Forex – InfoStride News https://www.theinfostride.com Breaking News, Nigeria News and Top Stories Tue, 24 Feb 2026 13:00:57 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://www.theinfostride.com/wp-content/uploads/2015/07/cropped-The-InfoStride-Favicon-150x150.png Forex – InfoStride News https://www.theinfostride.com 32 32 Forex Market Liberalisation Boosts Push for Investors’ Confidence https://www.theinfostride.com/forex-market-liberalisation-boosts-push-for-investors-confidence/ https://www.theinfostride.com/forex-market-liberalisation-boosts-push-for-investors-confidence/#respond Wed, 25 Feb 2026 02:00:17 +0000 https://www.theinfostride.com/?p=435279 Nigeria’s recent liberalisation of its foreign exchange (forex) market has been hailed as a turning point in the country’s quest to restore investor confidence, attract foreign capital, and strengthen its macroeconomic position. The wide-ranging reforms, spearheaded by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso, aim to reduce market distortions, improve transparency, and [...]

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]]> https://www.theinfostride.com/forex-market-liberalisation-boosts-push-for-investors-confidence/feed/ 0 Naira Reaches 2025 Peak at N1,421/$ Amid Rising Forex Inflows https://www.theinfostride.com/naira-reaches-2025-peak-at-n1421-amid-rising-forex-inflows/ https://www.theinfostride.com/naira-reaches-2025-peak-at-n1421-amid-rising-forex-inflows/#respond Mon, 03 Nov 2025 14:55:48 +0000 https://www.theinfostride.com/?p=470708 The Nigerian naira strengthened significantly in the foreign exchange market, hitting a 2025 peak of N1,421 per dollar on Friday, driven by a surge in foreign exchange supply and renewed investor confidence. This marks the highest value the local currency has attained this year, reflecting the Central Bank of Nigeria’s (CBN) sustained interventions and improving [...]

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]]> https://www.theinfostride.com/naira-reaches-2025-peak-at-n1421-amid-rising-forex-inflows/feed/ 0 CBN Reforms Spur Forex Inflows Despite Global Oil Price Decline https://www.theinfostride.com/cbn-reforms-spur-forex-inflows-despite-global-oil-price-decline/ https://www.theinfostride.com/cbn-reforms-spur-forex-inflows-despite-global-oil-price-decline/#respond Mon, 03 Nov 2025 14:51:51 +0000 https://www.theinfostride.com/?p=470706 Nigeria’s foreign exchange market has witnessed a steady improvement in liquidity and inflows, driven largely by the Central Bank of Nigeria’s (CBN) sustained reform measures, despite a downturn in global oil prices. The local currency, the naira, has shown signs of resilience in recent weeks as confidence strengthens among investors and exporters. Market reports indicated [...]

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]]> https://www.theinfostride.com/cbn-reforms-spur-forex-inflows-despite-global-oil-price-decline/feed/ 0 Naira Sees Mixed Trading as Forex Demand Stays High https://www.theinfostride.com/naira-sees-mixed-trading-as-forex-demand-stays-high/ https://www.theinfostride.com/naira-sees-mixed-trading-as-forex-demand-stays-high/#respond Mon, 11 Aug 2025 16:52:14 +0000 https://www.theinfostride.com/?p=464680 The Nigerian Naira experienced mixed trading patterns in the foreign exchange market this week as strong demand for foreign currency continued to shape market sentiment. Traders and analysts observed fluctuations in the exchange rate across official and parallel market segments, reflecting persistent pressure from import demands, capital outflows, and speculative activities. At the Nigerian Autonomous [...]

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]]> https://www.theinfostride.com/naira-sees-mixed-trading-as-forex-demand-stays-high/feed/ 0 The Weight Of Losing Over $3.7M Was Suffocating, I Was Drowning In Debts – Mark Angel https://www.theinfostride.com/the-weight-of-losing-over-3-7m-was-suffocating-i-was-drowning-in-debts-mark-angel/ https://www.theinfostride.com/the-weight-of-losing-over-3-7m-was-suffocating-i-was-drowning-in-debts-mark-angel/#respond Tue, 07 Jan 2025 11:40:43 +0000 https://www.theinfostride.com/?p=399963 Popular content creator, Mark Angel has come out to speak about how he suffered a huge financial problem in 2024. He recently revealed that he lost over $3.7 million in forex trading due to trusting the wrong people, and fans have been reacting. According to him, 2024 was the hardest year of his life even [...]

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]]> https://www.theinfostride.com/the-weight-of-losing-over-3-7m-was-suffocating-i-was-drowning-in-debts-mark-angel/feed/ 0 CBN, SEC sanction 10 banks for forex violations https://www.theinfostride.com/cbn-sec-sanction-10-banks-for-forex-violations/ https://www.theinfostride.com/cbn-sec-sanction-10-banks-for-forex-violations/#respond Thu, 17 Oct 2024 20:48:43 +0000 https://www.theinfostride.com/?p=391218 The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have imposed sanctions on 10 banks for violating foreign exchange (forex) regulations. The financial institutions faced penalties for actions that include unauthorized foreign exchange transactions, failure to comply with regulatory guidelines, and breaches of market conduct rules. The sanctions are part of [...]

