Tag: Forex
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Manufacturers chide banks for forex racketeering
Manufacturers under the aegis of Manufacturers Association of Nigeria, MAN, have accused commercial banks in the country of engaging in foreign exchange racketeering, which has been fuelled by acute shortage of hard currency in the economy. The manufacturers also called for the immediate review of the forex policy of the Central Bank of Nigeria,…
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FG likely to reverse CBN’s forex ban on 41 items – Customs
The Zonal Coordinator, Zone ‘A’ of the Nigeria Customs Service, Assistant Comptroller-General Monday Abueh, has said that the Federal Government may reverse the foreign exchange restriction placed on 41 items imported into the country. Abueh disclosed this in Ibadan during his familiarisation tour of Oyo/Osun Commands as part of his visits to Customs formations under…
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Naira extends stability at major forex market
The Naira on Tuesday continued to extend its stability against the dollar at all the major segments of the forex market. At the parallel market, the Naira exchanged at N498 to a dollar, while the Pound Sterling and the Euro traded at NN615 and N525, respectively. Trading at the Bureau De Change (BDC) window saw…
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CBN insists on retaining current forex policy
The Central Bank of Nigeria has insisted on retaining the current foreign exchange policy. The bank said no amount of criticism and blackmail from “self-centred individuals” would make it change the policy. In a statement on Thursday, titled: “Nigeria’s current economic situation: Our case,” signed by its Acting Director, Corporate Communications Department, Isaac Okorafor, the…
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Forex crisis: Reps query Adeosun, Udoma, others
Sequel to the rising inflation and the free fall of the Naira against the United States Dollar, Minister of Finance, Mrs. Kemi Adeosun, and the Minister of Budget and National Planning, Senator Udoma Udo Udoma appeared before members of the House of Representatives on Monday for questioning. Adeosun and Udoma appeared before the House Joint…
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Forex Scarcity: BDCs task CBN, media on single market rate
The Association of Bureau De Change Operators of Nigeria (ABCON) has urged the CBN to harmonise the multiple exchange rates prevalent in the forex market to a single rate regime. Alhaji Aminu Gwadabe, President, ABCON, made the call on Tuesday in an interaction with newsmen in Lagos. Gwadabe also appealed to newsmen to adopt a…
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Health: 2017 budget gets demeaned by forex
Due to continuous depreciation of Naira to other foreign currencies, stakeholders in the health sector have raised an alarm over inadequate budgetary provision of N304 billion for the Federal Ministry of Health in the 2017 national budget. The stakeholders on the platform of Partnership for Advocacy in Child and Family Health, PACFAH, disclosed that the…
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Forex: CBN sells $1bn to clear backlog of demand
As part of its statutory role as lender of last resort, the Central Bank of Nigeria, CBN has sold about $1bn on the over-the-counter financial market to clear a backlog of dollar obligations in selected sectors, according to foreign exchange traders. The traders said on Thursday that the dollar sale was made last week. They…
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Naira weakens to N490/$ at parallel market
The Naira on Wednesday weakened to N490 to a dollar at the parallel market after appreciating to N485 to a dollar during the Christmas break. The News Agency of Nigeria (NAN) reports that the Naira lost 5 points, representing a depreciation of 1.03 per cent, while the Pound Sterling and the Euro closed at N590…
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Foreign Exchange reserves hit $25.5bn as forex scarcity continues
Latest data on the website of the Central Bank of Nigeria, CBN confirms that Nigeria’s foreign exchange reserves have risen to over three-month high of $25bn. The reserves according to the CBN rose to $25.2bn on December 19. Since September, the reserves have gradually dipped low. According to the CBN the reserves recodrded a similar…