CBN stops forex sale to BDCs as Naira fall to 285 against Dollar

The Central Bank of Nigeria on Monday stopped the sale of foreign exchange to all the 2,786 licensed Bureau De Change Operators across the country. The ban was announced by the CBN Governor, Mr. Godwin Emefiele, at a special media briefing held at the bank’s headquarters in Abuja just as the naira traded at 285 […]

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‘Fire CBN Gov Immediately,’ Past. Tunde Bakare to Presidency

The Serving Overseer of the Latter Rain Assembly, Pastor Tunde Bakare, has urged President Muhammadu Buhari to immediately sack the Governor of the Central Bank of Nigeria, Godwin Emefiele, and probe him. Bakare, who was Buhari’s running mate in the 2011 presidential election, said this while delivering his State of the Nation address, titled, ‘Roadmap […]

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Dangote refinery to fetch $6bn forex yearly – CBN

The Central Bank of Nigeria has expressed its readiness to support the refinery, fertiliser and petrochemical complex being built by Dangote Industries Limited in Lagos by providing foreign exchange for the importation of equipment. The central bank said the project, when completed, would fetch the country about $6bn in foreign exchange yearly through the export […]

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Pressure to devalue naira grows amid CBN resistance

While the Central Bank of Nigeria has opposed the idea of another devaluation of the ailing naira, industry experts insist that is the way to go as the currency has continued to weaken, ’FEMI ASU writes, Punch. The persistent weakness of the naira, occasioned by low oil price in the international market, calls for devaluation […]

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External Reserves Lose $112m In Five Days

The nation’s foreign reserves have fallen by $112m in five days to $28.960bn; the latest figures obtained from the Central Bank of Nigeria have shown. The loss, recorded between December 31 and January 6, was the biggest in Nigeria’s reserves since the CBN implemented the use of Bank Verification Number in the forex trading. In […]

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Cement Producers To CBN: Forex Policy Hurting Economy

Cement Producers Association of Nigeria (CPAN) has urged the Central Bank of Nigeria (CBN) to reconsider its foreign exchange (forex) policy that compels exporters to sell their forex earnings at the CBN’s official exchange rate of N197 to the dollar instead of allowing them to sell at the open market. Speaking with The Nation, its […]

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Arms Deal: SERAP Wants EFCC To Prosecute CBN, Bank Executives

SOCIO-Economic Rights and Accountability Project (SERAP) has sent petitions to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) requesting them to use their good offices and investigate the high levels of anomalies in the operations of Nigerian banks, other financial institutions, including the Central Bank […]

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CBN Cuts BDCs’ Dollar Sales To $10,000

The Central Bank of Nigeria (CBN) will on Wednesday sell $10,000 to each of the 2,839 bureaux de change (BDC) operators it approved last week. President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, who made this known yesterday, said the CBN took the decision because demand for dollar is still […]

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CBN Says Dollar Restrictions To Remain Till Reserves Rise To $200bn

The Central Bank has revealed that it has no plans to loosen the controls it placed over foreign currency transactions until our reserves rises to $200 billion. According to media reports, the CBN director for monetary policy, Moses Tule made this remark during an interactive session with journalist when he was asked how long the […]

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EMEFIELE

CBN Mulls Measures To Stabilise Economy

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has said that the bank would introduce additional to rescue Naira from further decline as one of the several measures aimed to boosting the nation’s economy and stabilise the Naira which is at present N199.05 against the US dollar. Nigeria the largest economy in Africa and […]

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CBN To Pump $90m Into Parallel Market

The Central Bank of Nigeria (CBN) is expected to shut the official foreign exchange (forex) window for the year by Wednesday and pump $90 million into the parallel market, it was learnt yesterday. This week’s parallel market intervention is expected to curb prevailing naira volatility in the market. The naira last week exchanged at N280 […]

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Godwin Emefiele

CBN Promises Stable Naira Robust Economy In 2016

Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele says the apex bank is evolving additional measures to boost the nation’s economy and stabilise the naira. Emefiele made the remark at an Interactive Session with Media Editors in Abuja. He declined to give details of the measures and modalities for their implementation “Don’t ask […]

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