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]]> https://www.theinfostride.com/cbn-sec-sanction-10-banks-for-forex-violations/feed/ 0 CBN verifying disputed $2.4bn FX claims – Cardoso https://www.theinfostride.com/cbn-verifying-disputed-2-4bn-fx-claims-cardoso/ https://www.theinfostride.com/cbn-verifying-disputed-2-4bn-fx-claims-cardoso/#respond Thu, 17 Oct 2024 20:34:41 +0000 https://www.theinfostride.com/?p=391205 The Central Bank of Nigeria (CBN) is currently verifying disputed foreign exchange claims amounting to $2.4 billion, according to the bank’s newly appointed Governor, Dr. Olayemi Cardoso. The claims, which have sparked concerns over transparency and accountability in the nation’s foreign exchange market, are part of the ongoing efforts to address long-standing issues within the [...]

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]]> https://www.theinfostride.com/cbn-verifying-disputed-2-4bn-fx-claims-cardoso/feed/ 0 Naira weakens to 1,705/$ at parallel market https://www.theinfostride.com/naira-weakens-to-1705-at-parallel-market/ https://www.theinfostride.com/naira-weakens-to-1705-at-parallel-market/#respond Thu, 17 Oct 2024 20:29:02 +0000 https://www.theinfostride.com/?p=391202 The Nigerian naira has continued its downward slide in the parallel market, reaching an alarming exchange rate of N1,705 to the US dollar as of this week. This latest development adds to the economic strain that has plagued the nation in recent months, further exacerbating inflationary pressures and creating uncertainty for businesses and individuals dependent [...]

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]]> https://www.theinfostride.com/naira-weakens-to-1705-at-parallel-market/feed/ 0 Forex Crisis Grounds Four Inland Dry Ports Projects https://www.theinfostride.com/forex-crisis-grounds-four-inland-dry-ports-projects/ https://www.theinfostride.com/forex-crisis-grounds-four-inland-dry-ports-projects/#respond Tue, 15 Oct 2024 22:03:51 +0000 https://www.theinfostride.com/?p=391122 Nigeria’s foreign exchange (forex) crisis has severely impacted the development of four major inland dry port projects across the country, bringing them to a standstill. These dry ports, designed to ease congestion at seaports and promote efficient cargo distribution inland, are crucial components of Nigeria’s infrastructure development strategy. However, due to the ongoing forex shortage, [...]

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]]> https://www.theinfostride.com/forex-crisis-grounds-four-inland-dry-ports-projects/feed/ 0 Operators blame forex, inflation for surging airfares https://www.theinfostride.com/operators-blame-forex-inflation-for-surging-airfares/ https://www.theinfostride.com/operators-blame-forex-inflation-for-surging-airfares/#respond Wed, 24 Jul 2024 19:22:50 +0000 https://www.theinfostride.com/?p=385000 Local airlines have attributed the skyrocketing airfares to foreign exchange volatility and the soaring inflation in the country. The Chief Operating Officer of United Nigeria Airlines, Osita Okonkwo, told Sunday PUNCH that the current economic challenges in the country were taking toll on the aviation sector. “It is an economic issue. We have little naira chasing forex, [...]

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]]> https://www.theinfostride.com/operators-blame-forex-inflation-for-surging-airfares/feed/ 0 Nigeria’s forex utilization for foreign education falls by 83% in Q1 2024 https://www.theinfostride.com/nigerias-forex-utilization-for-foreign-education-falls-by-83-in-q1-2024/ https://www.theinfostride.com/nigerias-forex-utilization-for-foreign-education-falls-by-83-in-q1-2024/#respond Wed, 24 Jul 2024 18:12:33 +0000 https://www.theinfostride.com/?p=384912 Nigerians spent $38.17 million on foreign education expenses between January and March 2024.  This is according to data from the quarterly statistical bulletin of the Central Bank of Nigeria (CBN) for the first quarter of 2024.  The amount spent has crashed by 83% from $218.87 million recorded in the same period of last year.  However, on [...]

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]]> https://www.theinfostride.com/nigerias-forex-utilization-for-foreign-education-falls-by-83-in-q1-2024/feed/ 0 Eterna blames N9bn Loss on forex crisis https://www.theinfostride.com/eterna-blames-n9bn-loss-on-forex-crisis/ https://www.theinfostride.com/eterna-blames-n9bn-loss-on-forex-crisis/#respond Thu, 27 Jun 2024 20:08:08 +0000 https://www.theinfostride.com/?p=381690 The Chairman of Eterna Plc, Gabriel Ogbechie, has disclosed that the company lost N9.4bn due to the foreign exchange crisis in 2023. In a statement made available, he disclosed that at the company’s 31st Annual General Meeting held in Lagos State. Eterna offers a range of energy products, including petrol, aviation fuel, diesel, and lubricants. [...]

