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CBN Sells $25m For Investment, Exports At New Forex Window

CBN Sells $25m For Investment, Exports At New Forex Window

The Central Bank of Nigeria sold $25 million on Tuesday in its first day of offering foreign exchange to investors and exporters, it said in a statement. The central bank also sold $96.37 million in currency forwards at an auction, it said, part of its effort to narrow the spread between official and black market […]

Nigeria’s Recession To End Q3 2017- Emefiele

Nigeria’s Recession To End Q3 2017- Emefiele

Nigeria will be out of economic recession by the end of the third quarter of 2017, Governor, Central Bank of Nigeria (CBN), Godwin Emefiele has declared. This comes as he revealed that the nation’s foreign reserve stands at over $31billion. The apex bank boss who spoke with journalists after a closed door session with the leadership […]

Nigeria Records 10% Fall In Remittances Amid Pressure To Raise Forex Inflows

The decline in remittances, when valued in U.S. dollars, was worsened by a weaker euro, British pound and Russian ruble against the U.S. dollar. At a time when Nigeria is struggling to attract foreign exchange inflows to particularly to boost liquidity, reduce pressure on the naira and improve the economy, the country is also seeing […]

CBN’s New Forex Window To Close Multiple Exchange Rates

CBN’s New Forex Window To Close Multiple Exchange Rates

The new foreign exchange window introduced by the Central Bank of Nigeria (CBN) could close the multiple exchange rates in the foreign exchange market, traders have told BusinessDay. This is even as traders expect that the exchange rate in the black market will appreciate further to the N370 to N375 to the US$ range this […]

Currency Reserves Healthy, Trade Deficit To Drop, Saudi Central Bank Says

The trade deficit is expected to drop this year Saudi Arabia’s central bank governor said on Saturday that the Kingdom’s foreign currency reserves were healthy, representing 80 percent of GDP, and that the country’s trade deficit could drop this year due to a decline in imports. “The trade deficit is expected to drop this year […]

FOREX: CBN Sectoral Release Stabilizing Naira

FOREX: CBN Sectoral Release Stabilizing Naira

Effects of sectoral foreign exchange interventions by the Central Bank of Nigeria (CBN) may have started emerging as naira appears stabilising against major currencies, especially the dollar. The effect of this initiative became noticeable during the weekend as those operating in the small and medium enterprises (SMEs) segment of the economy heaved a sigh of […]

CBN Announces New Forex Window For Investors And Exporters

CBN Announces New Forex Window For Investors And Exporters

The Central Bank of Nigeria (CBN) announced on Friday a new Foreign Exchange widow for investors and exporters tagged: “Investors’ & Exporters’ FX Window”. The new window comes two weeks after the CBN opened a special Forex window for Small and Medium Enterprises (SMEs) to enable SMEs import eligible finished and semi-finished items. In a […]

CBN Again Rejects IMF Calls On Naira Float

CBN Again Rejects IMF Calls On Naira Float

The Central Bank of Nigeria, CBN, again on Friday resisted persisting calls by the International Monetary Fund (IMF) on Nigeria to float the naira. CBN says Nigeria’s economy is peculiar and cannot function effectively with recommendations from Washington, as it raises concerns that a a further flexibility would hurt the already struggling economy. “The call […]

CBN Suspends New Cashless Policy

CBN Suspends New Cashless Policy

Please note that the new withdrawal and deposit processing fee charges above the threshold, as contained in the circulars referenced above, are hereby suspended until further notice. The Central Bank of Nigeria (CBN) has suspended its earlier directive on the implementation of cashless policy. In a circular released on Friday, the apex bank instructed banks […]

Out Of $100m Offered By CBN, Banks Buy Only $68.51m

Out Of $100m Offered By CBN, Banks Buy Only $68.51m

This is coming after the CBN injected a total of $280 million into the Foreign Exchange Market on Tuesday, April 18, 2017. The Central Bank of Nigeria (CBN) again on Wednesday, April 19, 2017, carried out spot, wholesale interventions in the interbank FOREX market by offering a total sum of $100m to authorized dealers to […]

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