill on manufactured goods falls 18.4% to N2.45trn

    Nigeria’s energy transition may gulp $410bn

    Nigeria’s energy transition may gulp $410bn

    As Dangote Sets Pace in Refinery Construction

    Dangote Refinery On March To Transform Nigeria’s Economy

    CBN to issue guidelines on contactless payment

    External reserves fall by $1.5bn in four months -CBN

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      CBN to issue guidelines on contactless payment

      CBN disburses N173bn under 100-for-100 policy

      Nigeria’s GDP Growth Slows to 2.31%, Driven by Non-oil Sector in Q1

      Nigeria’s GDP Growth Slows to 2.31%, Driven by Non-oil Sector in Q1

      Can IPPs drive Nigeria’s power generation capacity?

      Can IPPs drive Nigeria’s power generation capacity?

      Experts Urge Stakeholders to Explore CBN’s N250bn LPG intervention Fund

      CBN: Achieving $200b non-oil export earnings

      Petrol may hit N800/litre on subsidy removal – Marketers

      Immediate subsidy removal portends danger to economy, stakeholders warn

      Olam, BATN, eight other exporters earn $100.88m in one month

      Import bill on manufactured goods falls 18.4% to N2.45trn

      Nigeria’s energy transition may gulp $410bn

      Nigeria’s energy transition may gulp $410bn

      As Dangote Sets Pace in Refinery Construction

      Dangote Refinery On March To Transform Nigeria’s Economy

      CBN to issue guidelines on contactless payment

      External reserves fall by $1.5bn in four months -CBN

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        CBN to issue guidelines on contactless payment

        CBN disburses N173bn under 100-for-100 policy

        Nigeria’s GDP Growth Slows to 2.31%, Driven by Non-oil Sector in Q1

        Nigeria’s GDP Growth Slows to 2.31%, Driven by Non-oil Sector in Q1

        Can IPPs drive Nigeria’s power generation capacity?

        Can IPPs drive Nigeria’s power generation capacity?

        Experts Urge Stakeholders to Explore CBN’s N250bn LPG intervention Fund

        CBN: Achieving $200b non-oil export earnings

        Petrol may hit N800/litre on subsidy removal – Marketers

        Immediate subsidy removal portends danger to economy, stakeholders warn

        Olam, BATN, eight other exporters earn $100.88m in one month

        Import bill on manufactured goods falls 18.4% to N2.45trn

        Nigeria’s energy transition may gulp $410bn

        Nigeria’s energy transition may gulp $410bn

        As Dangote Sets Pace in Refinery Construction

        Dangote Refinery On March To Transform Nigeria’s Economy

        CBN to issue guidelines on contactless payment

        External reserves fall by $1.5bn in four months -CBN

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          CBN to issue guidelines on contactless payment

          CBN disburses N173bn under 100-for-100 policy

          Nigeria’s GDP Growth Slows to 2.31%, Driven by Non-oil Sector in Q1

          Nigeria’s GDP Growth Slows to 2.31%, Driven by Non-oil Sector in Q1

          Can IPPs drive Nigeria’s power generation capacity?

          Can IPPs drive Nigeria’s power generation capacity?

          Experts Urge Stakeholders to Explore CBN’s N250bn LPG intervention Fund

          CBN: Achieving $200b non-oil export earnings

          Petrol may hit N800/litre on subsidy removal – Marketers

          Immediate subsidy removal portends danger to economy, stakeholders warn

          Olam, BATN, eight other exporters earn $100.88m in one month

          Import bill on manufactured goods falls 18.4% to N2.45trn

          Nigeria’s energy transition may gulp $410bn

          Nigeria’s energy transition may gulp $410bn

          As Dangote Sets Pace in Refinery Construction

          Dangote Refinery On March To Transform Nigeria’s Economy

          CBN to issue guidelines on contactless payment

          External reserves fall by $1.5bn in four months -CBN

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            CBN to issue guidelines on contactless payment

            CBN disburses N173bn under 100-for-100 policy

            Nigeria’s GDP Growth Slows to 2.31%, Driven by Non-oil Sector in Q1

            Nigeria’s GDP Growth Slows to 2.31%, Driven by Non-oil Sector in Q1

            Can IPPs drive Nigeria’s power generation capacity?