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]]> https://www.theinfostride.com/eterna-blames-n9bn-loss-on-forex-crisis/feed/ 0 Naira Holds Steady on Black Market at ₦1,495 https://www.theinfostride.com/naira-holds-steady-on-black-market-at-%e2%82%a61495/ https://www.theinfostride.com/naira-holds-steady-on-black-market-at-%e2%82%a61495/#respond Thu, 06 Jun 2024 20:40:38 +0000 https://www.theinfostride.com/?p=379939 The Nigerian naira maintained its stability on Thursday, exchanging at N1,495 against the dollar on the parallel market, also known as the black market. This steady rate represents a marginal change of 0.33 percent compared to the previous day’s exchange rate of N1,490. The data, sourced from online trading platforms and street traders, indicates a [...]

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]]> https://www.theinfostride.com/naira-holds-steady-on-black-market-at-%e2%82%a61495/feed/ 0 Forex Crisis Poses Threat to Modular Refineries with N25 Billion Daily Crude Input https://www.theinfostride.com/forex-crisis-poses-threat-to-modular-refineries-with-n25-billion-daily-crude-input/ https://www.theinfostride.com/forex-crisis-poses-threat-to-modular-refineries-with-n25-billion-daily-crude-input/#respond Mon, 26 Feb 2024 12:12:54 +0000 https://www.theinfostride.com/?p=371970 The ongoing forex crisis in Nigeria is emerging as a significant threat to the operations of modular refineries, potentially impacting their ability to maintain a daily crude input valued at N25 billion. The Infosride delves into the details of the forex challenge faced by modular refineries, the potential consequences for daily crude processing, and the [...]

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]]> https://www.theinfostride.com/forex-crisis-poses-threat-to-modular-refineries-with-n25-billion-daily-crude-input/feed/ 0 CBN Directs Customs to Utilize Forex Rate for Import Duty Calculations https://www.theinfostride.com/cbn-directs-customs-to-utilize-forex-rate-for-import-duty-calculations/ https://www.theinfostride.com/cbn-directs-customs-to-utilize-forex-rate-for-import-duty-calculations/#respond Sat, 24 Feb 2024 12:53:18 +0000 https://www.theinfostride.com/?p=371698 In a recent directive, the Central Bank of Nigeria (CBN) has instructed the Nigeria Customs Service to incorporate the official forex rate for the computation of import duties. This move is aimed at aligning import duty calculations with the official exchange rate and ensuring consistency in the valuation of imported goods. The Infosride explores the [...]

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]]> https://www.theinfostride.com/cbn-directs-customs-to-utilize-forex-rate-for-import-duty-calculations/feed/ 0 Binance Implements Price Cap Amid Calls for Ban: A Deep Dive into Forex Regulation https://www.theinfostride.com/binance-implements-price-cap-amid-calls-for-ban-a-deep-dive-into-forex-regulation/ https://www.theinfostride.com/binance-implements-price-cap-amid-calls-for-ban-a-deep-dive-into-forex-regulation/#respond Thu, 22 Feb 2024 22:31:08 +0000 https://www.theinfostride.com/?p=371460 The Infosride news brings you an in-depth exploration of the recent developments in the forex market, where Binance, one of the leading cryptocurrency exchanges, has opted for a price cap. Simultaneously, a presidential aide has advocated for potential regulatory measures, including a ban. These events highlight the ongoing debate surrounding the regulation of forex markets, [...]

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]]> https://www.theinfostride.com/binance-implements-price-cap-amid-calls-for-ban-a-deep-dive-into-forex-regulation/feed/ 0 Automation Initiatives on the Horizon as BDC Operators in Forex Aim to Combat Street Trading and Related Challenges https://www.theinfostride.com/automation-initiatives-on-the-horizon-as-bdc-operators-in-forex-aim-to-combat-street-trading-and-related-challenges/ https://www.theinfostride.com/automation-initiatives-on-the-horizon-as-bdc-operators-in-forex-aim-to-combat-street-trading-and-related-challenges/#respond Thu, 22 Feb 2024 22:10:51 +0000 https://www.theinfostride.com/?p=371445 In the ever-evolving landscape of the foreign exchange market, Bureau de Change (BDC) operators are strategically planning to implement automation measures. The objective is to address concerns related to street trading and other challenges that have emerged within the forex sector. This move underscores the industry’s commitment to adopting innovative solutions to enhance efficiency and [...]

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]]> https://www.theinfostride.com/automation-initiatives-on-the-horizon-as-bdc-operators-in-forex-aim-to-combat-street-trading-and-related-challenges/feed/ 0 Forex Crisis May Discourage Foreign Investors – Comercio Partners https://www.theinfostride.com/forex-crisis-may-discourage-foreign-investors-comercio-partners/ https://www.theinfostride.com/forex-crisis-may-discourage-foreign-investors-comercio-partners/#respond Wed, 14 Feb 2024 21:57:58 +0000 https://www.theinfostride.com/?p=370416 Comercio Partners has expressed concern that the ongoing forex crisis may discourage foreign investors. This assessment highlights the potential impact of currency challenges on investor confidence and capital inflows. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the specific challenges identified by Comercio Partners, potential solutions, and the [...]

