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 […]
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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 […]
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Barely three days after the naira weakened against the United States dollar (USD), the Central Bank of Nigeria is set to boost the local unit with the injection of more dollars into the foreign exchange market this week. The CBN, it was learnt, was planning to increase dollar supply with a view to ensuring liquidity […]
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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 […]
Read More 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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Sixteen banks shared in the $230 million foreign exchange (forex) mart by the Central Bank of Nigeria through the forward contract agreement. This forms part of the fulfillment of the apex bank’s pledge to ensure liquidity in the interbank market under the latest policy announced last week. Of the 16 financial institutions, 13 are commercial […]
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