CBN has made moves to strengthen the naira currency to boost domestic manufacturing and lift the economy out of recession caused by the slump in global oil prices. But analysts said the measures do not go far enough and foreign investment would only return to Africa’s most populous nation once the market determines the currency’s […]
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The Nigeria Central Bank on Thursday said it would from next Monday begin the sale of foreign exchange to Bureau De Change operators twice weekly. The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, who confirmed this, stated that the move was part of the apex bank’s determination to sustain the liquidity in the […]
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The Economic and Financial Crimes Commission has arrested two directors of the Central Bank of Nigeria for alleged forex manipulation and economic sabotage. Sources at the EFCC told correspondents on Wednesday that the directors were still in custody as of press time at 7.30pm. It was learnt that the investigation into the CBN officials activities […]
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The Central Bank of Nigeria (CBN) yesterday said it will inject $195 million comprising of $150 million for the wholesale auction and $45 million in the invisible segment for such items as medical fees, tuition fees, Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). Confirming the foreign exchange sales, the CBN Acting Director, Corporate […]
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The Naira on Tuesday sustained its gain against the dollar at the FOREX market, the News Agency of Nigeria (NAN) reports. The Nigerian currency exchanged at N455 (Buying rate), N457 (selling rate) at the parallel market, from the N455/460 it traded on Monday, while the Pound Sterling and the Euro closed at N547 and N480, […]
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Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday, attributed the pressures on exchange rate in the parallel market to illegal and criminal activities of some individuals. Emefiele stated this while receiving the Vanguard Newspaper Personality of the Year Award at a colourful event held in Lagos. He also urged Nigerians to embrace the […]
Read More The Central Bank of Nigeria (CBN) has given access to about 7, 792 requests for foreign exchange valued at over 867 million dollars to manufacturers and other strategic actors in the Nigerian economy, according to a statement. The statement by acting Director, Corporate Communications Department, Mr Isaac Okorafor, on Thursday in Abuja, stated that the […]
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Amid the prevailing foreign exchange challenges confronting major businesses in the country, the Association of Foreign Airlines’ Representatives in Nigeria (AFARN), has warned the Federal government that more of its member airlines operating in the country could close down their business if the current exchange rate which is not favourable to them persists. It also […]
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Worried by the current recession in the country, the Central Bank of Nigeria (CBN) has called on Nigerians to remain calm, engage in hard work and observe simple rules by supporting the apex bank in her effort to control foreign exchange and encourage made-in-Nigeria products. Alternatively, the Nigeria Labour Congress (NLC), in her X-ray of […]
Read More The Central Bank of Nigeria has described claims by some airlines that they are unable to access foreign exchange to repatriate the proceeds of their operations as untrue. A number of airlines operating on international routes from the country had claimed that their inability to access forex was hampering their operations and was responsible for […]
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CENTRAL Bank of Nigeria (CBN) yesterday said the suspension of some of its personnel over alleged fraud was to enable it carry out unfettered investigation into the matter, The Nation reported.. The bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, explained that the suspended personnel had to undergo administrative procedure because they processed the said payment. He […]
Read More 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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