December 30, 2024
Business News

Business News

Keep up with everything in the business world. Our business news report keeps you updated on anything and everything in the market, from the Nigerian stock exchange to Wall Street in New York.

Naira Strengthens Against Dollar as Nigeria Adopts New FX Trading Platform
Business News

Naira Strengthens Against Dollar as Nigeria Adopts New FX Trading Platform

  • December 3, 2024
56 Dead After Violent Clashes in Guinea
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56 Dead After Violent Clashes in Guinea

  • December 2, 2024
Trump Threatens 100% Tariff on BRICS Over Dollar Challenge
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Trump Threatens 100% Tariff on BRICS Over Dollar Challenge

  • December 2, 2024
President Tinubu Woos French Investors, Promises Business-Friendly Environment
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President Tinubu Woos French Investors, Promises Business-Friendly Environment

  • November 29, 2024
Okonjo-Iweala Reappointed WTO Director-General for a Second Term
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Okonjo-Iweala Reappointed WTO Director-General for a Second Term

  • November 29, 2024
Nigeria’s Capital Inflow from BRICS Nations Hits $1.27 Billion says VP Shettima
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Nigeria’s Capital Inflow from BRICS Nations Hits $1.27 Billion says VP Shettima

  • November 29, 2024
The Central Bank of Nigeria (CBN) has introduced a minimum trade value of $100,000 for interbank foreign exchange transactions conducted through the Electronic Foreign Exchange Matching System (EFEMS). The directive, dated 25 November 2024, was signed by Dr Omolara Duke, Director of the Financial Markets Department. The CBN stated that the move aims to enhance transparency, efficiency, and compliance within Nigeria’s foreign exchange market. To support this, Bloomberg’s BMatch has been designated as the official order-matching platform for interbank FX trading. The new rules also stipulate that the $100,000 minimum trade value will include incremental clip sizes of $50,000, allowing for flexibility in transaction sizes. The EFEMS is designed to streamline interbank forex trading, minimise counterparty risks, and enforce adherence to CBN regulations.
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Nigeria’s Central Bank  Sets $100,000 Minimum for Interbank Forex Trading via Electronic Foreign Exchange Matching System

  • November 27, 2024
Nigeria’s Foreign Reserves Hit $40.88 Billion
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Nigeria’s Foreign Reserves Hit $40.88 Billion

  • November 27, 2024
Nigeria’s Central Bank Raises Monetary Policy Rate to 27.50% to Tackle Inflation
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Nigeria’s Central Bank Raises Monetary Policy Rate to 27.50% to Tackle Inflation

  • November 26, 2024
Port Harcourt Refinery begins crude oil processing after protracted delays
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Port Harcourt Refinery begins crude oil processing after protracted delays

  • November 26, 2024