            Can IPPs drive Nigeria’s power generation capacity?

            Experts Urge Stakeholders to Explore CBN’s N250bn LPG intervention Fund

            CBN: Achieving $200b non-oil export earnings

            Petrol may hit N800/litre on subsidy removal – Marketers

            Immediate subsidy removal portends danger to economy, stakeholders warn

            Olam, BATN, eight other exporters earn $100.88m in one month

            Import bill on manufactured goods falls 18.4% to N2.45trn

            Nigeria’s energy transition may gulp $410bn

            Nigeria’s energy transition may gulp $410bn

            As Dangote Sets Pace in Refinery Construction

            Dangote Refinery On March To Transform Nigeria’s Economy

            CBN to issue guidelines on contactless payment

            External reserves fall by $1.5bn in four months -CBN

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              CBN to issue guidelines on contactless payment

              CBN disburses N173bn under 100-for-100 policy

              Nigeria’s GDP Growth Slows to 2.31%, Driven by Non-oil Sector in Q1

              Nigeria’s GDP Growth Slows to 2.31%, Driven by Non-oil Sector in Q1

              Can IPPs drive Nigeria’s power generation capacity?

              Can IPPs drive Nigeria’s power generation capacity?

              Experts Urge Stakeholders to Explore CBN’s N250bn LPG intervention Fund

              CBN: Achieving $200b non-oil export earnings

              Petrol may hit N800/litre on subsidy removal – Marketers

              Immediate subsidy removal portends danger to economy, stakeholders warn

              Olam, BATN, eight other exporters earn $100.88m in one month

              Import bill on manufactured goods falls 18.4% to N2.45trn

              Nigeria’s energy transition may gulp $410bn

              Nigeria’s energy transition may gulp $410bn

              As Dangote Sets Pace in Refinery Construction

              Dangote Refinery On March To Transform Nigeria’s Economy

              CBN to issue guidelines on contactless payment

              External reserves fall by $1.5bn in four months -CBN

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                CBN to issue guidelines on contactless payment

                CBN disburses N173bn under 100-for-100 policy

                Nigeria’s GDP Growth Slows to 2.31%, Driven by Non-oil Sector in Q1

                Nigeria’s GDP Growth Slows to 2.31%, Driven by Non-oil Sector in Q1

                Can IPPs drive Nigeria’s power generation capacity?

                Can IPPs drive Nigeria’s power generation capacity?

                Experts Urge Stakeholders to Explore CBN’s N250bn LPG intervention Fund

                CBN: Achieving $200b non-oil export earnings

                Petrol may hit N800/litre on subsidy removal – Marketers

                Immediate subsidy removal portends danger to economy, stakeholders warn

                Olam, BATN, eight other exporters earn $100.88m in one month

                Import bill on manufactured goods falls 18.4% to N2.45trn

                Nigeria’s energy transition may gulp $410bn

                Nigeria’s energy transition may gulp $410bn

                As Dangote Sets Pace in Refinery Construction

                Dangote Refinery On March To Transform Nigeria’s Economy

                CBN to issue guidelines on contactless payment

                External reserves fall by $1.5bn in four months -CBN

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                  CBN to issue guidelines on contactless payment

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                  Nigeria’s GDP Growth Slows to 2.31%, Driven by Non-oil Sector in Q1

                  Can IPPs drive Nigeria’s power generation capacity?

                  Can IPPs drive Nigeria’s power generation capacity?