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]]> https://www.theinfostride.com/forex-crisis-may-discourage-foreign-investors-comercio-partners/feed/ 0 EFCC Initiates Probe into $347 Billion Forex Scandal, Summons Foreign Firms https://www.theinfostride.com/efcc-initiates-probe-into-347-billion-forex-scandal-summons-foreign-firms/ https://www.theinfostride.com/efcc-initiates-probe-into-347-billion-forex-scandal-summons-foreign-firms/#respond Sat, 27 Jan 2024 15:33:47 +0000 https://www.theinfostride.com/?p=368904 The Economic and Financial Crimes Commission (EFCC) has launched an investigation into a significant forex scandal involving $347 billion. As part of the probe, the anti-corruption agency has reportedly summoned foreign firms implicated in the alleged financial irregularities. As Infostride News closely monitors these developments, comprehensive coverage will be provided, including insights into the details [...]

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]]> https://www.theinfostride.com/efcc-initiates-probe-into-347-billion-forex-scandal-summons-foreign-firms/feed/ 0 CBN Faces Shortfall in Clearing Forex Backlog, According to Fitch Ratings https://www.theinfostride.com/cbn-faces-shortfall-in-clearing-forex-backlog-according-to-fitch-ratings/ https://www.theinfostride.com/cbn-faces-shortfall-in-clearing-forex-backlog-according-to-fitch-ratings/#respond Tue, 23 Jan 2024 12:57:01 +0000 https://www.theinfostride.com/?p=368234 In a recent assessment, Fitch Ratings has reported that the Central Bank of Nigeria (CBN) is still short of the required amount to clear the forex backlog. This revelation underscores the ongoing challenges faced by the central bank in managing the demand for foreign exchange and addressing the backlog of forex requests. The forex backlog [...]

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]]> https://www.theinfostride.com/cbn-faces-shortfall-in-clearing-forex-backlog-according-to-fitch-ratings/feed/ 0 Naira Dips to N854.61/$1: Forex Turnover Plummets by $181.30 Million https://www.theinfostride.com/naira-dips-to-n854-61-1-forex-turnover-plummets-by-181-30-million/ https://www.theinfostride.com/naira-dips-to-n854-61-1-forex-turnover-plummets-by-181-30-million/#respond Thu, 21 Dec 2023 22:46:47 +0000 https://www.theinfostride.com/?p=365187 Forex turnover experienced a notable decline, dropping by 21.45% to $181.30 million on December 20, 2023, as the Nigerian naira faced depreciation against the US dollar, closing at N854.61/$1 in the official market, as reported by Infostride News. The domestic currency demonstrated a 1.5% depreciation, settling at N854.61/$1 at the close of the business day, [...]

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]]> https://www.theinfostride.com/naira-dips-to-n854-61-1-forex-turnover-plummets-by-181-30-million/feed/ 0 Naira Gains Ground: Trades at 864/$ Amidst Surge in Dollar Supply at Official Market https://www.theinfostride.com/naira-gains-ground-trades-at-864-amidst-surge-in-dollar-supply-at-official-market/ https://www.theinfostride.com/naira-gains-ground-trades-at-864-amidst-surge-in-dollar-supply-at-official-market/#respond Tue, 12 Dec 2023 11:57:26 +0000 https://www.theinfostride.com/?p=364080 In a surprising turn of events on Monday, the Nigerian naira experienced a notable appreciation, marking a 27.16% gain to close at N864.29/$ on the official Investors and Exporter window. The substantial increase was accompanied by a significant uptick in the daily turnover of the dollar, soaring by 86.83% to reach $132.46 million at the [...]

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]]> https://www.theinfostride.com/naira-gains-ground-trades-at-864-amidst-surge-in-dollar-supply-at-official-market/feed/ 0 Akwa-Ibom and Jigawa Spearhead States with Staggering $910 Million Forex Surge https://www.theinfostride.com/akwa-ibom-and-jigawa-spearhead-states-with-staggering-910-million-forex-surge/ https://www.theinfostride.com/akwa-ibom-and-jigawa-spearhead-states-with-staggering-910-million-forex-surge/#respond Mon, 20 Nov 2023 17:16:45 +0000 https://www.theinfostride.com/?p=361357 In the span of the last three months, a remarkable financial narrative has unfolded across various states in Nigeria, as revealed by data extracted from the third-quarter budget implementation report spanning from July to September. This insightful information, now brought to light by Infostride News, unveils the significant foreign exchange revaluation profits amassed by no [...]

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]]> https://www.theinfostride.com/akwa-ibom-and-jigawa-spearhead-states-with-staggering-910-million-forex-surge/feed/ 0 Dangote Group Denies Forex Wrongdoing Amid Economic Strain https://www.theinfostride.com/dangote-group-denies-forex-wrongdoing-amid-economic-strain/ https://www.theinfostride.com/dangote-group-denies-forex-wrongdoing-amid-economic-strain/#respond Sat, 04 Nov 2023 18:37:14 +0000 https://www.theinfostride.com/?p=359396 Dangote Industries Limited has stepped forward to address and refute what it considers baseless allegations of foreign exchange (forex) malpractices and money laundering amounting to a substantial $3.4 billion. This response comes in the wake of certain online media outlets circulating stories that imply the company’s involvement in unlawful forex activities allegedly facilitated by the [...]

