Emefiele and the burden of a prophet
By JACKSON UGBECHIE Dateline June 2015: Godwin Emefiele, the Governor of Central Bank of Nigeria, CBN, banned importation of 41 items which the apex bank classified as ‘not valid for…
It’s N480 to a dollar as scarcity of forex worsens
The scarcity of dollars at the parallel market worsened on Tuesday in Lagos and it forced the Naira down to N480 to a dollar. The Pound Sterling and the Euro…
Nigerian banks to limit debit card spending abroad to ease FX risk
Nigerian banks plan to reduce the amount customers can spend abroad using debit cards on Monday, two lenders said, as banks try to limit foreign currency settlement risk. The country…
Naira, others to stay down against US dollar in next 3 months: says poll
Nigeria’s naira and other emerging market currencies will struggle over the next three months against the stronger dollar as tensions between the United States and China over the coronavirus pandemic…
First Bank, others stop transfer of forex from domiciliary accounts
Nigerian banks have stopped international transfer of dollars and other foreign currencies from domiciliary accounts, claiming it was a directive from Central Bank of Nigeria (CBN). Investigations by Political Economist…
Why Nigeria needs to develop a vibrant commodities trading ecosystem – SEC
The Securities and Exchange Commission (SEC) says the commission is committed toward ensuring that the commodities trading ecosystem in the country becomes vibrant to contribute to economic development. A statement…
FAAC Disburse N1.92trn to 3 Tiers of Govts. in Q1, 2019 – NBS
The Federation Account Allocation Committee (FAAC) has disbursed N1.92 trillion to three tiers of government in first quarter of 2019, according to the National Bureau of Statistics (NBS). The NBS…
Exclusion of Textile From FX Threat to The Fashion Industry- LCCI
The Lagos Chamber of Commerce and Industry (LCCI) says the exclusion of all forms of textile materials from the foreign exchange market pose a threat to the N5 trillion…
BDCs task CBN on rate harmonisation as unemployment looms at BDC subsector
April 5, 2018 Alhaji Aminu Gwadabe, President, Association of Bureaux Des Change Operators of Nigeria (ABCON) has called on the CBN to harmonise the rate at which it sells FOREX…
CBN injects $210m into foreign exchange market but banks still deny clients BTA
Central Bank of Nigeria (CBN) has injected 210 million dollars into the inter-bank Foreign Exchange Market to ensure availability and meet customers’ requests in various segments of the market. Giving…