FX – InfoStride News https://www.theinfostride.com Breaking News, Nigeria News and Top Stories Wed, 28 Jan 2026 18:30:47 +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 FX – InfoStride News https://www.theinfostride.com 32 32 Nigeria’s FX Reserves Climb to $42bn, Highest in Six Years https://www.theinfostride.com/nigerias-fx-reserves-climb-to-42bn-highest-in-six-years/ https://www.theinfostride.com/nigerias-fx-reserves-climb-to-42bn-highest-in-six-years/#respond Wed, 28 Jan 2026 17:02:24 +0000 https://www.theinfostride.com/?p=467085 Nigeria’s foreign exchange reserves have surged to $42 billion, marking their highest level in six years, a development that analysts and policymakers describe as a turning point in the country’s economic trajectory. The rise, which reflects a combination of improved crude oil earnings, increased foreign exchange inflows, and strategic reforms by the Central Bank of [...]

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]]> https://www.theinfostride.com/nigerias-fx-reserves-climb-to-42bn-highest-in-six-years/feed/ 0 Nigerians Import Fewer Cars Amid High Inflation, FX Crisis https://www.theinfostride.com/nigerians-import-fewer-cars-amid-high-inflation-fx-crisis/ https://www.theinfostride.com/nigerians-import-fewer-cars-amid-high-inflation-fx-crisis/#respond Tue, 20 Jan 2026 07:47:57 +0000 https://www.theinfostride.com/?p=404949 The importation of cars into Nigeria has declined significantly as rising inflation, foreign exchange volatility, and high import duties continue to put pressure on vehicle prices. The combination of economic challenges has made it increasingly difficult for individuals and businesses to afford imported automobiles, leading to a sharp drop in demand. Car dealers and importers [...]

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]]> https://www.theinfostride.com/nigerians-import-fewer-cars-amid-high-inflation-fx-crisis/feed/ 0 FX Stability Sparks 90% Jump in Auto Imports https://www.theinfostride.com/fx-stability-sparks-90-jump-in-auto-imports/ https://www.theinfostride.com/fx-stability-sparks-90-jump-in-auto-imports/#respond Tue, 16 Sep 2025 08:45:44 +0000 https://www.theinfostride.com/?p=466693 Nigeria’s auto import sector has witnessed a dramatic surge, with the National Bureau of Statistics (NBS) reporting a 90 percent jump in vehicle imports, largely attributed to recent improvements in foreign exchange (FX) stability. The development marks one of the clearest signs yet that currency reforms and steady inflows are beginning to ease pressures on [...]

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]]> https://www.theinfostride.com/fx-stability-sparks-90-jump-in-auto-imports/feed/ 0 FX Inflows and Rising Reserves Strengthen Naira to ₦1,497 per Dollar https://www.theinfostride.com/fx-inflows-and-rising-reserves-strengthen-naira-to-%e2%82%a61497-per-dollar/ https://www.theinfostride.com/fx-inflows-and-rising-reserves-strengthen-naira-to-%e2%82%a61497-per-dollar/#respond Tue, 16 Sep 2025 08:11:40 +0000 https://www.theinfostride.com/?p=466682 Nigeria’s foreign exchange market recorded a notable development as the naira appreciated to around ₦1,497 per dollar at the official window, marking one of its strongest performances in recent months. The improvement was attributed to a combination of factors, including increased foreign exchange inflows, a rise in external reserves, and strategic interventions that have helped [...]

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]]> https://www.theinfostride.com/fx-inflows-and-rising-reserves-strengthen-naira-to-%e2%82%a61497-per-dollar/feed/ 0 BUA Chairman Says FX Policy Reform Ends Dollar Lobbying Pressure https://www.theinfostride.com/bua-chairman-says-fx-policy-reform-ends-dollar-lobbying-pressure/ https://www.theinfostride.com/bua-chairman-says-fx-policy-reform-ends-dollar-lobbying-pressure/#respond Tue, 22 Jul 2025 16:14:34 +0000 https://www.theinfostride.com/?p=462644 The Chairman of BUA Group, Abdul Samad Rabiu, has said that the recent foreign exchange (FX) reforms introduced in Nigeria have brought an end to the long-standing practice of businesses lobbying the Central Bank of Nigeria (CBN) for access to dollars. Speaking in a recent interview, Rabiu applauded the federal government’s move to unify the [...]

