The Nigerian Government is set to begin strict border controls on the physical movement of commodities like dollars and other foreign currencies. This is expected to quell foreign exchange scarcity and check money laundering activities, it was learnt. A draft law to ease dollar shortage by restricting movement of hard currencies in and out of […]
Read More
Nigeria’s external reserves have risen to the highest level in almost three years as it hit $33.11 billion last Thursday, data from the Central Bank of Nigeria(CBN) has shown. That development has put the country’s reserves back at a level not seen since December 2014. Last month, the reserves stood at $33 billion as at […]
Read More
The Central Bank of Nigeria, CBN, Monday, continued its intervention in the inter-bank foreign Exchange market with the injection of $195 million. Figures released by the CBN show that it offered the total sum of $100million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The […]
Read More In what has become a sustained intervention, the Central Bank of Nigeria (CBN), yesterday, injected additional $195 million into the inter-bank foreign exchange market to keep it liquid. Figures released by the apex bank show that it injected $100million into the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received $50 million. The […]
Read More
The Central Bank of Nigeria (CBN), has once again injected another sum $250 million into the forex market. This is as a result of its relentless effort to keep the inter-bank foreign exchange market liquid.. A breakdown of Monday’s intervention indicates that the wholesale sector was offered the sum of $100 million, just as the […]
Read More
The Nigeria’s Central Bank on Friday assured of its continued intervention in the inter-bank foreign exchange market in order to sustain liquidity and stability in the sector. The Acting Director, Corporate Communications Department at the apex bank, Isaac Okorafor, stated this in Abuja. He said the measures being taken by CBN had yielded positive results […]
Read More
The Nigerian Export Promotion Council (NEPC) has said that only forex earnings made from export of non-oil products will spur Nigeria’s sustainable economic growth,. Its Chief Executive Officer Mr. Segun Awolowo made this known at the Quarterly Lecture organised by the former Director General of National Poverty Alleviation Programme (NAPEP), Dr Magnus Kpakol, in Abuja. […]
Read More
Naira edge up on Thursday as the Central Bank of Nigeria (CBN) injected $297 million into the Retail Secondary Market Intervention Sales (SMIS) segment of the foreign exchange market, raising the total intervention for the week to the sum of $547 million. The intervention boosted its rate as it closed at ₦362 to the dollar […]
Read More
The Central Bank of Nigeria (CBN) on Monday intervened in the inter-bank foreign exchange(forex) market to the tune of $250 million in three segments of the market. In the wholesale segment of the inter-bank foreign exchange market, it sold $100 million and also uplifted the Small and Medium Enterprises (SMEs) and invisible segments with the […]
Read More
The Central Bank of Nigeria has tactically made Bureaux De Change (BDC) operators inactive in the Apex Bank’s Forex Window as forex end users embrace commercial banks. The preference for commercial banks followed the uncompetitive rate regime that shifted the business patronage in favour of the lenders. The practice has cut BDCs’ turnover, putting their […]
Read More Nigeria’s apex Bank; Central Bank of Nigeria (CBN) yesterday further energised the foreign exchange market with additional $195 million for the three segments. In the wholesale segment of the inter-bank foreign exchange market, the apex bank auctioned $100 million and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum […]
Read More
The Central Bank of Nigeria (CBN) ended July with another $195 million injection into various segments of the foreign exchange market as part of its strategies to stabilize exchange rate. A breakdown of yesterday’s disbursement shows that $100 million was channeled into wholesale auction at the inter-bank market as the Small and Medium Enterprises (SMEs) […]
Read More
