News - foreign exchange market

Scarcity Of Dollar Hits Forex Market In Abuja

1 week ago /
Business and Economy  

Reported scarcity of dollars may have just thrown the foreign exchange market in Nigeria into another round of volatility in the parallel market.

What President Buhari Said During Presentation of 2018 Budget Proposal (Full Speech)

5 months ago /
Nation 

Nigeria's President, Muhammadu Buhari, on Tuesday presented a proposal for a budget of N8.612 trillion for the year 2018. At the presentation of the budget before a joint session of the National Assembly, President Buhari addressed the lawmakers on the key achievements and plans of his administration as well as the...

Forex: Again, CBN Pumps $195m Into Market

9 months ago /
Business and Economy  

The Central Bank of Nigeria (CBN), in continuation of its drive to ensure liquidity and stability in the foreign exchange market, has injected the total sum of $195 million into various segments of the inter-bank foreign exchange market. A breakdown of figures released by the CBN on Monday, July 3, 2017,...

Central Bank Chief Highlights Benefits Of Movable Assets, Credit Reporting Acts

10 months ago /
Business and Economy  

Central Bank of Nigeria (CBN) Governor, Mr. Godwin Ifeanyi Emefiele, at the weekend expressed satisfaction with the Secured Transactions in Movable Assets Act (otherwise known as National Collateral Registry Act) and the Credit Reporting Act, that were recently signed into law by acting President Yemi Osinbajo, saying they would help...

CBN Releases List Of Items That Qualify For Forex

11 months ago /
Nation 

The Central Bank of Nigeria yesterday released list of 36 items valid for access to foreign exchange in the foreign exchange market.  In a circular to all banks and the general public yesterday the CBN said that the list of the 36 items valid was released to clarify misconceptions about...

Central Bank Offers $81.2m, As Parallel Market Remains ₦391

11 months ago /
Business and Economy  

The Central Bank of Nigeria (CBN) yesterday, intervened in the foreign exchange market with $81.2 million, covering invisibles and Small and Medium Enterprises (SMEs) segments. Meanwhile, the parallel market rate has remained steady at N391 per dollar, the level it was throughout last week, as a result of the persistent interventions...

Experts Call On Central Bank To Publish Forex Allocations To Banks

11 months ago /
Business and Economy  

Some financial experts have commended the CBN for suspending some banks from the foreign exchange market due to some infractions. They advised the apex bank to henceforth publish foreign exchange allocations to banks weekly. The experts, who spoke to the News Agency of Nigeria (NAN) in separate interviews in Lagos on Thursday,...

CBN Pumps $100m Into Forex Market

1 year ago /
Business and Economy  

The Central Bank of Nigeria (CBN) has pumped an additional $100 million into the foreign exchange market, after releasing $280 million on Tuesday. The bank has offered additional $100 million to authorised dealers to meet the 7 to 15-day forwards requests of customers. Isaac Okorafor, the bank’s spokesperson said the authorised dealers...

CBN Sell-Off $418m To Aviation, Oil, Agric Sectors

1 year ago /
Business and Economy   Nation 

The Central Bank of Nigeria (CBN) has  auctioned $418 million  at a marginal rate of N310 to a dollar, to airlines, agriculture, petroleum and raw materials sub sectors.   The CBN acting Director, Corporate Communications, Mr Isaac Okorafor said in Abuja that the $480m offered last week was  in addition to the...

FG’s Huge Debts Crippling Financial System – CBN

1 year ago /
Business and Economy  

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday called on the Federal Government to urgently evaluate the level of its domestic indebtedness and develop a framework for settling these debts. The committee, in a communique issued at the end of its two-day meeting held at the headquarters...

CBN Denies Review Of Foreign Exchange Law

1 year ago /
Nation 

The Central Bank of Nigeria (CBN) has denied plans to amend the Foreign Exchange Act. In a statement, the regulator says it remains committed to safeguarding the international value of the country’s legal tender. It added that the plans of a 20% fine for any holder and confiscation of funds in domiciliary...

Senate To Investigate Nigeria’s Foreign Exchange Policy

1 year ago /
Nation 

In a bid to find ways to stabilize the foreign exchange market in Nigeria, an ad-hoc committee of the House of Representatives, is to meet with the Central Bank of Nigeria, Bureau De Change, banks and other establishments operating in the sector. This was one of the resolutions reached by lawmakers...

Naira falls lower, now ₦385 to US $, ₦505 to £ in parallel market

2 years ago /
Business and Economy   Nation 

The naira’s depreciation continued, yesterday, as the currency went down to N385 per dollar in the parallel market as demand for foreign exchange intensified. The naira has thus lost N60 against the dollar this week alone. The currency, however, remained stable at the official interbank foreign exchange market as the interbank...

 

Naira hits all time low, now N310 to dollar

2 years ago /
Business and Economy  

The naira traded at N310 to a dollar at the parallel market, amid expectations of an intervention by the Central Bank of Nigeria (CBN). The Nigerian currency traded at N307 at the close of market, showing a depreciation of one per cent. However, it maintained N197 to the dollar at the official...

CBN to implement a new framework to manage forex market – Emefiele

2 years ago /
Business and Economy   Nation 

The Central Bank of Nigeria says it is fine tuning a new frame work for the management of the foreign exchange market. The CBN Governor, Godwin Emefiele announced this on Tuesday while speaking on the decisions of the monetary policy committee which retained the Monetary Policy Rate (MPR) at eleven percent...

Nigerian Govt Disagrees with J.P Morgan's Decision To Remove The Country From Its Bond Index

2 years ago /
Business and Economy  

The Nigerian government says it strongly disagrees with the planned decision of J.P Morgan to remove the country from its government bond index by the end of October. The American multinational banking and financial services had warned that Nigeria’s lack of liquidity, transparency and fully functional two-way FX market were making...

 

Mixed Reactions Trail JP Morgan's Threat On Nigerian Bonds

2 years ago /
Business and Economy  

Some financial experts on Wednesday in Lagos expressed mixed reactions on JP Morgan’s decision to phase out Nigeria from its Government Bond Index for Emerging Markets (GBI-EM) by the end of September. They expressed their views in separate interviews with the News Agency of Nigeria (NAN) on the JP Morgan GBI-EM...

Reps. Summon CBN Governor Over Ban On Foreign Currency Deposits

2 years ago /
Nation 

The House of Representatives on Tuesday summoned the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to explain the recent policy directing commercial banks to reject foreign currency deposits. This followed the unanimous adoption of a motion under Matters of Urgent Public Importance sponsored by Rep. Emmanuel Ekon (Akwa-Ibom,...

APC Chieftain Urges CBN To Maintain Import Restriction Policy

2 years ago /
Nation 

An All Progressives Congress (APC) chieftain, Mr Audu Ogbe, has urged the Central Bank of Nigeria (CBN) not to surrender to pressure from critics of its policy on tightening foreign exchange control. The CBN recently excluded 40 items as toothpicks, margarine, rice, cement, palm kernel/oil, meat, among others from the interbank...

CBN Devalues Naira Again! Exchange Rate Now N198 To $1

3 years ago /
Business and Economy  

In a bid to reduce pressure on the Naira, which has come under speculative attacks in recent weeks, the Central Bank of Nigeria on Wednesday announced the closure of the Retail and Wholesale Dutch Auction Systems of the foreign exchange market. The closure, which takes immediate effect, was confirmed in a statement issued...


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