Tag: Forex
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CBN resumes forex sales to licensed BDC operators
The Central Bank of Nigeria (CBN) says it has commenced the sales of foreign exchange to the Bureau De Change (BDC) operators in the country. The CBN made this known in a circular signed by Dr Ozoemena Nnaji, Director Trade and Exchange Department, and addressed to authorised dealers and BDC operators on Thursday. The bank…
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How to Day Trade Pre-Market Futures
It is not mandatory to start trading in these preceding hours. However, there are opportunities many players don’t want to miss. If you are used to day trading, consider starting earlier. Here is an overview of the benefits and drawbacks of this arrangement.
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CBN injects $210m into Forex Market
The Central Bank of Nigeria (CBN) has injected the sum of 210 million dollars into the inter-bank Foreign Exchange Market to boost liquidity in the sector. The bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor made this known in a statement in Abuja on Tuesday. Okorafor explained that authorised dealers in the wholesale segment of…
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CBN summons currency dealers, others on development in forex market
The Central Bank of Nigeria (CBN) has summoned all authorised currency dealers for a meeting to discuss development in the foreign exchange market. The invitation was contained in a circular released and signed by the bank’s Director, Trade and Exchange, Mr Ahmed Umar in Abuja on Friday. It explained that the meeting would engage the…
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Refinery: FG Will Source Forex from Dangote – CBN Gov
The Federal Government will soon start sourcing foreign exchange (forex) from Dangote Group, as soon as the latter’s refinery, petrochemicals and fertilizer projects come on stream. This potential reversal of roles was disclosed by the Central Bank Governor, Mr. Godwin Emefiele, after he spent over four hours touring the ongoing Dangote Refinery, Petrochemicals, Fertilizer projects…
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Forex: CBN adds fertilizer to banned items, vows to clamp down on violators
The Central Bank of Nigeria (CBN) has announced plans to sanction some corporate and entities said to be engaging in the dumping of the 41 items restricted from being imported into the country with foreign exchange sourced from the Nigerian Foreign Exchange Market. Recall that the CBN as part of its developmental objective of employment…
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Communications ministry, CBN move to include ICT, Telecom on Forex list
The Minister of Communications, Mr Adebayo Shittu, says the ministry is collaborating with the Central Bank of Nigeria (CBN) to include the ICT and Telecom industry on Forex priority list. Shittu, represented by Mr John Emeawa, Director, Planning, Research and Statistics (PRS), Ministry of Communications, disclosed this on Wednesday in Abuja while inaugurating the ICT,…
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Forex: CBN revised manual takes effect
The recently review manual for the foreign exchange (forex) market in the country took effect on Wednesday, August 1, 2018. This was confirmed by a circular signed by the acting Director in charge of Trade and Exchange Department of the Central Bank of Nigeria, Mrs F O Okonji. Recall that as part of a deliberate…
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NCC tasks telecom operators on efficient usage of FOREX allocation
The Nigerian Communications Commission (NCC), has called on telecom operators to ensure efficient usage of FOREX allocation to prevent capital flight. NCC made the call at a meeting with operators on “Framework for Confirmation of Reasonableness of Service Requests’’ in Abuja on Tuesday, while deliberating on ways to overcome the challenges of FOREX allocation in…
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Forex: Emefiele pays unscheduled visits to First Bank, UBA, Zenith, insists on $1/N360 benchmark
Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), on Monday paid an unannounced visit to First Bank, UBA and Zenith banks offices in Abuja to inspect sales of foreign currencies to customers. He said that the visit was to ascertain banks compliance with the new directive by the CBN to sell foreign currencies to…