Forex shortage hurting national devt – Emefiele

December 9, 2022 Blueprint 0

Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has lamented the impact of foreign exchange shortage on achieving national development goals. Emefiele said this Friday at the on-going Bankers’ Committee Retreat in Lagos. He said there was a need to recognise the hindrances of high inflation and foreign exchange shortages on the achievement of Nigeria’s national development goals. Read More

Dangote to save forex through 40% sugar import substitution

August 30, 2022 Benjamin Umuteme Abuja 0

Management of Dangote Sugar Refinery Plc has resolved to significantly reduce the importation of sugar into the country by 40 percent, thus paving the way for the employment of over 30,000 youths. President of Dangote Group, Aliko Dangote explained recently in a chat with newsmen that it was embarking on Phase II of its sugar project, which will then cover Read More

EFCC hunts down forex hoarders as scarcity bites harder

August 7, 2022 Blueprint 0

Nigeria’s anti-graft agency said it would arrest foreign currency traders found to be hoarding the dollar after a plunge in the country’s currency last month. Choked supply chains, partly due to Russia’s invasion of Ukraine, and an almost 100 per cent increase in gasoline prices this year, are placing upward price pressures on Africa’s largest economy. The Economic and Financial Read More

Forex: No need to fear, CBN assures Nigerians…Says don’t succumb to speculators

July 29, 2022 Benjamin Umuteme 0

In the face of rising demands for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria (CBN) has advised Nigerians to resist the urge of succumbing to the speculative activities of some players in the foreign exchange market. Speaking with newsmen in Abuja Thursday, the bank’s director, Corporate Communications, Mr. Osita Nwanisobi, said the CBN Read More

Naira begins new week on shaky ground as forex scarcity persists

July 10, 2022 Segun Odunewu 0

The Naira has fallen to low levels during the week, exchanging for N428.16/US$ at the investors and exporters window as traders adjusted prices to reflect the rate Central Bank of Nigeria sold the currency amidst the ongoing dollar scarcity. Nigerian currency last week dropped to its biggest low against the US dollar in the last seven months at the official Read More

Banks tell customers to apply for forex 30 days ahead

May 25, 2022 Segun Odunewu, Lagos 0

Amid lingering forex scarcity, Nigerian banks have instructed their customers looking to buy foreign currency to put in their application 30 days ahead. This is coming after many students and businessmen decried the long delay in access to forex despite meeting all the necessary requirements. In a letter titled ‘important notice’, issued by Access Bank, it will need a 30-day Read More

Naira falls to lowest year-to-date as forex supply declines

April 21, 2022 Segun Odunewu, Lagos 0

Naira fell to its lowest level since 4th January 2022, depreciating by 0.32 per cent on Thursday to close at N418.33/$ compared to N417/$ recorded in the previous trading session. In the same vein, the total amount of forex sales declined by 2.81 per cent to $151.07 million. The exchange rate at the peer-to-peer market appreciated by 0.269 per cent Read More

CBN has enough forex to meet market demands – Experts

February 22, 2022 Blessing Anaro 0

Analysts at Codros Securities has assured players in the market that the Central Bank of Nigeria (CBN) has enough foreign exchange (forex) to meet market demand. According to Codros in its latest report on overview of market weekend said, with proceeds from Eurobond issue and the International Monetary Fund (IMF) Special Drawing Rights (SDR), the apex bank is not short Read More

CBN to end forex sales to commercial banks in 2022

February 11, 2022 David Agba 0

The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme. Emefiele said the time had come for Read More

Nigeria’s forex turnover declines in January, 2022

February 1, 2022 Segun Odunewu 0

Nigeria recorded foreign exchange turnover of $2.18 billion at the Investors and Exporters window, where forex is traded officially, in the month of January 2022, representing a 50.8 percent decline compared to $4.44 billion that exchanged hands in the previous month. FX turnover in January 2022 represents its lowest level since April 2021, before the CBN discontinued the sales of Read More

Nigeria’s forex inflow surges amidst FG fresh loans

January 6, 2022 Segun Odunewu 0

The amount of foreign exchange that came into Nigeria in Q3 2021, skyrocketed by 64 percent to $30.18 billion compared to $18.4 billion recorded in the previous quarter, a surge attributed to newly acquired federal government loans. According to data from the Central Bank of Nigeria (CBN) statistical bulletin for Q3 2021, Dollar inflow of $30.18 billion in the third Read More

How to make your money work for you

December 31, 2021 Administrator 0

When money realizes that it is in good hands, it wants to stay and multiply in those hands (IdowuKoyenikan) What the quote is saying is that you can always make your money multiply if you invest it wisely and properly irrespective of the economic environment. At this particular period that Nigerian economy is facing downward trajectory, high rate of inflation Read More

Protesters urge CBN to suspend Bureau De Change activities in Nigeria

September 23, 2021 John Oba 0

A protest coordinated by Coalition of Civil Society Group (CCSG) has called for the stopage of the activities of Bureau De Change Operators in Nigeria, urging the Central Bank of Nigeria (CBN) to totally suspend their activities. The President, Comrade Etuk Bassey Williams during a protest yesterday at the Unity Fountain, Abuja said the Operators exploit and artificially inflate dollar/naira Read More

Expert opens up on Naira crisis, says situation may persist

September 20, 2021 Segun Odunewu 0

A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu has said that if Nigeria doesn’t diversify its economy but continues to rely on crude oil as a mono-product economy, the Naira crisis may get worse, and not better. Recall that since the suspension of forex sales to Bureau De Change (BDC) operators by the CBN, the Read More

CBN Denies plans to convert forex in domiciliary account to Naira

September 12, 2021 Amaka Ifeakandu 0

The Central Bank of Nigeria (CBN) has disassociated itself from fake circular with CBN logo circulating in Social media purportedly that apex bank planned to convert domiciliary account holding to naira. In a statement signed by Director, Corporate Communication, CBN, Osita Nwanisobi condemns every rumour on domiciliary açcount. The statement which read in parts said “The attention of the CBN Read More

CBN cautions MfB against forex transactions, wholesale banking

August 22, 2021 Blueprint 0

The Central Bank of Nigeria has advised microfinance institutions against engaging in certain prohibited activities, including wholesale banking and foreign exchange transactions. This was disclosed in a circular titled “Cessation of non-permissible activities by microfinance banks,” signed by Ibrahim Tukur on behalf of CBN’s Financial Policy and Regulation Department. CBN said, “The Central Bank of Nigeria has observed the activities Read More

Quarterly revenue from crude to hit $14bn – Rewane

August 8, 2021 Blessing Anaro 0

The future appears bright for the country with crude oil quarterly revenue poised to reach $14 billion, whilst trade balance to berth on the positive side after a long period of repeated trade deficits. In addition, contrary to expectations of some cynic that the naira would plummet after the Central Bank of Nigeria (CBN)’s decision to stop funding the Bureau Read More

Forex ban: Experts commend CBN, knock BDC operators

August 2, 2021 Segun Odunewu 0

Economists and financial experts in the country have commended the Central Bank of Nigeria over its outright ban on the sale of forex to BDC operators, advising them to source for forex themselves having deviated from their core roles. Recall that the Central Bank of Nigeria had on July 27, 2021 after the Monetary Policy Committee meeting, announced a ban Read More