Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele on Thursday briefed President Muhammadu Buhari over the instability in the country’s foreign exchange market which has continued to impact negatively the value of Naira. Emerging from the presidential wing of the Villa after a closed door meeting, Emefiele told State House correspondents that he […]
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Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), has said that the new foreign exchange window for investors and exporters would restore investors’ confidence in the market. Gwadabe told newsmen in an interview on Wednesday in Lagos that the effective utilisation of the window would make the Naira stronger and […]
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Donald Kaberuka, former president of the African Development Bank (AfDB), says once Nigeria can get a single exchange rate in place, the nation’s economy will adjust. Fielding questions from TheCable, at the World Bank, IMF meetings in Washington, Kaberuka said Nigeria could do a lot with oil at $40 a barrel. When asked what Nigeria, […]
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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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The Central Bank of Nigeria has been advised to allow the forces of demand and supply to determine the naira exchange rates against foreign currencies. The Director, Africa Region Board, PKF Professional Services, Mr. Tajudeen Akande, who gave the advice in an interview with our correspondent, stressed the need to address the multiple exchange rates […]
Read More Directors of over 3,000 Bureaux De Change operators will today hold a special meeting aimed at taking strategic decisions to force down the exchange rate on the parallel market. The association, in a statement on yesterday, said the emergency meeting followed last week’s sudden depreciation of the naira against the dollar, pointing out that the […]
Read More The Central Bank of Nigeria on yesterday vowed to sustain its intervention in the foreign exchange market to ensure liquidity in that segment of the financial sector. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, stated this in a statement issued in Abuja. He said as part of its determination to make forex available […]
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Lagos Chamber of Commerce has stressed that the Federal Government’s foreign exchange policy is detrimental to non-oil exports and has led to sharp practices and corruption in the export documentation process. The observation was contained in a statement signed by the Director-General, LCCI, Mr. Muda Yusuf, on Friday. It stated that the chamber had received […]
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The International Monetary Fund (IMF) warned Nigeria its economy needs urgent reform in a report published on Wednesday that highlighted the risks to growth for the recession-hit country and the dangers of a volatile foreign exchange market. The document, a report from IMF staff which Reuters saw an earlier version of last month, outlines a […]
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The Central Bank of Nigeria (CBN) on Monday continued boosting the country’s foreign exchange liquidity with 240 million dollars, part of which 150 million dollars will go to dealers in the interbank wholesale window. Those who stand to gain from the sales through the interbank wholesale auction window include manufacturers, importers of aggro-machineries, plants and […]
Read More Bank chiefs caught frustrating efforts by the Central Bank of Nigeria (CBN) at getting more dollars to end-users risk severe punishment, the apex bank warned yesterday. The warning came on the backdrop of reports that lenders are setting difficult hurdles for foreign exchange (forex) end-users wanting to make purchases for Business Travel Allowances, Personal Travel […]
Read More The Central Bank of Nigeria (CBN) will announce a new foreign exchange rate for licensed Bureaux de Change operators (BDCs) on Monday. Giving this hint at the weekend was Isaac Okorafor, the Acting Director, Corporate Communications of the CBN. Speaking in an interview with The Nation, Okorafor who confirmed this development however kept the new […]
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