Tag Archives: Forex

Nigeria’s telecommunications sector has received a significant boost with a remarkable 125.23% surge in Foreign Direct Investment (FDI) during the first half of 2024. Data from the National Bureau of Statistics (NBS) disclosed that the sector attracted $304 million in FDI in six months, marking a substantial increase compared to …

The Telecommunications giant, MTN Nigeria, has reported a staggering 112% increase in network operating costs for the first half of 2023. The company’s expenses ballooned to N586.8 billion, up from N277 billion in the same period last year. MTN Nigeria also reported a loss of N519.1 billion for the first …

Nigeria’s federal government has announced plans to raise up to $10 billion as part of immediate strategies to bring liquidity to the foreign exchange market and strengthen the naira. President Tinubu disclosed this at the inaugural Public Wealth Management Conference organised by the Ministry of Finance Incorporated (MOFI) on Tuesday in Abuja. …

Manufacturers have predicted fresh hikes in the prices of commodities in the market to rise in response to the continued fall of the naira against the United States dollar. On Friday, the naira plunged to N1,420/$ at the parallel window of the foreign exchange market. The President of the Manufacturers …

Serial digital entrepreneur, Leo Stan Ekeh, has spotlighted the chief reasons why multinationals are exiting Nigeria and warned that if nothing was done, more of such businesses and indigenous ones may close shop in the coming months and years. In a press statement, Ekeh who is the Chairman of Zinox …

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said the banking sector was committed to expanding foreign exchange , forex supply in the country. He noted that the RT200 programme had made good progress in export proceed repatriation since its establishment in February 2022. Emefiele said, “I …

John Obidi Sometimes it’s easy to get caught up in conversations about everything wrong with Nigeria that we may get blindsided to the advantages that come with carrying a Nigerian passport. Most times, people don’t know, so they do not apply. The problems exist, but be educated on the advantages …

The Central Bank of Nigeria (CBN) has advised members of the organised private sector (OPS) to always ensure that they repatriate foreign exchange (FX) proceeds to the apex bank in order to ease FX pressure in the country. Deputy Director, Banking Services, CBN, Egboagwu Ezulu, at a national stakeholders’ conference …

Nigerian Communications Commission has commended the Telecoms Sector Sustainability Forum (TSSF) initiative organised by Business Remarks for creating an opportunity for industry stakeholders and the advancement of telecommunications development in Nigeria. Themed “Examining the Nigerian Internet Service Providers Viability in a Digitized Environment”, NCC expressed its support for the initiative …

In the face of rising demand for foreign exchange for goods, services, and other needs, the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says monetary policy alone cannot wholly address the country’s foreign exchange challenges. Mr. Emefiele disclosed this in a keynote to the maiden bi-annual Non-Oil Export …