Tag Archives: FOREX

  The naira has maintained its downward trend as scarcity of the dollar bites harder, findings by The PUNCH have revealed. At the parallel market, naira commenced trading at 1,175/$ and closed at 1,190/$ on Friday. Two weeks earlier, the naira had traded at 1,100/$ at the parallel market. It, however, appreciated slightly on the Investor & Exporter forex window after it ...

The Central Bank of Nigeria has said it is raising dollar supply in the foreign exchange market, just as it also lifted the ban on 43 items that were previously not qualified for forex at the official market. The decision came after the naira tumbled to 1,050/$ at the parallel market on Thursday, following pressure from international organisations and experts. ...

…to employ 30,000 youths in Nasarawa 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 ...

The lingering foreign exchange scarcity in the country has continued to worsen even as the exchange rate on the parallel market is inching towards N590/$1, The PUNCH has learnt. The development may lead to massive job loss in the manufacturing industry, among other sectors, according to the Manufacturers Association of Nigeria. The development comes over eight months after the Central Bank of ...

The Central Bank of Nigeria says it has ended the sales of forex to Bureau De Change operators, saying the parallel market has become a conduit for illicit forex flows and graft. The bank said it would also no longer process applications for BDC licences in the country. Weekly sales of foreign exchange by the CBN will henceforth go directly to commercial ...

Against the backdrop of the recent devaluation of the naira by the Central Bank of Nigeria, economic and financial experts have said the poverty level in the country will increase. The PUNCH had reported on Wednesday that the CBN officially devalued the naira as it adopted the NAFEX exchange rate of N410.25 per dollar on Tuesday as its official exchange rate, ...

The lingering foreign exchange scarcity in the country is taking a heavy toll on foreign tuition payment, as many parents and guardians groan over difficulty in paying their children’s school fees, Saturday PUNCH findings have revealed. Last year’s outbreak of the COVID-19 pandemic and the subsequent crash in oil global prices threw into chaos the economies of many foreign exchange-dependent countries ...

Fidelity Bank Plc, a leading Nigerian bank has restated its readiness to continually support the Central Bank of Nigeria’s (CBN) efforts to engender sustainable economic development by significantly improving diaspora remittances and foreign exchange (FX) inflows into the country. Fidelity Bank CEO, Mrs. Nneka Onyeali-Ikpe who made this known on Saturday at the inaugural edition of the Fidelity Diaspora Webinar ...

President Muhammadu Buhari has, again, directed the Central Bank of Nigeria (CBN) not to release foreign exchange from the country’s reserves for the importation of food items. He said seven states are already producing rice for the citizens’ consumption. President Buhari had, while hosting All Progressives Congress  governors to Eid-el-Kabir lunch at his country home in Daura, Katsina State in August, ...

As businesses and citizens continue to groan under the worst recession in history, members of the Organised Private Sector (OPS) have called for reevaluation and reassessment of government’s economic and foreign exchange (forex) policies, among others, to rejig the economy. Both the Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers Consultative Association (NECA) believe that the government has vital ...