Tag: Forex
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Forex: CBN injects $210m into market, warns banks against hoarding
…Urges customers to report erring banks The Central Bank of Nigeria (CBN) has made available 210 million dollars to meet customers’ requests in various segments of the foreign exchange market, Mr Isaac Okorafor, the acting Director, Corporate Communications, CBN, said in a statement. Okorafor stated in the statement on Wednesday in Abuja that CBN offered…
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CBN to sanction non-compliant exporters of Forex
The Bankers’ Committee on Tuesday announced the commencement of sanctions against exporters who fail to repatriate foreign exchange (forex) proceeds from their business into the economy. The sanctions will be implemented by the Central Bank of Nigeria (CBN). Addressing newsmen at the end of the Bankers’ Committee meeting in Lagos, Citibank Nigeria Managing Director/CEO Akin…
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Forex: Market gains stability as CBN injects $210m
The various segments of the currency market in the country gained stability last week as the Central Bank of Nigeria (CBN) put another $210 million into the market to sustain flow of forex to meet demands of customers. According to a weekly report released by Cowry Asset, the Naira strengthened against the US Dollar at…
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CBN injects $210m into foreign exchange market
The Central Bank of Nigeria (CBN) has injected another 210 million dollars into the inter-bank Foreign Exchange Market to meet customers’ requests in various segments. Giving a breakdown of the intervention, the bank’s acting Director, Corporate Communications, Mr Isaac Okorafor on Monday in Abuja said that 100 million dollars was offered to authorised dealers in…
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Forex: BDCs beg CBN to sell Naira at N350/$1
Some Bureau De Change (BDC) operators under the aegis of Association of Bureaux De Change Operators of Nigeria (ABCON) have appealed to the Central Bank of Nigeria (CBN) to reduce foreign exchange (forex) buying rate from N360 to N350 to the dollar. President of the Association, Aminu Gwadabe made the appeal on Wednesday after an…
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Forex deals: CBN threatens to blacklist exporters withholding proceeds
The Central Bank of Nigeria (CBN) has threatened to sanction exporters who fail to repatriate foreign exchange (forex) proceeds from their businesses into the economy. The apex bank issued the warning through its director, banking supervision, Abdullahi Ahmad during the Bankers’ Committee meeting in Lagos on Thursday. Ahmad spoke of a provision in the CBN…
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Lagos accounts for over 90 percent of Nigeria’s forex inflows – Finance Commissioner
The Lagos State Commissioner of Finance, Mr. Akinyemi Ashade has said the state controls over 90 percent of foreign exchange inflows into the country. Ashade said this in a presentation made to capital market stakeholders in Lagos titled: ‘Funding Lagos State Government’s Economic Agenda through Debt Capital Market’. The finance commissioner noted that with over…
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Forex: CBN boosts market with $195m ahead of MPC decisions
…as Naira exchanges for N363/1$ at the parallel market The Central Bank of Nigeria (CBN) on Monday boosted the Foreign Exchange (Forex) market by offering a 195 million dollars in three segments of the Forex market. The acting Director of Corporate Communications, Mr Isaac Okorafor, in a statement, said it auctioned 100 million dollars at…
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Forex: CBN launches e-CCI for transparency, efficiency
As part of deliberate administrative efforts to ensure transparency, efficiency and accountability in the foreign exchange market, the Central Bank of Nigeria, CBN has instructed banks and other authorized dealers to implement electronic Certificate of Capital Importation (eCCI) for foreign investors. TheNewsGuru.com reports that the Certificate of Capital Importation is given to foreign investors to…
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Forex: Monthly demand rose from N12bn to N588b in 2 years – CBN
The Central Bank of Nigeria, CBN has said despite the drop in forex earning by the Federal Government, the demand for it (forex) has continued to rise. The CBN Governor, Godwin Emefiele said on Tuesday that the average monthly import bill rose from N12.4 billion in 2005 to N588.1 billion in the first five months…