Tag: Dollars
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$26bn Diaspora remittances: Where are the dollars?, By Henry Boyo
It is now common for thousands of families across Nigeria to be regularly blessed with foreign exchange remittances from their children or relations, who have abandoned the country in search of greener pastures abroad. Notably, such remittances to Nigeria now reportedly exceed $25bn annually. This value exceeds 50 percent of Nigeria’s reserves of $40bn and…
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Gov Wike takes Ganduje to cleaners, says I’m not dollars you pocket carelessly
Spokesperson of the Rivers State Governor, Nyesom Wike, Simeon Nwakaudu, has lambasted the Kano State Governor, Abdullahi Ganduje over plans to drag his principal to court. Nwakaudu said Wike was not a dollar bill which Ganduje can “pocket sheepishly and recklessly”. Ganduje was reported to have threatened to institute a legal action against Wike, following claims…
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Buhari speaks on huge dollars in circulation few hours to general elections
President Muhammadu Buhari has expressed concern at the huge amount of foreign currency flooding the country which he said is intended to influence the outcome of the general elections beginning on Saturday. Garba Shehu, the president’s Senior Special Assistant on Media and Publicity, in a statement in Abuja on Thursday, said Mr Buhari raised the…
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PDP convention: Dollar windfall for delegates as Atiku, Saraki, others contend for presidential ticket
As some of the powerful presidential aspirants lock horns in the ongoing Peoples Democratic Party (PDP) presidential primary election, it appeared the event has become an harvest season for the party’s delegates. According to reports some of the undecided among the 3,500 delegates were said to have received thousands of dollars as bribes from some…
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‘Jonathan, wife ordered me to convert dollars to naira,’ Dudafa tells court
Former Special Assistant on Domestic Affairs to ex-President Jonathan, Waripamo Dudafa, yesterday told the Federal High Court in Lagos that all the foreign currencies he gave to a Bureau De Change operator to convert to naira were given to him by his bosses. Testifying during a hearing on a suit filed by Mrs Jonathan, Dudafa…
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CBN injects fresh $250m to lift naira
The Central Bank of Nigeria on Tuesday injected $250m into the various segments of the inter-bank foreign exchange market, in order to lift the naira against other major currencies. Figures obtained from the CBN indicated that the Retail Secondary Market Intervention Sales segment of the market received the highest intervention with a total of $100m,…
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Forex crisis: CBN set to inject additional dollars this week
The Central Bank of Nigeria (CBN) is set to inject more dollars through intervention segments of the market, thereby heightening expectations that the Naira will appreciate significantly during the week. The spokesman of the apex Bank, Isaac Okorafor, while exchanging views with news men over the weekend, confirmed the anticipated interventions in most segments of…
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CBN denies reports of allocation of dollars
The Central Bank of Nigeria (CBN) has denied reports from some quarters that it allocates dollars unilaterally. A statement by Mr Isaac Okoroafor, Acting Director, Corporate Communications on Saturday in Abuja, decried the way some Nigerians chose to disparage those in leadership at this time in total insensitivity to the larger interests of the Nation’s…