December 24, 2024
Nigeria
Nigeria’s Economy Grows by 3.46% in Q3 2024, Driven by Non-Oil Sector
Business News

Nigeria’s Economy Grows by 3.46% in Q3 2024, Driven by Non-Oil Sector

  • December 23, 2024
President Tinubu Vows Stronger Nigeria-Germany Partnership
News Today In the News

President Tinubu Vows Stronger Nigeria-Germany Partnership

  • December 12, 2024
Nigeria-South Africa Bi-National Commission Opens in Cape Town
News Today In the News

Nigeria-South Africa Bi-National Commission Opens in Cape Town

  • December 2, 2024
Political Participation Key to Meaningful Change in Developing Nations says Osinbajo
News Today In the News

Political Participation Key to Meaningful Change in Developing Nations says Osinbajo

  • November 29, 2024
Former Head of State Gowon Decries Rising Insecurity in Northern Nigeria
News Today In the News

Former Head of State Gowon Decries Rising Insecurity in Northern Nigeria

  • November 28, 2024
Police Silent as Amnesty Alleges Excessive Force Used During August #EndBadGovernance Protests
News Today In the News

Police Silent as Amnesty Alleges Excessive Force Used During August #EndBadGovernance Protests

  • November 28, 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.
Business News News Today In the News

Nigeria’s Central Bank  Sets $100,000 Minimum for Interbank Forex Trading via Electronic Foreign Exchange Matching System

  • November 27, 2024
Marketers Raise Alarm Over Petrol Pricing Disparities Between NNPCL and Dangote Refinery
News Today In the News

Marketers Raise Alarm Over Petrol Pricing Disparities Between NNPCL and Dangote Refinery

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

Nigeria’s Foreign Reserves Hit $40.88 Billion

  • November 27, 2024
Nigeria's Cricket Team Crush Cote d’Ivoire with Record 264-Run Victory
Ball Sports Now Sports

Nigeria’s Cricket Team Crush Cote d’Ivoire with Record 264-Run Victory

  • November 25, 2024