The evolution of the forex market, Foreign Exchange.
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FX Market – Central Bank of Nigeria
The FX market is a market for trading and exchanging any currency pair. The value (price) of one currency in terms of another currency.
CBN Sets Exchange Rate At N386/$1 On Parallel Market
Forex or FX is the conversion of one currency into another at a specific rate known as the foreign exchange rate.
Also the trading of one currency for another. eg. one can swap the U.S. dollar for the euro or Naira.
Advertisement CBN Proposes Increase in BDC Minimum Share Capital to N2 Billion for Tier 1 License. The Central Bank of Nigeria (CBN) is considering a substantial increase in the minimum share capital requirements for Bureau De Change (BDC) operators, aiming for N2 billion for Tier 1 licenses and N500 million for Tier 2 licenses. … Read more
Naira’s Struggle Persists Despite Increased Liquidity: Market Insights. Advertisement The Nigerian naira is grappling with challenges as it hovers near its all-time low, despite a boost in liquidity from a $2.2 billion facility provided by the African Import Export Bank (AFREXIMBANK). The market fundamentals reveal that the naira is under pressure due to heightened … Read more
Advertisement The Central Bank of Nigeria (CBN) has issued a new circular that removes the previous cap on exchange rates quoted by International Money Transfer Operators (IMTOs). This follows a circular issued by the central bank addressing suspected cases of excessive foreign currency speculation and hoarding from Nigerian banks. The circular titled Removal of Allowable … Read more
The forex turnover witnessed an impressive surge of 148.95%, reaching $242.60 million, fueled by a marginal gain of the Naira against the dollar on January 10, 2024. The official market maintained its position above the N1,000/$ threshold, showcasing a 0.66% appreciation of the domestic currency, closing at N1082.32 to a dollar, according to data from … Read more
Top 5 best domiciliary account in nigeria When it comes to international transactions, having a quick discussion about Domiciliary accounts is essential. Simply put, this type of bank account is highly recommended for people who frequently trade in foreign currencies such as Pounds, Dollars, Euros, Yen, Dira, and a variety of other non-indigenous dollars. If … Read more