• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, July 2, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Delayed Market Guidance By CBN Triggers Naira Fall – Afrinvest

by Olushola Bello
11 months ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

The 2024 Nigerian Banking Sector Report by Afrinvest Group has linked Central Bank of Nigeria’s delay in providing market direction guidance to forex dealers and investors as responsible for significant fall in the value of the Naira.

Advertisement

The launch of the 2024 Nigerian Banking Sector Report by Afrinvest Group held in Abuja, with the theme ‘Banking Recapitalisation: Catalyst for $1 trillion Economy’, attracted key stakeholders from the Nigerian banking sector.

The report said, the governor of CBN, Olayemi Cardoso failed to provide clear communication to the market in his first 60 days in office, forcing the FX market to capitulate to speculative activities.

It insisted that the year 2023 would go down in history as one of Nigeria’s most turbulent years on the exchange rate front.

“On June 14, the interim CBN leadership announced the collapse of all FX segments into the I&E window and re-introduced the willing buyer, willing seller model, among others. This announcement, in its basic terms, implies the change in the FX management system to a crawling peg from managed float,” the report said.

RELATED

NRS Hosts Tax Clinic For Emerging Taxpayers In Lagos

NRS Hosts Tax Clinic For Emerging Taxpayers In Lagos

4 hours ago
Tranos Begins Construction Of 800MW Solar Panel Plant To Boost Nigeria’s Energy Industry

Tranos Begins Construction Of 800MW Solar Panel Plant To Boost Nigeria’s Energy Industry

5 hours ago

It further disclosed that on the back of this development, the CBN official FX rate fell 29.0 per cent on June 14 to N660.04/$, thereby narrowing the differential between the parallel market and the official rate to N92.96 from N283.33 the prior day.

According to the report, by the end of June 2023, the differential between the official and parallel market rate has diminished to N2.75, a level last seen in the pre-COVID period.

The report recommended effective execution of fiscal reforms that include solving the problems of insecurity, poor infrastructure, and. unfriendly business environment, stating that weak legal system remained the only foundation upon which the CBN coukd achieve a lasting solution to the recurring FX crises.

On banks’ performance, the report said banks gained N2.6 trillion from FX trading and revaluation owing to favourable net FX positions.

Speaking at the event, the managing director of Afrinvest Group, Mr. Ike Chioke, discussed the inception of the banking sector report in 2005, following the first recapitalisation programme.

“Our report aims to highlight the dynamics of the Nigerian banking sector. Investors should exercise caution and thoroughly evaluate opportunities before investing in the current recapitalisation exercise,” he advised.

Chioke acknowledged the challenging macroeconomic environment but underscored the importance of data-driven economic management, stating that despite the potential national strike, the data is available to run the economy effectively.

On recapitalisation, the report said the Nigerian banking sector had witnessed several recapitalisation episodes in a bid to shore up minimum capital required to compete locally and globally.

It said the most recent round of recapitalisation was targeted at strengthening the financial system and aiding the government’s $1 trillion economy by 2030.

The report said efforts to reform a banking system, whether through financial liberalisation, recapitalisation, restructuring, enhanced regulation or technological innovations, are understood to have some positive bearing on broad economic progress.

 

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Naira
SendShareTweetShare
Previous Post

Neoprofit Review 2024: Scam or Legit Trading Platform? – Easy Profit!

Next Post

Allow Peaceful Dialogue – Ajaka

Olushola Bello

Olushola Bello

You May Like

NRS Hosts Tax Clinic For Emerging Taxpayers In Lagos
Business

NRS Hosts Tax Clinic For Emerging Taxpayers In Lagos

2025/07/02
Tranos Begins Construction Of 800MW Solar Panel Plant To Boost Nigeria’s Energy Industry
Business

Tranos Begins Construction Of 800MW Solar Panel Plant To Boost Nigeria’s Energy Industry

2025/07/02
Keystone Bank Empowers Entrepreneurs With SME Business Clinic Nationwide
Business

Keystone Bank Empowers Entrepreneurs With SME Business Clinic Nationwide

2025/07/02
Inflationary Pressures Hamper Business Operations
Business

Economic Reforms Drag Business Activities To 7-month Low

2025/07/02
NNPC Declares N674bn Profit For 2021
Business

NNPC, IPPG Chart Path To Delivering 3m Barrels Per Day Oil Target By 2030

2025/07/02
Customs Recovers N72.4m From Importers At Lagos Seaports
Business

Group Discusses Intermodal Cargo Evacuation From Seaports

2025/07/02
Leadership Conference advertisement

LATEST

Court Sentences 2 Beninese, Others To 5-yr Jail Term For Trafficking Cocaine

Kano Gov’t Bans Scrap Materials From North-East

Police Rescue Ghanaian, Arrest 3 Suspected Kidnappers 

Personal Injuries Are Rising In 2025

Court Strikes Out Charges Against Pastor Accused Of Defiling Daughter

Nigeria’ll End Diesel Use, Create 1.5m Green Jobs — VP Shettima

JUST-IN: Diddy Cleared Of Sex Trafficking, Racketeering, Guilty Of Prostitution-linked Charge

Tinubu Commissions Kano Digital Park Vandalised During #EndBadGovernance Protest

NRS Hosts Tax Clinic For Emerging Taxpayers In Lagos

Liverpool Appoint Ex-Arsenal Star As Assistant Coach

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.