Tag: Forex
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Forex: CBN introduces new rules to end scarcity
…as Naira exchanges for N372/$1 at parrallel market The Central Bank of Nigeria on Monday introduced new rules into the interbank foreign exchange market. This development is coming as the Naira to dollar rate climbed to 372 at the parallel market and 305.55 at the interbank market on Monday. The rules were contained in a…
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CBN injects $190m into FOREX market, opens up market
Relentless to achieve convergence of rates between the interbank and Bureau de Change segments of the foreign exchange market (FOREX), the Central Bank of Nigeria (CBN) has injected another 190 million dollars into the market. The acting Director, Corporate Communications, CBN, Mr Isaac Okorafor, in a statement on Monday in Abuja, said 100 million dollars…
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Senate to invite CBN, DMBs over forex crisis, high interest rates
…Says Presidency will sign 2017 Appropriation Bill soon Senate President, Dr. Bukola Saraki has said the Senate as part of its legislative function will intervene in the high interest rates on loans and forex crisis that has lingered for a while now by inviting the apex bank, Central Bank of Nigeria, CBN and Deposit Money…
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Forex: CBN pumps fresh $482.6m into market
The Central Bank of Nigeria (CBN) on Tuesday intervened in the inter-bank market to the tune of 482.6 million dollars in the first trading day after the Democracy Day celebrations. A statement issued by its Acting Director, Corporate Communications, Mr Isaac Okorafor in Abuja said that this was part of measures to underline its determination…
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Forex: CBN releases list of 36 qualified items
The Central Bank of Nigeria (CBN) on Wednesday published a list of items, for which importers can source foreign exchange (Forex) from the market. TheNewsGuru.com reports that the CBN sent the list which has 36 categories, to all authorised dealers, Nigeria Customs and the public. It was endorsed by Director, Trade and Exchange, W.D Gotring.…
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Forex: CBN injects fresh $81.2m for BTA, PTA, others
The Central Bank of Nigeria, CBN, on Monday in its series of intervention to boost the Naira and made the dollar available to all sectors of the economy injected the sum of $81.2 million in the invisible and Small and Medium Enterprises (SMEs) segments. According to the apex bank, the fresh intervention will cover for…
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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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JUST IN: Forex: CBN lifts ban on 41 items
The Central Bank of Nigeria (CBN) has lifted the restriction on 41 items listed as ineligible for foreign exchange, with a condition. “Importers of items classified as not valid for forex with transactions value of $20,000 and below per quarter shall now qualify for allocation of foreign exchange,” the bank said in a circular. TheNewsGuru.com…
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Forex crisis: World Bank blames CBN’s fixed exchange regime
The World Bank has blamed Nigeria’s continued foreign exchange instability on the fixed exchange regime in the official forex market. In a publication on African economies titled: ‘Africa’s Pulse,’ the World Bank singled out Nigeria and Angola as two countries that had yet to experience stability in the forex market despite rebound in the prices…
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Forex: CBN injects fresh $100m as Naira suffers decline
The Central Bank of Nigeria (CBN) on Thursday said it had offered 100 million dollars to authorised dealers as its intervention to stabilise the foreign exchange market. Isaac Okorafor, Acting Director of the Corporate Communications Department of the apex bank disclosed this in a statement on Thursday. Okorafor, however, said that no intervention was made…