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]]> https://www.theinfostride.com/bua-chairman-says-fx-policy-reform-ends-dollar-lobbying-pressure/feed/ 0 Illicit Demand Is the Major Challenge to Foreign Exchange Stability — Oyedele https://www.theinfostride.com/illicit-demand-is-the-major-challenge-to-foreign-exchange-stability-oyedele/ https://www.theinfostride.com/illicit-demand-is-the-major-challenge-to-foreign-exchange-stability-oyedele/#respond Mon, 20 Jan 2025 09:56:45 +0000 https://www.theinfostride.com/?p=401106 Renowned economist Taiwo Oyedele has identified illicit demand as the primary factor undermining Nigeria’s foreign exchange (FX) market. Speaking at a recent economic forum, Oyedele highlighted how unauthorized transactions, speculative trading, and unregulated capital flows have intensified pressure on the naira, exacerbating exchange rate volatility. According to Oyedele, the prevalence of illicit demand distorts the [...]

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]]> https://www.theinfostride.com/illicit-demand-is-the-major-challenge-to-foreign-exchange-stability-oyedele/feed/ 0 FX Crisis Stalls SMEs’ Expansion, Operators Decry Challenges https://www.theinfostride.com/fx-crisis-stalls-smes-expansion-operators-decry-challenges/ https://www.theinfostride.com/fx-crisis-stalls-smes-expansion-operators-decry-challenges/#respond Sat, 16 Nov 2024 18:53:41 +0000 https://www.theinfostride.com/?p=394489 Small and Medium Enterprises (SMEs) in Nigeria are grappling with stalled growth due to the ongoing foreign exchange (FX) crisis, which has led to soaring costs of imports and difficulty accessing foreign currencies. Operators in the sector have raised concerns about the adverse impact of FX scarcity on their operations, warning that continued inaction could [...]

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]]> https://www.theinfostride.com/fx-crisis-stalls-smes-expansion-operators-decry-challenges/feed/ 0 Foreign Exchange Turnover Plummets by 71% as Naira Depreciation Deepens https://www.theinfostride.com/foreign-exchange-turnover-plummets-by-71-as-naira-depreciation-deepens/ https://www.theinfostride.com/foreign-exchange-turnover-plummets-by-71-as-naira-depreciation-deepens/#respond Tue, 29 Oct 2024 08:01:55 +0000 https://www.theinfostride.com/?p=392336 Nigeria’s foreign exchange (FX) turnover has seen a sharp decline, dropping by 71% in recent weeks, amid worsening conditions for the naira, which continues to lose value against major global currencies. The decline in FX turnover—indicative of reduced trading activity and liquidity in the currency market—reflects mounting pressures on Nigeria’s economy as it grapples with [...]

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]]> https://www.theinfostride.com/foreign-exchange-turnover-plummets-by-71-as-naira-depreciation-deepens/feed/ 0 Nigerian Breweries FX Losses Surge to N160 Billion Amid Currency Devaluation https://www.theinfostride.com/nigerian-breweries-fx-losses-surge-to-n160-billion-amid-currency-devaluation/ https://www.theinfostride.com/nigerian-breweries-fx-losses-surge-to-n160-billion-amid-currency-devaluation/#respond Fri, 25 Oct 2024 19:11:57 +0000 https://www.theinfostride.com/?p=391956 Nigerian Breweries Plc, the country’s largest brewer, has reported a significant increase in foreign exchange (FX) losses, reaching an all-time high of N160 billion as of the third quarter of 2024. This stark rise in losses reflects the financial impact of the naira’s devaluation and the ongoing FX crisis, which has added substantial financial pressure [...]

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]]> https://www.theinfostride.com/nigerian-breweries-fx-losses-surge-to-n160-billion-amid-currency-devaluation/feed/ 0 Only 10% of our 2023 FX gains are realized – FCMB Group CEO https://www.theinfostride.com/only-10-of-our-2023-fx-gains-are-realized-fcmb-group-ceo/ https://www.theinfostride.com/only-10-of-our-2023-fx-gains-are-realized-fcmb-group-ceo/#respond Wed, 31 Jul 2024 17:46:20 +0000 https://www.theinfostride.com/?p=386047 The Group CEO of FCMB Group, Ladi Balogun has stated that only about 10% of the bank’s foreign exchange gains recorded in 2023 are realized.  He made the statement during his presentation at the group’s “Facts Behind the Offer” presentation which was held at the NGX premises on July 30.   Balogun made the statement while [...]

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]]> https://www.theinfostride.com/only-10-of-our-2023-fx-gains-are-realized-fcmb-group-ceo/feed/ 0 KPMG faults FG’s 50% windfall tax, says legal disputes may arise https://www.theinfostride.com/kpmg-faults-fgs-50-windfall-tax-says-legal-disputes-may-arise/ https://www.theinfostride.com/kpmg-faults-fgs-50-windfall-tax-says-legal-disputes-may-arise/#respond Sat, 20 Jul 2024 03:59:10 +0000 https://www.theinfostride.com/?p=383900 Global tax and advisory service firm, KPMG Nigeria has criticised the 50% windfall tax on the bank’s foreign exchange revaluation gains recorded in 2023 stating that it could result in a legal dispute.   The firm stated this in its reaction to the recently imposed tax on banks by the federal government where it stated that [...]