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]]> https://www.theinfostride.com/dangote-group-denies-forex-wrongdoing-amid-economic-strain/feed/ 0 Conflicting Sentiments Surround CBN’s Forex Ban Reversal https://www.theinfostride.com/conflicting-sentiments-surround-cbns-forex-ban-reversal/ https://www.theinfostride.com/conflicting-sentiments-surround-cbns-forex-ban-reversal/#respond Wed, 25 Oct 2023 23:12:51 +0000 https://www.theinfostride.com/?p=358273 The decision by the new Governor of the Central Bank of Nigeria, Dr. Yemi Cardoso, to lift the forex ban on 43 items has sparked a heated debate among major players in the Nigerian Maritime sector. While some view this move as a positive step for the economy, others remain skeptical about its impact. Infostride [...]

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]]> https://www.theinfostride.com/conflicting-sentiments-surround-cbns-forex-ban-reversal/feed/ 0 BDCs Request CBN’s Permission for Online Dollar Transactions and Diaspora Remittances Amid Forex Crisis https://www.theinfostride.com/bdcs-request-cbns-permission-for-online-dollar-transactions-and-diaspora-remittances-amid-forex-crisis/ https://www.theinfostride.com/bdcs-request-cbns-permission-for-online-dollar-transactions-and-diaspora-remittances-amid-forex-crisis/#respond Sat, 21 Oct 2023 21:55:31 +0000 https://www.theinfostride.com/?p=357889 The Association of Bureau De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to permit BDCs to conduct online dollar transactions and offer Point of Sale (POS) agency services. These measures, according to ABCON, would enhance liquidity in the forex market and contribute to exchange rate stability. ABCON also called [...]

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]]> https://www.theinfostride.com/bdcs-request-cbns-permission-for-online-dollar-transactions-and-diaspora-remittances-amid-forex-crisis/feed/ 0 Manufacturers warn: CBN forex policy reversal threatens industry survival https://www.theinfostride.com/manufacturers-warn-cbn-forex-policy-reversal-threatens-industry-survival/ https://www.theinfostride.com/manufacturers-warn-cbn-forex-policy-reversal-threatens-industry-survival/#respond Wed, 18 Oct 2023 22:41:59 +0000 https://www.theinfostride.com/?p=357522 The Vice Chairman of the Basic Metal sector of the Manufacturers Association of Nigeria (MAN), Mr. Lekan Adewoye, has expressed serious concerns over the recent Central Bank of Nigeria (CBN) directive that removed the restrictions on access to 43 items for imports. He believes that this decision could have devastating consequences for the already struggling [...]

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]]> https://www.theinfostride.com/manufacturers-warn-cbn-forex-policy-reversal-threatens-industry-survival/feed/ 0 Five Ways To Analyze The Forex Market https://www.theinfostride.com/five-ways-to-analyze-the-forex-market/ https://www.theinfostride.com/five-ways-to-analyze-the-forex-market/#respond Thu, 22 Dec 2022 18:49:34 +0000 https://www.theinfostride.com/?p=338339 Trading the forex market can be tricky, from understanding how to read currency prices and trading signals to executing effective strategies that manage risk and updating forex news. That’s why it is important for any trader, new or experienced, to know how to analyse the forex market to make well-informed decisions.  Let’s look at 5 [...]

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]]> https://www.theinfostride.com/five-ways-to-analyze-the-forex-market/feed/ 0 Nigeria’s central bank sold forex worth $4.86 billion to authorised dealers in Q1 2022 https://www.theinfostride.com/nigerias-central-bank-sold-forex-worth-4-86-billion-to-authorised-dealers-in-q1-2022/ https://www.theinfostride.com/nigerias-central-bank-sold-forex-worth-4-86-billion-to-authorised-dealers-in-q1-2022/#respond Mon, 12 Sep 2022 13:52:03 +0000 https://www.theinfostride.com/?p=332306 The Central Bank of Nigeria sold $4.86 billion worth of foreign exchange to authorities dealers in the first quarter of 2022. This is indicative of a 5.8% decrease, compared with the previous quarter. This was disclosed in the Central Bank’s latest economic and statistical report for the first quarter of 2022. The Central bank’s sale [...]

