Search
Nigerian Central Bank Lifts Forex Restrictions on 43 Items — Market Forces to Determine Exchange Rate
15.10.2023
The Nigerian central bank said on Oct. 12 that it had lifted foreign exchange restrictions imposed on the importation of 43 items. The central bank said the restrictions initially imposed in 2015 may have contributed to the weakening of the naira on the parallel foreign exchange market. Unifying...
IMF Boss: Supporting Egyptian Currency Akin to ‘Putting Water in a Bucket That Has Holes’
27.6.2023
Kristalina Georgieva, the International Monetary Fund (IMF)’s managing director, has said Egypt needs to plug leakages of foreign reserves if it wishes to successfully support its currency. According to the IMF leader, Egyptian authorities must also do more to support the vulnerable and...
New World Bank Report: Nigeria’s Exchange Rate Policies Fueling Inflation, Affecting Food Prices
21.6.2021
Nigeria’s use of multiple exchange rates regimes may have contributed to a rise in the country’s inflation rate, the latest World Bank report has said. In addition, the report says ongoing restrictions on the use and movement of foreign exchange are “further pushing up prices...
After Central Bank Devalues Naira by 5% Finance Minister Attributes Drop to ‘Market Forces’
14.6.2021
Nigerian Finance Minister Zainab Ahmed has denied widespread reports that the Central Bank of Nigeria (CBN) had sanctioned the devaluation of the local currency sometime in May 2021. Instead, she attributes the naira’s fall to the “volatility in the oil price.” Ahmed’s...