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]]> https://www.theinfostride.com/kpmg-faults-fgs-50-windfall-tax-says-legal-disputes-may-arise/feed/ 0 CBN sells $106.5 million to 29 FX dealer banks, blames demand pressure for naira fall https://www.theinfostride.com/cbn-sells-106-5-million-to-29-fx-dealer-banks-blames-demand-pressure-for-naira-fall/ https://www.theinfostride.com/cbn-sells-106-5-million-to-29-fx-dealer-banks-blames-demand-pressure-for-naira-fall/#respond Sat, 20 Jul 2024 03:26:27 +0000 https://www.theinfostride.com/?p=383864 The Central Bank of Nigeria (CBN) has announced the sale of $106.5 million as foreign exchange (FX) to 29 FX dealer banks.  In a statement signed by Dr Omolara Omotunde Duke, Director, Financial Markets Department, it was disclosed that on July 18 and 19, 2024, the CBN sold $106.5 million to 29 authorized dealer banks [...]

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]]> https://www.theinfostride.com/cbn-sells-106-5-million-to-29-fx-dealer-banks-blames-demand-pressure-for-naira-fall/feed/ 0 Tinubu seeks to tax FX gains by banks in proposed amendment to finance act https://www.theinfostride.com/tinubu-seeks-to-tax-fx-gains-by-banks-in-proposed-amendment-to-finance-act/ https://www.theinfostride.com/tinubu-seeks-to-tax-fx-gains-by-banks-in-proposed-amendment-to-finance-act/#respond Wed, 17 Jul 2024 15:39:22 +0000 https://www.theinfostride.com/?p=383638 President Tinubu has asked the Senate to amend the 2023 Finance Act to impose a one-time windfall tax on the foreign exchange gains realized by banks in their 2023 financial statements. The President in a letter to the Senate explained that the funds generated from this tax would be used to support capital infrastructure development, [...]

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]]> https://www.theinfostride.com/tinubu-seeks-to-tax-fx-gains-by-banks-in-proposed-amendment-to-finance-act/feed/ 0 Senate rejects bill seeking to monitor, supervise transactions in the FX market https://www.theinfostride.com/senate-rejects-bill-seeking-to-monitor-supervise-transactions-in-the-fx-market/ https://www.theinfostride.com/senate-rejects-bill-seeking-to-monitor-supervise-transactions-in-the-fx-market/#respond Fri, 12 Jul 2024 11:59:28 +0000 https://www.theinfostride.com/?p=383179 The Senate on Thursday rejected a bill seeking to amend the Foreign Exchange Act of 2004 to introduce provisions for the control, monitoring, and supervision of transactions in the Foreign Exchange Market according to reports from the News Agency of Nigeria (NAN).   The bill, titled “The Foreign Exchange (Control and Monitoring) Bill, 2024 (SB. 353),” was sponsored [...]

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]]> https://www.theinfostride.com/senate-rejects-bill-seeking-to-monitor-supervise-transactions-in-the-fx-market/feed/ 0 CBN halts FX price verification portal for importers July 1 https://www.theinfostride.com/cbn-halts-fx-price-verification-portal-for-importers-july-1/ https://www.theinfostride.com/cbn-halts-fx-price-verification-portal-for-importers-july-1/#respond Thu, 27 Jun 2024 19:37:48 +0000 https://www.theinfostride.com/?p=381687 The Central Bank of Nigeria says it will discontinue the foreign exchange price verification system portal used by importers from July 1. It also noted that the Price Verification Report will no longer be a requirement for the completion of a Form ‘M’. The Form ‘M’ is a declaration of intention to import physical goods [...]

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]]> https://www.theinfostride.com/cbn-halts-fx-price-verification-portal-for-importers-july-1/feed/ 0 FX Liquidity: Nigeria recorded “total inflow” of $24 billion in first quarter of 2024 – Cardoso https://www.theinfostride.com/fx-liquidity-nigeria-recorded-total-inflow-of-24-billion-in-first-quarter-of-2024-cardoso/ https://www.theinfostride.com/fx-liquidity-nigeria-recorded-total-inflow-of-24-billion-in-first-quarter-of-2024-cardoso/#respond Thu, 27 Jun 2024 11:02:57 +0000 https://www.theinfostride.com/?p=381641 The governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said that the country recorded a total foreign exchange inflow of about $24 billion in the first quarter of 2024. Cardoso made this disclosure in a statement during an interview with Bloomberg TV on Tuesday in London. The CBN governor mentioned that the [...]

