The Central Bank of Nigeria (CBN), in continuation of its drive to ensure liquidity and stability in the foreign exchange (forex) market, has injected another $195 million into various segments of the inter-bank forex market. A breakdown of the figures by the CBN yesterday, Monday, shows that $100 million was offered to authorized dealers in […]
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The Central Bank of Nigeria (CBN) yesterday intervened in various segments of the inter-bank market with a total of $195milliion. A breakdown of the figure indicates that authorised dealers in the wholesale window segment received a $100 million offer from the bank, while the Small and Medium Enterprises (SMEs) and invisibles windows were allocated $50 […]
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Ecobank Nigeria says operators of the Small and Medium Enterprises in the country can approach the bank for their foreign exchange needs for importation. This, it said, was in line with Central Bank of Nigeria’s recent directive to banks to support the SMEs with forex for import. The Head, SME Commercial Banking, Ecobank Nigeria, Mr. […]
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As Central Bank of Nigeria (CBN) injected $240 million to the Retail Secondary Market Intervention Sales (SMIS) last Friday, its series of injection into the foreign exchange(forex) market may have hit $6.38billion. Analysis shows that since February 21, when the apex bank’s interventions began, up to the last Friday that preceded the Eid-al-Fitr holiday, CBN […]
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Following its 800 million dollars intervention in the Interbank Foreign Exchange Market last week, the Central Bank of Nigeria (CBN), on Monday, injected 195 million dollars into the market to meet the requests of customers in the various segments of the market. The acting Director, Corporate Communications, Mr Isaac Okorafor, said in a statement in […]
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Fitch Ratings has said banks’ ability to access foreign currency (FC) has improved considerably since the Central Bank of Nigeria (CBN) introduced a foreign exchange “window” at end-April aimed at investors and exporters. The Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) mechanism, commonly referred to as the “Investors’ and Exporters’ FX Window”, appears to be […]
Read More The 3,239 bureaux de change (BDCs) approved by the Central Bank of Nigeria (CBN) got $520 million from the apex bank dollar interventions in the last four weeks, correspondent reports. The funds, followed $40,000 per BDC weekly dollar allocations from the CBN, in its commitment to deepen liquidity in the foreign exchange market. A circular […]
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Former Finance Minister, Mrs Ngozi Okonjo-Iweala, has said growth and development would not be achieved when a country has distortions in its foreign exchange rates. Speaking at the launch of ‘Beating the Odds: Jumpstarting Developing Countries’, a book written by Justin Yifu Lin and Celestin Monga in Ahmedabad, India, Okonjo-Iweala said there was no one […]
Read More The Central Bank of Nigeria yesterday released list of 36 items valid for access to foreign exchange in the foreign exchange market. In a circular to all banks and the general public yesterday the CBN said that the list of the 36 items valid was released to clarify misconceptions about details of the 41 items […]
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The Central Bank of Nigeria (CBN) has been called upon by stakeholders to penalise banks violating its rules on foreign exchange (forex) transactions. More than 16 lenders were recently accused by the apex bank of violating its forex rules, including not obeying directives on selling forex to Small and Medium Enterprises (SMEs) and also not […]
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The Central Bank of Nigeria (CBN) yesterday injected a total sum of $388.66 million to the retail segment of the interbank window of the foreign exchange market. Yesterday’s injection was to meet the bids submitted by dealers since Tuesday, May 2, 2017. Confirming the numbers, the Acting Director, Corporate Communications Department at the CBN, Isaac […]
Read More Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, on Thursday said President Muhammadu Buhari was thrilled at the current stability being witnessed in the foreign exchange market. Emefiele told State House correspondents that Buhari was delighted to learn about the stability when he (the CBN governor) briefed the President on the activities of the apex […]
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