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]]> https://www.theinfostride.com/nigerias-central-bank-sold-forex-worth-4-86-billion-to-authorised-dealers-in-q1-2022/feed/ 0 Amid forex crisis, Nigeria’s external reserves falls to $39 billion in August 2022 https://www.theinfostride.com/amid-forex-crisis-nigerias-external-reserves-falls-to-39-billion-in-august-2022/ https://www.theinfostride.com/amid-forex-crisis-nigerias-external-reserves-falls-to-39-billion-in-august-2022/#respond Mon, 05 Sep 2022 23:07:45 +0000 https://www.theinfostride.com/?p=331910 Nigeria’s external reserves fell by 3.6% in August 2022, to $39.024 billion, down from $40.520 billion on December 31, 2021. Pressure on the Nigerian foreign exchange reserves has forced it to shed a whopping $1.496 billion Year to date, despite the surge in crude oil prices. Despite the apex bank’s interventions in the forex market, [...]

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]]> https://www.theinfostride.com/amid-forex-crisis-nigerias-external-reserves-falls-to-39-billion-in-august-2022/feed/ 0 Forex supply falls to $82.9 million as exchange rate depreciates to N698/$1 at black market https://www.theinfostride.com/forex-supply-falls-to-82-9-million-as-exchange-rate-depreciates-to-n698-1-at-black-market/ https://www.theinfostride.com/forex-supply-falls-to-82-9-million-as-exchange-rate-depreciates-to-n698-1-at-black-market/#respond Fri, 26 Aug 2022 11:08:37 +0000 https://www.theinfostride.com/?p=331299 Thursday, 25th August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1 at the Investors and Exporters window, where forex is traded officially. Naira appreciated slightly against the US dollar on Thursday, by 0.08% to close at N430.67/$1 compared to N431/$1 recorded in the previous trading session. The supply of forex [...]

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]]> https://www.theinfostride.com/forex-supply-falls-to-82-9-million-as-exchange-rate-depreciates-to-n698-1-at-black-market/feed/ 0 Forex crisis, insecurity, others, responsible for Nigeria’s economic downturn – NESG https://www.theinfostride.com/forex-crisis-insecurity-others-responsible-for-nigerias-economic-downturn-nesg/ https://www.theinfostride.com/forex-crisis-insecurity-others-responsible-for-nigerias-economic-downturn-nesg/#respond Tue, 09 Aug 2022 23:23:12 +0000 https://www.theinfostride.com/?p=330335 The NESG said that the country’s economic growth was dominated by sectors with low contributions to output and weak job-creating capacity, while the oil sector remained in recession for 8 consecutive quarters, with headline inflation at 18.6% according to the National Bureau of Statistics (NBS). It also stated that despite high global oil prices, Nigeria [...]

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]]> https://www.theinfostride.com/forex-crisis-insecurity-others-responsible-for-nigerias-economic-downturn-nesg/feed/ 0 CBN urges Nigerians to shun speculative activities https://www.theinfostride.com/cbn-urges-nigerians-to-shun-speculative-activities/ https://www.theinfostride.com/cbn-urges-nigerians-to-shun-speculative-activities/#respond Fri, 29 Jul 2022 23:04:21 +0000 https://www.theinfostride.com/?p=329468 The Central Bank of Nigeria (CBN), has advised Nigerians not to succumb to the speculative activities of some players in the foreign exchange market. Mr Osita Nwanisobi, CBN’s Director, Corporate Communications CBN, advised in a statement on Friday, against the backdrop of rising demand for foreign exchange for goods and services. Nwanisobi said that the [...]

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]]> https://www.theinfostride.com/cbn-urges-nigerians-to-shun-speculative-activities/feed/ 0 What are the pros and cons of a forex trading career? https://www.theinfostride.com/what-are-the-pros-and-cons-of-a-forex-trading-career/ https://www.theinfostride.com/what-are-the-pros-and-cons-of-a-forex-trading-career/#respond Tue, 28 Jun 2022 17:01:54 +0000 https://www.theinfostride.com/?p=327488 Forex is the most liquid market in the world, which involves a daily exchange of trillions of dollars. A career as a forex trader can be flexible and lucrative. Most people who invest in a foreign exchange or forex trading course deem it a career option that allows easy money-making. Others are attracted to forex [...]

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]]> https://www.theinfostride.com/what-are-the-pros-and-cons-of-a-forex-trading-career/feed/ 0 Report projects improvement in Nigeria’s forex condition https://www.theinfostride.com/report-projects-improvement-in-nigerias-forex-condition/ https://www.theinfostride.com/report-projects-improvement-in-nigerias-forex-condition/#respond Tue, 04 Jan 2022 22:04:30 +0000 https://www.theinfostride.com/?p=316030 The monetary authority is in a good position to ease foreign exchange (FX) pressure as its coffers have been enhanced by a sizable $7.3 billion liquidity – $4 billion Eurobond issuance and $3.3billion special drawing right (SDR) from the International Monetary Fund (IMF). These were among the projections of EFG Hermes, in its report titled, [...]

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]]> https://www.theinfostride.com/report-projects-improvement-in-nigerias-forex-condition/feed/ 0 Tariff increase and forex policies trigger Nigeria’s low cargo throughputs https://www.theinfostride.com/tariff-increase-and-forex-policies-trigger-nigerias-low-cargo-throughputs/ https://www.theinfostride.com/tariff-increase-and-forex-policies-trigger-nigerias-low-cargo-throughputs/#respond Tue, 04 Jan 2022 21:50:41 +0000 https://www.theinfostride.com/?p=316023 The government’s lack of capacity to reduce tariffs and foreign exchange (FX) crisis will continue to give other West and Central African countries a comparative advantage ahead of Nigeria in the maritime business. Already, Togo has overtaken Nigeria to become the leading port in West Africa. The latest United Nations (UN) report said Togo recorded [...]

