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Decline On Dollar Allocation To BDCs Puts Naira On More Pressure

Decline On Dollar Allocation To BDCs Puts Naira On More Pressure

Dollar sales to Bureau De Change (BDC) operators by Travelex, a global currency dealer, and some banks declined last week from $15,000 to $8,000 per BDC. The reduction in the volume of weekly sales to BDCs was aimed at ensuring that more operation within and outside Lagos get allocation. Consequently, the outlook for foreign exchange […]

$9.18bn Revenue Shortfall Threatens Nigeria’s 2017 Budget

$9.18bn Revenue Shortfall Threatens Nigeria’s 2017 Budget

According to the loading cargoes seen by Reuters, Nigeria could suffer a revenue shortfall of US$9.18 billion in 2017 budget, if the country is unable to boost crude oil exports above 1.6 million barrels per day (mbpd)  that is scheduled for exports in January 2017. The January 2017 loading  figure is 600,000 barrels below Nigeria’s […]

Kachikwu – Oil Price May Fall To $44 per Barrel

Kachikwu – Oil Price May Fall To $44 per Barrel

Crude oil price may fall to $44 per barrel if the Organisation of Petroleum Exporting Countries fails to reach a consensus this week, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said. The Federal Government has proposed a crude oil benchmark price of $42.5 per barrel for the 2017 budget, compared to this […]

CBN Released $355m For Importation Of Raw Materials

CBN Released $355m For Importation Of Raw Materials

The Central Bank of Nigeria (CBN) released a total of $355.74 million for raw materials imports in the month of October. A statement by the bank said the amount was about 40.99% of the total 867.83 million dollars CBN special interbank foreign exchange package. Out of the 356 million dollars CBN raw materials FX intervention last month, […]

CBN To Recapitalize Bank Of Agriculture With N750bn

CBN To Recapitalize Bank Of Agriculture With N750bn

The restructuring and recapitalisation of the  Bank of Agricultural will enable the bank to attract up to N1tn to effectively provide loans at affordable interest rates to farmers. The Federal Government of Nigeria said the Central Bank is to provide about N750bn for the recapitalisation of the Bank of Agriculture before the end of next […]

Nigeria Considers Forex Reforms For Dollar Shortages

Nigeria Considers Forex Reforms For Dollar Shortages

In order to curb illegal fund transfers and insider dealing and stop individuals holding hard currency outside the banking system, Nigeria is considering amendments to its foreign exchange laws. Africa’s largest economy is facing chronic dollar shortages caused by a slump in sales of and prices for crude oil, its mainstay, which has slashed government […]

Updated: Nigeria’s Economy Falls By 2.2% In Third Quarter

Updated: Nigeria’s Economy Falls By 2.2% In Third Quarter

Official data showed Monday that Nigeria’s economy contracted in the third quarter as businesses struggled to access foreign exchange and rebels continued to bomb oil pipelines in the restive south. “The nation’s gross domestic product (GDP) contracted by -2.24% year-on-year,” the country’s National Bureau of Statistics said in a report. The Nigerian economy is reeling […]

Buhari’s Economy Push Frustrated By Nigeria’s Power Problems

Buhari’s Economy Push Frustrated By Nigeria’s Power Problems

If President Muhammadu Buhari is to fulfill his promise to tackle chronic electricity shortages and reform an economy in recession, Nigeria’s biggest power station has shown the huge problems that he must first overcome. On the outskirts of Lagos, three out of six turbines lie idle at the Egbin plant, starved both of gas due to […]

How CBN’s FX Policies And The 1995 FX Act Caused Nigeria’s Recession – Anthony Weli

How CBN’s FX Policies And The 1995 FX Act Caused Nigeria’s Recession – Anthony Weli

Nigeria’s recession is a result of the diversion of the forex needed to settle import bills to the feeding of our domiciliary accounts, black markets and the creation of the avenues through which corrupt officials convert stolen public funds, which are then subsequently hoarded. I will try my best to make this article as accessible as […]

Senate Frowns At Jailing People For Hoarding Forex Beyond 30 Days

Senate Frowns At Jailing People For Hoarding Forex Beyond 30 Days

The Senate has expressed surprise at a recommendation by the Nigerian Law Reform Commission (NLRC) for a review of the Nigerian Foreign Exchange Act in order to empower the Central Bank of Nigeria (CBN) to jail people for up to two years or fine them for 20 per cent of the amount of the foreign currency held in their possession for more than 30 days. […]

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