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CBN releases $265m to airlines to prevent aviation industry collapse

Reading Time: < 1 minutes The Central Bank of Nigeria (CBN) on Friday, released the sum of $265 million to airlines operating in the country, to settle outstanding ticket sales in a bid to avoid brewing catastrophe in the country’s aviation sector. A breakdown of the figure indicates that the sum of $230 million was released as a special FX intervention Read More…

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Nigeria naira at record black market low despite successful Eurobond sale

Reading Time: 2 minutes ABUJA, Sept 27 (Reuters) – The Nigerian naira hit a record low of 573 against the dollar on the black market on Monday, shrugging off news of the country’s Eurobond sale, meant to boost its currency reserves, traders said, weighed by a recent clampdown on retail forex operators. The West African country sold $4 billion Read More…

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Bureau De Change Chief provides answer to fall of the Naira

Reading Time: 2 minutes The Association of Bureau De Change Operators of Nigeria (ABCON) has said that the reopening of the BDC window for foreign exchange, among others, would crash the prevailing spike in the exchange rate. Alhaji Aminu Gwadabe, President, ABCON, said this while speaking to the News Agency of Nigeria (NAN) on Sunday in Lagos. “The immediate Read More…