The recent decision by the Central Bank of Nigeria (CBN) to exclude the textile sector from the forex market will put over ₦5 trillion worth of investments in jeopardy, the Lagos Chamber of Commerce and Industry (LCCI) has warned. Besides the threat posed on the ₦5 trillion investments the chamber equally raised the alarm that […]
Read More The Central Bank of Nigeria on Monday denied involvement in foreign exchange manipulation as alleged in one of the national dailies. The bank’s Director, Corporate Communications of the CBN, Mr Issac Okorafor made the denial on its website. The regulator noted that the story by BusinessDay Newspaper titled, “Exposed The Sleazy Face of ₦306/$1, inside […]
Read More Between January and September last year, a total foreign exchange inflow of $40.93 billion was recorded by the Central Bank of Nigeria. The inflow of $40.93 billion, when compared with the $27.95 billion recorded in the first nine months of 2017, represents an increase of $12.98 billion. An analysis of the third quarter economic report […]
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The anticipated hike in interest rate by the Federal Open Market Committee (FOMC) of the United State Federal Reserve is expected to have a negative impact on foreign capital inflows into Nigeria as well as on foreign exchange (FX) rate. Owing to this, analysts at FSDH Merchant Bank have advised companies in Nigeria to limit […]
Read More The Central Bank of Nigeria, CBN, cash injection into the nation’s foreign exchange market rose by 118 percent to about $48 billion in 2018 from $22 billion in 2017. The cash injections were dominated by the settlement of matured forward contracts estimated at $16 billion in 2018. The sharp increase was triggered by the decision […]
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One of the leading companies on forex trading, Alpari has called on Nigerians to venture into currency trading and take advantage of the opportunities that are bound for wealth creation. Speaking during a training organised by Alpari on forex trading, the CEO Alpari Research and Analysis, United Kingdom, Roberto Ambrosio, said the company embarked on […]
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The adoption of the Investors and Exporters Foreign Exchange (I&E, FX) window by the Central Bank of Nigeria (CBN) in 2017 has helped to trigger massive inflow of Foreign Portfolio Investment (FPI) funds into the country. The newly appointed Group Chief Executive Officer, United Capital Plc, Mr. Peter Ashade, who stated this at a media […]
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The Central Bank of Nigeria (CBN) flagged off its intervention in the sale of foreign exchange in Chinese Yuan (CNY), Friday, signaling the consummation of the Bilateral Currency Swap Agreement (BCSA) signed with the People’s Bank of China (PBoC) on April 27, 2018. CBN, in a statement disclosed that the sales would be through a […]
Read More As the Association of Bureaux De Change Operators of Nigeria (ABCON) launched the live rate engine room, www.naijabdcs.com, in Lagos yesterday, its President, Aminu Gwadabe, has predicted that the new initiative would transform the foreign exchange (forex) market and keep speculators at bay. Gwadable, in his address at the event, said the website would be […]
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In its desire to ensure the availability of forex and also meet customers’ requests in various segments of the market, the Central Bank of Nigeria (CBN) has injected another sum of $210 million into the inter-bank Foreign Exchange Market. Figures obtained from the bank on Monday, indicated that the apex bank offered $100million to authorised […]
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The Central Bank of Nigeria (CBN) has injected another sum of $210 million into the inter-bank foreign exchange market to meet customers’ requests in various segments of the market. Figures obtained from the apex bank yesterday indicate that CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the Small […]
Read More The Central Bank of Nigeria (CBN) yesterday injected $210 million into the foreign exchange market to sustain its liquidity. CBN Acting Director, Corporate Communications Department, Isaac Okorafor said $100 million was offered to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment got $55 million. The invisibles segment comprising of tuition fees, medical […]
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