                  Experts Urge Stakeholders to Explore CBN’s N250bn LPG intervention Fund

                  CBN: Achieving $200b non-oil export earnings

                  Petrol may hit N800/litre on subsidy removal – Marketers

                  Immediate subsidy removal portends danger to economy, stakeholders warn

                  Olam, BATN, eight other exporters earn $100.88m in one month

                  Import bill on manufactured goods falls 18.4% to N2.45trn

                  Nigeria’s energy transition may gulp $410bn

                  Nigeria’s energy transition may gulp $410bn

                  As Dangote Sets Pace in Refinery Construction

                  Dangote Refinery On March To Transform Nigeria’s Economy

                  CBN to issue guidelines on contactless payment

                  External reserves fall by $1.5bn in four months -CBN

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                  ABCON seeks creation of BDC autonomous market as FX volatility continues

                  The Guardian | May 13, 2022
                  CBN sells $10.3bn at FX market in six months
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                  …Dollar rises to over N600/$ at P2P platforms
                  The Association of Bureaux De Change Operators of Nigeria (ABCON) has called for what it called BDC Autonomous Foreign Exchange Trading Window (BAFEX), saying this would help to restore sanity to the market and save the naira from further debasement.

                  ABCON said the mechanism, which would serve as a pathway to mainstreaming BDCs into the official foreign exchange (FX) management system, would enable its members to source foreign currencies from banks and other autonomous sources and offer a window for regulation of their activities.

                  This comes as naira faces fresh volatility, slipping to over N600/$ at peer-to-peer (P2P) platforms. The black market rate also nears the same mark, which is considered a major psychological barrier for months. There are fears that the currency could face a free fall if it smashed the N600/$ resistance.

                  At press time, the naira was trading at N604/$digital currency exchanges and around N587/$ in Lagos and Abuja. Analysts have disagreed on how the coming ongoing intra-party campaigns would affect the market outlook.

                  While Prof. Godwin Owoh had told The Guardian that political activities would add more pressure to the demand, other economists believe much of FX warehoused by politicians would be offloaded for campaign purposes in the coming weeks, thus boosting liquidity.

                  But ABCON National Executive Council, in a statement yesterday, said its inclusion in the retail market would reduce the pressure and stabilise the market. It said it has concluded at a meeting held in Lagos to kick-start a strategic campaign to save the local currency, bridge the supply gaps in the markets and curb the current volatility.

                  The ABCON President, Dr. Aminu Gwadabe, said there was an urgent need to enhance FX liquidity to stabilise the exchange rate for predictable economic planning. He said its campaigns are aimed at mitigating the volatility that comes with election spending.

                  The ABCON boss pointed to growing illiquidity and supply shock as key factors manufacturers and other economic agents find it difficult to access FX from the official sources.
                  He said the leadership of the body would intensify campaigns among traders to help reduce the market arbitrage, which is currently about N175 per dollar.

                  “The naira has consistently come under serious pressure due to dollar scarcity making it difficult for forex end-users (manufacturers and key industry players) to access dollars needed to meet their needs. ABCON under my leadership will continue to encourage our members to play a vital role in closing the exchange rate gaps in the market and reducing the premium between the parallel market and the official window,” he said.

                  Gwadabe listed several factors, which he said have continued to undermine efforts to stabilise the market, saying its proposed BAFEX would go a long way to save the situation. He said a template would be worked out to enable BDCs to access FX from banks, autonomous market and diaspora remittance widow at prevailing market prices.

                  Gwadabe also requested enhancement of existing BDCs’ automation portals to file transaction returns on CBN/ABCON/NFIU/NIBSS portals for effective regulatory monitoring and supervision, saying the members are ready to comply with the regulations.

                  “The BDCs should be able to operate a network of digital solutions for PTA/BTA. This would reduce overheads, and improve profitability. Some BDCs might still consider working closer with commercial banks. The ABCON can also be recognised as a self-regulatory organisation to enable it to operate effectively and sanction erring members

                  “We wish to reiterate our resolve to align with the policy thrust of the apex bank and ensure that ABCON members play their roles professionally and strategically in the interest of the market and economy,” he said.

                  The Central bank of Nigeria (CBN) stopped its weekly funding of BDCs last July, citing abuses and market manipulation as a reason for the action. Since then, the FX crisis has continued.

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