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]]> https://www.theinfostride.com/tariff-increase-and-forex-policies-trigger-nigerias-low-cargo-throughputs/feed/ 0 CBN condemns plans to convert forex in domicilliary accounts to naira. https://www.theinfostride.com/cbn-condemns-plans-to-convert-forex-in-domicilliary-accounts-to-naira/ https://www.theinfostride.com/cbn-condemns-plans-to-convert-forex-in-domicilliary-accounts-to-naira/#respond Sat, 11 Sep 2021 19:03:28 +0000 https://www.theinfostride.com/?p=307832 The Central Bank of Nigeria (CBN) has stated categorically that it has no intention of converting forex in domiciliary accounts of bank customers to naira as a way of checking the shortage of US dollars in the country. This is according to a press release put out by the apex bank and seen by Nairametrics. [...]

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]]> https://www.theinfostride.com/cbn-condemns-plans-to-convert-forex-in-domicilliary-accounts-to-naira/feed/ 0 CBN warns microfinance banks against forex transactions https://www.theinfostride.com/cbn-warns-microfinance-banks-against-forex-transactions/ https://www.theinfostride.com/cbn-warns-microfinance-banks-against-forex-transactions/#respond Sat, 21 Aug 2021 22:15:56 +0000 https://www.theinfostride.com/?p=304499 The Central Bank of Nigeria has warned microfinance banks against performing certain non-permissible activities, including wholesale backing and foreign exchange transactions. This was contained in a circular titled ‘Cessation of non-permissible activities by microfinance banks’ released on Friday by Ibrahim Tukur on behalf of CBN’s Financial Policy and Regulation Department. The circular read, “The Central [...]

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]]> https://www.theinfostride.com/cbn-warns-microfinance-banks-against-forex-transactions/feed/ 0 Court freezes bank accounts of forex trading platforms https://www.theinfostride.com/court-freezes-bank-accounts-of-forex-trading-platforms/ https://www.theinfostride.com/court-freezes-bank-accounts-of-forex-trading-platforms/#respond Wed, 18 Aug 2021 19:53:44 +0000 https://www.theinfostride.com/?p=304221 The Federal High Court Abuja has frozen the bank accounts of some investment and trading platforms that Nigerians have been using to transact online. Justice Ahmed Mohammed made the order on Tuesday while delivering his ruling in an ex parte application filed by the Central Bank of Nigeria through its lawyer, Micheal Aondoakaa (SAN). Justice [...]

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]]> https://www.theinfostride.com/court-freezes-bank-accounts-of-forex-trading-platforms/feed/ 0 Marketers blame forex, importation as Jet A-1 hits N315/litre https://www.theinfostride.com/marketers-blame-forex-importation-as-jet-a-1-hits-n315-litre/ https://www.theinfostride.com/marketers-blame-forex-importation-as-jet-a-1-hits-n315-litre/#respond Wed, 11 Aug 2021 16:54:47 +0000 https://www.theinfostride.com/?p=303572 Heavy reliance on importation and weak Naira-to-Dollar exchange rate have been blamed for the spike in aviation fuel, currently pegged at N315/litre. Fuel marketers, yesterday, said besides the local charges and fees that are fixed, fluctuations in the global price of crude oil and the exchange rate would continue to affect the price of fuel, [...]

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]]> https://www.theinfostride.com/marketers-blame-forex-importation-as-jet-a-1-hits-n315-litre/feed/ 0 Forex supply: Banks’ documentation process cumbersome, says FDC https://www.theinfostride.com/forex-supply-banks-documentation-process-cumbersome-says-fdc/ https://www.theinfostride.com/forex-supply-banks-documentation-process-cumbersome-says-fdc/#respond Sat, 07 Aug 2021 22:53:37 +0000 https://www.theinfostride.com/?p=303249 The Financial Derivatives Company Limited has described the documentation process required by banks for the sale of foreign exchange as cumbersome, saying this will pose a challenge to the public. The CBN Governor, Mr Godwin Emefiele, had last week, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to [...]

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]]> https://www.theinfostride.com/forex-supply-banks-documentation-process-cumbersome-says-fdc/feed/ 0 Electricity meter providers demand price review, unfettered access to Forex, others https://www.theinfostride.com/electricity-meter-providers-demand-price-review-unfettered-access-to-forex-others/ https://www.theinfostride.com/electricity-meter-providers-demand-price-review-unfettered-access-to-forex-others/#respond Thu, 24 Jun 2021 22:43:23 +0000 https://www.theinfostride.com/?p=298413 Meters Assets Providers (MAPs) operating in the Nigerian Electricity Supply Industry (NESI) have demanded an upward review of the current price of prepaid meters by the Nigerian Electricity Regulatory Commission (NERC). Prepaid Electric Meter MAPs in a communique issued at the end of its meeting in Lagos said the demand became necessary “in view of [...]

