The recent decision by the Central Bank of Nigeria (CBN) to exclude the textile sector from the forex market will put over ₦5 trillion worth of investments in jeopardy, the Lagos Chamber of Commerce and Industry (LCCI) has warned. Besides the threat posed on the ₦5 trillion investments the chamber equally raised the alarm that […]
Read More The Central Bank of Nigeria on Monday denied involvement in foreign exchange manipulation as alleged in one of the national dailies. The bank’s Director, Corporate Communications of the CBN, Mr Issac Okorafor made the denial on its website. The regulator noted that the story by BusinessDay Newspaper titled, “Exposed The Sleazy Face of ₦306/$1, inside […]
Read More Between January and September last year, a total foreign exchange inflow of $40.93 billion was recorded by the Central Bank of Nigeria. The inflow of $40.93 billion, when compared with the $27.95 billion recorded in the first nine months of 2017, represents an increase of $12.98 billion. An analysis of the third quarter economic report […]
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The anticipated hike in interest rate by the Federal Open Market Committee (FOMC) of the United State Federal Reserve is expected to have a negative impact on foreign capital inflows into Nigeria as well as on foreign exchange (FX) rate. Owing to this, analysts at FSDH Merchant Bank have advised companies in Nigeria to limit […]
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In its desire to ensure the availability of forex and also meet customers’ requests in various segments of the market, the Central Bank of Nigeria (CBN) has injected another sum of $210 million into the inter-bank Foreign Exchange Market. Figures obtained from the bank on Monday, indicated that the apex bank offered $100million to authorised […]
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The Nigerian Government is set to begin strict border controls on the physical movement of commodities like dollars and other foreign currencies. This is expected to quell foreign exchange scarcity and check money laundering activities, it was learnt. A draft law to ease dollar shortage by restricting movement of hard currencies in and out of […]
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In what has become a sustained intervention, the Central Bank of Nigeria (CBN), yesterday, injected additional $195 million into the inter-bank foreign exchange market to keep it liquid. Figures released by the apex bank show that it injected $100million into the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received $50 million. The […]
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The Central Bank of Nigeria (CBN), has once again injected another sum $250 million into the forex market. This is as a result of its relentless effort to keep the inter-bank foreign exchange market liquid.. A breakdown of Monday’s intervention indicates that the wholesale sector was offered the sum of $100 million, just as the […]
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The Nigeria’s Central Bank on Friday assured of its continued intervention in the inter-bank foreign exchange market in order to sustain liquidity and stability in the sector. The Acting Director, Corporate Communications Department at the apex bank, Isaac Okorafor, stated this in Abuja. He said the measures being taken by CBN had yielded positive results […]
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The Nigerian Export Promotion Council (NEPC) has said that only forex earnings made from export of non-oil products will spur Nigeria’s sustainable economic growth,. Its Chief Executive Officer Mr. Segun Awolowo made this known at the Quarterly Lecture organised by the former Director General of National Poverty Alleviation Programme (NAPEP), Dr Magnus Kpakol, in Abuja. […]
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Naira edge up on Thursday as the Central Bank of Nigeria (CBN) injected $297 million into the Retail Secondary Market Intervention Sales (SMIS) segment of the foreign exchange market, raising the total intervention for the week to the sum of $547 million. The intervention boosted its rate as it closed at ₦362 to the dollar […]
Read More Nigeria’s apex Bank; Central Bank of Nigeria (CBN) yesterday further energised the foreign exchange market with additional $195 million for the three segments. In the wholesale segment of the inter-bank foreign exchange market, the apex bank auctioned $100 million and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum […]
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