Nigeria, Jan. 24 -- Banks lower their interest rates on foreign currency (FX) deposits as the dollar supply improves.

During an executive roundtable organized by PwC and BusinessDay on Thursday, Olusegun Alebiosu, the CEO of First Bank of Nigeria, disclosed that the Central Bank of Nigeria (CBN) restored certain foreign exchange swaps to certain banks in January 2025.

This move contributes to a decline in foreign deposit currency rates by signalling that banks now have enough foreign exchange to return to customers, he said.

This was confirmed by a senior bank executive at another Tier-1 bank, who also mentioned that FX supplies have improved among banks, relieving economic strain.

Resume For BTA And PTA Sales

Following past difficul...