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]]> https://www.theinfostride.com/electricity-meter-providers-demand-price-review-unfettered-access-to-forex-others/feed/ 0 Nigeria’s naira gains at official market https://www.theinfostride.com/nigerias-naira-gains-at-official-market/ https://www.theinfostride.com/nigerias-naira-gains-at-official-market/#respond Wed, 23 Jun 2021 16:31:38 +0000 https://www.theinfostride.com/?p=298252 Naira gained against the U.S. dollar on Tuesday at the official market, a day after a major slip at the official and parallel markets. Data posted on the FMDQ Security Exchange where forex is officially traded showed that the currency closed at N410.00 per $1 on the official Nafex window, as forex supply rose from [...]

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]]> https://www.theinfostride.com/nigerias-naira-gains-at-official-market/feed/ 0 Telcos lament forex scarcity, seek CBN intervention https://www.theinfostride.com/telcos-lament-forex-scarcity-seek-cbn-intervention/ https://www.theinfostride.com/telcos-lament-forex-scarcity-seek-cbn-intervention/#respond Sun, 20 Jun 2021 20:37:59 +0000 https://www.theinfostride.com/?p=297978 Operators in the telecommunications industry are seeking special consideration to enable them get access to more foreign exchange. Some industry stakeholders who spoke to our correspondent said operators were struggling to get foreign exchange, and this had been responsible for some drop in service quality. The President of Association of Telecommunications Companies of Nigeria, Ikechukwu [...]

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]]> https://www.theinfostride.com/telcos-lament-forex-scarcity-seek-cbn-intervention/feed/ 0 CBN pushes up forex allocations to banks https://www.theinfostride.com/cbn-pushes-up-forex-allocations-to-banks/ https://www.theinfostride.com/cbn-pushes-up-forex-allocations-to-banks/#respond Mon, 07 Jun 2021 21:11:36 +0000 https://www.theinfostride.com/?p=296377 The Central Bank of Nigeria on Sunday announced an increase in foreign exchange allocations to banks to meet the requests of customers. These requests include travellers seeking foreign exchange for travel allowances, payment of tuition and medical fees, among other invisible. The CBN Governor, Godwin Emefiele, disclosed this at a meeting with the Managing Directors [...]

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]]> https://www.theinfostride.com/cbn-pushes-up-forex-allocations-to-banks/feed/ 0 What makes a great trader? https://www.theinfostride.com/what-makes-a-great-trader/ Tue, 11 Feb 2020 19:32:53 +0000 https://www.theinfostride.com/?p=247871 Trading can be difficult to understand, regardless of what form it takes. Contracts for Difference (CFD), forex (FX) and stocks and shares all come with their own complexities and require different skills to master. Yet some attributes are common to all forms of trading and help to show the characteristics, behaviour and expertise required to [...]

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]]> Major tips on gold trading on Forex https://www.theinfostride.com/major-tips-on-gold-trading-on-forex/ Sat, 16 Nov 2019 12:03:13 +0000 https://www.theinfostride.com/?p=240965 Gold trading on Forex is a complicated and risky task. To succeed, you have to obtain an advanced level of competence and be well informed of world news.

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]]> CBN Directors Arrested For Forex Manipulation https://www.theinfostride.com/cbn-directors-arrested-for-forex-manipulation/ Thu, 30 Mar 2017 06:33:57 +0000 http://www.theinfostride.com/?p=160396 There are reports that the Economic and Financial Crimes Commission has arrested two directors of the Central Bank of Nigeria for alleged forex manipulation and economic sabotage. In a report by Punch Newspaper, alleged sources at the EFCC made the revelation on Wednesday, March 29, 2017. It was further reported that the directors were in [...]

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]]> Forex Responsible For Kerosene’s Price Hike — IPMAN https://www.theinfostride.com/forex-responsible-for-kerosenes-price-hike-ipman/ Sun, 08 Jan 2017 16:04:55 +0000 http://www.theinfostride.com/?p=153501 Alhaji Olanrewaju Okanlawon, a factional Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), in Kwara has ascribed the recurring hike in the price of kerosene to the unstable foreign exchange occasioned by the lingering economic recession. Okanlawon told the News Agency of Nigeria (NAN) in Ilorin on Saturday that the association should not [...]

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]]> I Did Not Trade Forex With CBN – Aisha Buhari https://www.theinfostride.com/i-did-not-trade-forex-with-cbn-aisha-buhari/ Sun, 27 Mar 2016 19:30:57 +0000 http://www.theinfostride.com/?p=124122 Wife of the Nigerian President, Aisha Buhari has denied an allegation by the verified Twitter handle of the Peoples Democratic Party that she was involved in an illegal forex deal with the Central Bank of Nigeria. The tweet accused Aisha Buhari of collecting “$22m from the CBN on the instruction of Emefiele and the company [...]

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