The Nigerian Economic Summit Group, a private sector think-tank and policy advocacy group, has said clarity on the nation’s foreign exchange policy is necessary to lure back foreign portfolio investors into the country. The Chairman of the Board, NESG, Mr. Kyari Bukar, stated this at a press briefing after the group’s 21st Annual General Meeting […]
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Foreign investors are still staying on the sidelines, waiting for the naira to float freely, as the latest foreign exchange policy of the Central Bank of Nigeria has failed to restore confidence, ‘FEMI ASU of Punchng writes While the nation’s forex market has seen increased liquidity in recent days on the back of the Central […]
Read More Both the economists and manufacturers have joined the call for the abolition of the dual exchange rate policy currently being operated in Nigeria, They say the present arrangement is a breeding ground for corruption and suggest floating of the naira so that everybody can buy the dollar at the same rate. A professor of Economics […]
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Economic and financial experts say it is uncertain that the latest policy action on foreign exchange introduced by the Central Bank of Nigeria will work. The CBN had on Monday announced a new policy decision aimed at boosting forex supply to end-users in order to ease the pressure at the parallel market. Economists said the […]
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The Manufacturers Association of Nigeria (MAN) yesterday lamented that its members lost a whopping N500billion to the flexible exchange rate introduced by the Central Bank of Nigeria (CBN). Its Chairman, Apapa Branch, Mr Babatunde Odunayo, who spoke yesterday during the branch’s 45th Annual General Meeting (AGM) in Lagos, Letters of Credit and Form Ms approved […]
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The naira firmed at the parallel market on Friday, while stocks posted their biggest weekly rally in 14 months as domestic funds snapped up shares following the Central Bank of Nigeria’s currency reforms designed to attract foreign investors, traders said. The CBN according to Punchng, has said it will let the market set the exchange […]
Read More The Nigeria Naira dropped against the United States dollar at the parallel market from 355 on Friday to 357 on Monday, according to foreign exchange traders, reported by Punchng. Analysts and traders linked the drop to the mounting fears among traders and investors over the flexible exchange rate policy proposed by the Central Bank of […]
Read More The Central Bank of Nigeria says the modalities for the planned flexible exchange rate policy is being worked out and will be released in due course, Punchng report. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okoroafor, said the Monetary Policy Committee’s decision to adopt a flexible forex policy was made in the interest of […]
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The Central Bank of Nigeria has failed to dispel uncertainty over the implementation of the flexible exchange rate policy that will lead to the abandonment of the naira peg, bankers said on Thursday. A meeting between the CBN Governor, Godwin Emefiele, and local currency traders under the aegis of the Financial Market Dealers Association on […]
Read More The Nigeria Naira is expected to trade around 350 per dollar in the coming days as uncertainty over the implementation of the Central Bank of Nigeria’s planned new flexible exchange rate policy persists. The local currency retreated to 350 to the dollar on the parallel market on Thursday from 360 a dollar last week, Punchng report. […]
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The Nigerian Stock Exchange All-Share Index on Wednesday posted the biggest return since the beginning of this year, as investors reacted positively to the Central Bank of Nigeria’s Monetary Policy Committee’s decision to allow a flexible foreign exchange regime. The market capitalisation appreciated by N354bn to close at N9.706tn from N9.352tn on Tuesday, while the […]
Read More The Monetary Policy Committee of the Central Bank of Nigeria has directed the management of the apex bank to adopt a flexible exchange rate policy in the inter-bank forex management structure. CBN Governor, Mr. Godwin Emefiele, disclosed this on Tuesday while addressing journalists shortly after the two-day MPC meeting held at the apex bank’s headquarters in […]
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