Nigeria foreign exchange market
Banks Approve Naira Debit Card Use Abroad Amid Rising Dollar Supply
After more than three years of restrictions, Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a major step toward restoring financial convenience for millions of Nigerians traveling or transacting abroad. The development, led by United Bank for Africa (UBA) and Wema Bank, follows a notable improvement in dollar liquidity in the Nigerian […]
Forex Reforms Spark Investor Confidence
The liberalisation of Nigeria’s foreign exchange (forex) market has emerged as a crucial driver in restoring investor confidence and stabilising the nation’s economy. Since the reforms introduced by the Central Bank of Nigeria (CBN) in June 2023, there has been a marked improvement in forex market stability, currency valuation, and transparency, creating a more attractive […]
CBN: FX Inflows via IMTOs Hit $4.76bn
Foreign exchange inflows into Nigeria through International Money Transfer Operators (IMTOs) surged by 44.49% to reach $4.76 billion in 2024, marking a significant recovery in remittance activity and foreign currency supply amid continued economic reforms by the Central Bank of Nigeria (CBN). This development, disclosed in the CBN’s latest Quarterly Statistical Bulletin, reflects a substantial […]