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CBN Obliterate Preferential Treatment For Manufacturing Sectors

CBN Obliterate Preferential Treatment For Manufacturing Sectors

Following its resolve to meet all unfilled foreign exchange (FX) demand in the country, the Central Bank of Nigeria (CBN) monday announced that it will no longer impose allocation/utilisation rules for the manufacturing and other select sectors on commercial banks. The CBN stated this in a statement on new policy actions in the FX market […]

CBN Moves To Ease Forex Scarcity

CBN Moves To Ease Forex Scarcity

The Central Bank of Nigeria (CBN) yesterday ordered all banks to open foreign exchange (forex) kiosks at major airports and approved outlets.The order was issued barely 24 hours after The Guardian exclusively reported that passengers were stranded at the international airports on account of dollar scarcity. [ATTACH=CONFIG]6778[/ATTACH] The move is to ease acute forex scarcity […]

Nigeria Central Bank To Sell Fx Weekly To Retail Users At 375 Naira

Nigeria Central Bank To Sell Fx Weekly To Retail Users At 375 Naira

Nigeria’s central bank plans to sell $1 million weekly to each of the country’s 21 commercial lenders at a rate of 375 naira to clear a backlog of demand and try to narrow the premium between the official and black market rates, traders said on Monday. Traders said commercial lenders have compiled a list of […]

Nigeria Naira Hits New Black Market

Nigeria Naira Hits New Black Market

Nigeria naira hit a fresh low of 520 on the black market on Monday, as retail currency traders tried to digest a new central bank decision to sell dollars to retail users through commercial lenders, one retail trader said.   The central bank plans to sell $1 million weekly to each of the country’s 21 […]

Growing The Economy Through Forex Allocation

Growing The Economy Through Forex Allocation

While Nigeria faces shortage of foreign exchange, it is essential that critical sectors of the economy that would spur growth and development have access to dollars in order to speed up the recovery of the the nation’s economy. Last year, Nigeria was officially said to be in recession although the symptoms had been there for […]

Stock Market Continues To Bleed As 25 Equities Record Price Losses

Stock Market Continues To Bleed As 25 Equities Record Price Losses

    Among the stocks that depreciated in price last week were Vitafoam Nigeria Plc which led other decliners by 13.04 per cent from N2.30 to N2.00 per share. This was trailed closely behind by Fidson Healthcare Plc with negative return of 11.40 per cent to close at N1.01, followed by Nigerian Breweries Plc with […]

Experts Insist CBN Must Float Naira

Experts Insist CBN Must Float Naira

Economic experts yesterday in Lagos insisted that the Central Bank of Nigeria (CBN) must float the naira to deliver the nation from the current economic quagmire, noting that the current policy of the apex bank on forex lack direction and does not boost confidence of investors. The experts, who gathered at a breakfast meeting organised […]

CBN Pegs Dollar Rate For School Fees & PTA At N375 Per $

CBN Pegs Dollar Rate For School Fees & PTA At N375 Per $

In line with its determination to boost dollar supply in the economy as well as to bridge the wide gap between the interbank foreign exchange (FX) market and the parallel market, the Central Bank of Nigeria (CBN) yesterday pegged the Naira exchange rate for payment of school fees (strictly universities) abroad and Personal Travel Allowance […]

Naira Crashes Further To 516

Naira Crashes Further To 516

The naira appears to have entered a free fall mode with the local currency selling for 516 per United States dollar on the streets of Lagos on Thursday. The naira plummeted at the parallel market from 510/dollar on Wednesday to 516/dollar on Thursday. Currency dealers on the streets of Lagos Island sold the greenback at […]

CBN – Render Forex Returns In Uniform Format

CBN – Render Forex Returns In Uniform Format

The Deposit Money Banks on Thursday has been directed by the Central Bank of Nigeria  to render returns on foreign exchange in a uniform format. The apex bank has been under pressure in the last few weeks over its policy on foreign exchange management which some people have described as unfriendly to the business and investing […]

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