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]]> https://www.theinfostride.com/fx-liquidity-nigeria-recorded-total-inflow-of-24-billion-in-first-quarter-of-2024-cardoso/feed/ 0 FX Crisis: Nigeria has already seen the worst of naira volatility, says Cardoso https://www.theinfostride.com/fx-crisis-nigeria-has-already-seen-the-worst-of-naira-volatility-says-cardoso/ https://www.theinfostride.com/fx-crisis-nigeria-has-already-seen-the-worst-of-naira-volatility-says-cardoso/#respond Wed, 26 Jun 2024 22:25:58 +0000 https://www.theinfostride.com/?p=381541 The Governor of the Central Bank, Yemi Cardoso, stated that the country has already experienced the worst of naira volatility regarding foreign exchange.  Cardoso said this in an interview on Tuesday in London while speaking to Bloomberg TV.  The head of the apex bank said he is satisfied with how far they have been able [...]

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]]> https://www.theinfostride.com/fx-crisis-nigeria-has-already-seen-the-worst-of-naira-volatility-says-cardoso/feed/ 0 Multichoice blaming FX crunch, high energy costs for DStv, GOtv price hikes — FCCPC https://www.theinfostride.com/multichoice-blaming-fx-crunch-high-energy-costs-for-dstv-gotv-price-hikes-fccpc/ https://www.theinfostride.com/multichoice-blaming-fx-crunch-high-energy-costs-for-dstv-gotv-price-hikes-fccpc/#respond Sun, 28 Apr 2024 19:08:45 +0000 https://www.theinfostride.com/?p=376799 Dr. Adamu Abdullahi, Acting Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), has disclosed that Multichoice submitted a four-page letter detailing the reasons for the price hikes in their cable services, GOtv and DStv.  In a recent interview with Channels TV uploaded on Sunday, Abdullahi stated that the company cited the cost [...]

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]]> https://www.theinfostride.com/multichoice-blaming-fx-crunch-high-energy-costs-for-dstv-gotv-price-hikes-fccpc/feed/ 0 FX Crisis: Nigeria should explore other alternative currencies for imports — Expert https://www.theinfostride.com/fx-crisis-nigeria-should-explore-other-alternative-currencies-for-imports-expert/ https://www.theinfostride.com/fx-crisis-nigeria-should-explore-other-alternative-currencies-for-imports-expert/#respond Mon, 08 Apr 2024 11:18:24 +0000 https://www.theinfostride.com/?p=375096 Financial expert and head of investment and research at Meristem Securities Limited, Praise Ihensekhien, has advised the federal government to adopt other currencies for import-related transactions to reduce Dollar dependence and preserve the stability of the Naira in the forex market. Ihensekhien shared this insight during the Economy Outlook webinar hosted by Nairametrics on Saturday. According to her, if [...]

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]]> https://www.theinfostride.com/fx-crisis-nigeria-should-explore-other-alternative-currencies-for-imports-expert/feed/ 0 Dangote refinery will save Nigeria on FX imports– Emefiele https://www.theinfostride.com/dangote-refinery-will-save-nigeria-on-fx-imports-emefiele/ https://www.theinfostride.com/dangote-refinery-will-save-nigeria-on-fx-imports-emefiele/#respond Sat, 16 Oct 2021 21:01:18 +0000 https://www.theinfostride.com/?p=310562 The Central Bank Governor, Godwin Emefiele has established that Nigeria’s import of petroleum products using 30% of its forex can be reversed by the successful commencement of operations at the Dangote Refinery. Emefiele made this known during a foreign investors’ meeting held in New York while answering a number of questions raised by foreign investors. [...]

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]]> https://www.theinfostride.com/dangote-refinery-will-save-nigeria-on-fx-imports-emefiele/feed/ 0 We will hand over FX fraudsters to law enforcers, bankers warn https://www.theinfostride.com/we-will-hand-over-fx-fraudsters-to-law-enforcers-bankers-warn/ https://www.theinfostride.com/we-will-hand-over-fx-fraudsters-to-law-enforcers-bankers-warn/#respond Fri, 13 Aug 2021 18:52:52 +0000 https://www.theinfostride.com/?p=303734 Redeveloped National Theatre ready next year The Bankers’ Committee, yesterday, warned against abuse of the new foreign exchange (FX) sale, saying individuals who circumvent the process would be handed over to the law enforcement agents. Briefing the media on the outcome of its meeting, the bankers promised to support the Central Bank of Nigeria (CBN) [...]

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