Tag: Forex
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Forex: Again, CBN injects $195m intervention as Naira exchanges for N362/$1
The Central Bank of Nigeria (CBN) on Monday injected another 195 million dollars into the Foreign Exchange (Forex) market. Mr Isaac Okorafor, Acting Director in charge of Corporate Communications, CBN, said this in a statement in Abuja. Okorafor reiterated that the intervention was in line with the CBN’s commitment to sustain liquidity in the market…
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Desperation for forex and 18 percent Treasury Bills “Awoof”! By Henry Boyo
By Henry Boyo “The Central Bank of Nigeria offered six and 12-month Treasuries, at yields higher than the country’s inflation rate to lure yield-hungry investors and attract dollar inflows.” “Notably, the CBN sold a total of N204.96bn ($650.67m) in bills, on 19th July 2017. Meanwhile, “Annual inflation rate has reportedly eased to 16.1 percent.” However,…
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MPC meets Mon, Tues, to hold rates, consolidate on forex gains
The Monetary Policy Committee (MPC) is expected to hold all rates constant, tackle inflation while consolidating on recent gains in the foreign exchange market as they meet tomorrow and next to review recent happenings in the global and domestic space. The Central Bank of Nigeria (CBN) – led MPC members are likely to face a…
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Forex: Again, CBN boosts supply, releases $195m into market
The Central Bank of Nigeria (CBN) on Monday, intervened in inter-bank Foreign Exchange Market with the supply of 195 million dollars as part of effort to stabilise the market. The acting Director, Corporate Communications of the apex bank, Mr Isaac Okorafor, in a statement, said 100 million dollars was offered through the wholesale segment. He…
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DMBs dare CBN, resume bank-to-bank forex sales without approval
Indications have emerged that some Deposit Money Banks, DMBs, in the country have commenced direct sell of foreign exchange (forex) to one another, without seeking prior approval of the Central Bank of Nigeria (CBN). The policy shift became exigent following the improvement in forex supply to key segments of the market, a development that has…
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FOREX: CBN releases $254.3m to boost Retail Segment
As part of its continuous intervention to strengthen the Naira against major international currencies and also sort the recurring forex scarcity, the Central Bank of Nigeria, CBN, on Friday $254.3 million dollars in the retail segment of the Nigerian inter-bank Foreign Exchange (FOREX) market. The acting Director, Corporate Communications at the CBN, Mr Isaac Okorafor,…
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Recession: FG yet to prioritize telecoms industry for Forex – ntel laments
The Chief Executive Officer (CEO) of ntel, Mr. Kamar Abass, on Thursday cried out that the unavailability of foreign exchange (Forex) for telecommunications firms is fatally affecting telecoms service delivery in the country. Speaking in an interview on the challenges of the telecoms industry and the need for increased broadband access to address poor service…
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NIRA caps dotNG domain name registration at 90,000
Nigeria Internet Registration Association (NiRA) first quarter report has capped the country’s domain name at 90,036 in total. The NiRA report reveals that the entire Africa’s continent has less than two million domain names. TheNewsGuru reports South Africa’s .za is having a total of 1,148,095; Kenya’s .ke a total of 61, 623 domain names. The…
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CBN’s intervention in forex not sustainable – Prof. Nwaekeaku
Prof. Charles Nwaekeaku of Nassarawa State University, says the Central Bank of Nigeria’s (CBN) interventions in the Foreign Exchange Market (FOREX) is not sustainable Nwaekeaku, a lecturer at the Pubic Administration Department, told the News Agency of Nigeria (NAN) in Abuja that CBN might not be able to sustain the interventions. “CBN’s intervention in the…
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Scarcity: CBN injects $195m into forex market
…as Naira exchanges for N364/$1 Following its 800 million dollars intervention in the inter-bank Foreign Exchange (FOREX) Market last week, the Central Bank of Nigeria (CBN), on Monday, injected 195 million dollars into the market to meet the requests of customers in the various segments of the market. The acting Director, Corporate Communications, Mr Isaac…