How Nigeria’s New FX Disclosure Scheme Aims to Transform Foreign Exchange Management The Nigeria FX disclosure scheme marks a significant step in Nigeria’s efforts to stabilize and bring transparency to its foreign exchange market. This scheme, introduced in response to longstanding challenges, aims to provide clear guidelines and promote compliance within the forex sector. As…
Amid rising dollar liquidity and controlled FX demand, the naira gains value ahead of the Central Bank’s FX automation trial In a sign of increased dollar liquidity and moderated demand, the naira has shown a notable recovery ahead of the CBN FX automation trial. Closing at N1,600 per US dollar in the official market, the…
Nigeria’s FX market struggles continue as the Central Bank of Nigeria’s (CBN) latest effort to stabilize the naira has fallen short of expectations. On August 6, 2024, under the new governor, Olayemi Cardoso, the CBN injected a record $815 million directly into businesses, marking the largest single-day intervention in recent history. Despite this significant move,…
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