There are indications that the Federal Government, FG, may have decided to re-open Nigeria’s border with Benin Republic as Vanguard Maritime Report learnt that the Nigerian Customs Service, NCS, along with the Benin Republic counterpart are now putting finishing touch to avert the reason for the closure. Meanwhile, officials of both customs authorities are working on… Read more

The naira depreciated yesterday to N1,395 per dollar in the parallel market from N1,365 per dollar on Thursday.  However, the naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,400.4 per dollar Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,400.4 per dollar from N1,402.67 per dollar on Thursday,… Read more

The naira closed the month of April on a good footing as it gained N28.15 at the official market, trading at N1,390.96 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the gain represented a 1.98 per cent… Read more

A surge in  demand for dollars in the parallel market driven by banks and end-users combined with slow forex disbursement to BDCs by the Central Bank of Nigeria, CBN, caused the Naira, last week, to fall by 23 per cent against the dollar, thus recording the worst weekly performance of the Naira since February. Though the CBN came to… Read more

The Central Bank of Nigeria has approved the sale of an additional 10,000 dollars to 1,583 eligible Bureaux De Change (BDCs) in the country to meet market demands. The Director, Trade and Exchange Department of the CBN, Dr Hassan Mahmud, made this known in a letter addressed to the President, Association of Bureau De Change Operators of… Read more

The Tin-can Island Port Command of the Nigeria Customs Service, NCS, said it has surpassed its first quarter revenue target for 2024 (Q1’24) by 139 per cent with a total collection of N304 billion  compared with N127 billion recorded in the same period of 2023. The Command also said it recorded a 72.5 percent increase in… Read more

The Central Bank of Nigeria, CBN, yesterday for the second time in two months, slashed the exchange rate in the Bureaux De Change, BDC,   segment of the forex market by 7.2 per cent or N81.2 to N1,036.3   per dollar even as it commenced another round of dollar sale to 1,583 eligible BDCs. The CBN announced the… Read more

IMF calls for building of fiscal buffers to boost growth The Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva, has called on member countries to re-start building of fiscal buffers in order to deal with a projected global below projection growth. She spoke at a press briefing at the on-going Spring Meetings of… Read more

As Israel launched an attack on Iran, today, analysts have expressed concerns that the conflict could disrupt the oil supply, thus pushing prices toward $100 per barrel in the international market. Iran is a major oil and gas-producing and exporting nation. It is also a frontline member of the Organisation of Petroleum Exporting Countries, OPEC,… Read more

Manufacturers of consumer goods are counting their losses to high cost of raw materials due to inflation and exchange rate volatility, which resulted to N266 billion loss in 2023, from profit of 320.5 billion in 2022, a development which would likely keep the prices of goods high in the months ahead despite positive trends in exchange… Read more