CBN’s Commitment to Boosting FX Liquidity amid FX Supply Issues
Yesterday, the Central Bank of Nigeria (CBN) issued a circular reaffirming its dedication to enhancing foreign exchange (FX) liquidity and addressing the recent FX challenges in the market. The bank’s plan encompasses six (6) key points, one of which involves lifting the restrictions placed on the forty-three (43) items prohibited from accessing FX through the […]
FTSE Russell Downgrades Nigeria’s Market Status
Recently, FTSE Russell announced the downgrading of Nigeria’s FTSE Equity Country Classification Status from a Frontier market status to an Unclassified market status. Furthermore, from September 18th 2023, Nigerian index constituents will be removed from various FTSE Russell equity indices, valued at zero (NGN0.0001). The equity indices include: FTSE Frontier Index Series, including the FTSE Frontier […]
FX Policy Reforms: CBN Guidance to the Banking Sector
Yesterday, the Central Bank of Nigeria (CBN) released a letter highlighting prudential guidelines to the banking sector, following the impact of the recent foreign exchange (FX) rate regime change. The letter observed the impact of the regime change on the banking sector and the resulting effect on the Naira value of banks’ foreign currency (FCY) […]
