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FG, CBN policies: $10bn trapped outside Nigeria – OPS

The organised private sector, comprised of manufacturers and small businesses in the country, said on Tuesday, that the policies of the Federal Government and the Central Bank of Nigeria, CBN, are killing businesses in the country, stating that due to the unfavourable policies, businesses have refused to repatriate about $10 billion into the country. This […]

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CBN hq

Economy Boost: CBN direct wants banks to give 60% of forex to manufacturers

The Central Bank of Nigeria (CBN), has directed commercial banks in the country to allocate 60% of their foreign exchange purchases to manufacturers, in a bid to boost the ability of the real sector operators to pay for imports so as to boost the economy. Widespread dollar shortages, caused by a fall in oil revenues, […]

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Debts: FG deducts N32bn from States allocation, Osun, 5 other states in trouble

It has been revealed that the Federal Government deducted a total sum of N32bn from allocations of states from the Federation Account in the month of April 2016 for different debts they incurred especially through loans. In a report by the Economic Confidential, Osun state was worse hit by the development and ranks number one, […]

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FCMB faults NPA’s allegation of non-remittance of funds

The management of First City Monument Bank (FCMB) has faulted the allegation leveled against it by the Nigerian Ports Authority (NPA) over the non-remittance of funds despite admitting receiving Euro payments for a transaction. The bank’s position was expressed in a statement submitted to the Nigerian Stock Exchange (NSE) last week Thursday, alleging that NPA […]

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GIABA, stakeholders discuss global money laundering, terrorism financing

The ECOWAS Inter-Governmental Action Group against Money Laundering and Terrorism Financing in West Africa (GIABA) has met this with regional stakeholders in Dakar to discuss the global emerging trends in anti-money laundering and ways to combat terrorism financing . According to a statement by the sub-regional body, the move was aimed at creating a better […]

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Unavailability of Forex cause of high Inflation – Importer

Chief Israel Ezue, Chief Executive Officer, White-Gate International Ventures, has attributed high inflation rate and hardship in the country to non availability of Foreign Exchange (FOREX) for business transactions. Ezue, in an interview with the News Agency of Nigeria in Orumba, Anambra, on Saturday, said that accessing foreign exchange had become extremely difficult for Nigerian […]

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Empowerment Programme: 17, 000 widows to benefit from N2.5m

At least 17,000 widows from communities around Ile-Ife in Osun State will benefit from the 2.5 million Naira empowerment programme of the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi. The communities that benefited from the empowerment programme were Modakeke, Ife, Ipetumodu and others. Addressing the widows in his palace at Enuwa Square Ile-Ife, the Ooni […]

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Pres. Buhari calls to end illicit flow of funds

President Muhammadu Buhari has called on all governors of central banks in Africa to bring to an end all forms of illicit flow of funds out of the continent. The President stated this while speaking at the opening session of the 2016 annual meeting of the Association of African Central Banks. The event held at […]

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Foreign reserves down to $25.78b

The foreign exchange reserves fell to $25.78 billion as of August 16, representing 2.11 per cent plunge from a month ago, data from the Central Bank of Nigeria (CBN) showed. The reserves position is expected to provide about five months import cover for the country. Previous data on the reserves showed that they increased marginally […]

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Naira

Naira sinks to all-time low of 365.25/dollar

The naira traded at an all-time low of 365.25 to the dollar on Thursday in a single interbank market trade of $1m, Reuters data showed. Interbank trading started two hours after the market opened and offered the currency sharply lower against the dollar. A total of $13m had been traded by 1235 GMT. The naira […]

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Forex demand: 2,780 BDCs fail to meet requirement

No fewer than 2,780 of the total of 2,990 Bureau De Change Operators (BDCs) in Nigeria have been discovered to be unable to meet the foreign exchange requirement on Know Your Customer (KYC) stipulated by the Central Bank of Nigeria (CBN), investigations have revealed. Consequently, the affected 2,780 BDCs were denied access to the new […]

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Nigeria imported U.S.$227m Sugar in 7 months

Nigeria imported $227 million worth of sugar in the first seven months of this year, a report by the Central Bank of Nigeria (CBN) has revealed. According to the CBN’s compilation of funds used for sugar imports reported by Bloomberg yesterday, the highest monthly value of imports of $79.1 million was recorded in June. The […]

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