Tag: Foreign exchange

CBN Fines 4 Banks Over Foreign Exchange illegality

Henry Solomon- August 30, 2018

The Central Bank of Nigeria (CBN) on Wednesday imposed an N5.87 billion fine on Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank over alleged irregularities ... Read More

Hajj 2018: Black Market Operators Besiege Nigerian Pilgrims For Forex

Abdul Jimoh- July 26, 2018

Foreign exchange black market operators are making a brisk business from Nigerian pilgrims in Madinah, since the arrival of the first batch from Kogi for ... Read More

Naira gains against dollar at parallel market

inno.korie- June 27, 2018

The Naira on Wednesday exchanged at N359.80 to the dollar at the parallel market in Lagos gaining 20 kobo from N360 exchanged on Tuesday. The ... Read More

CBN Allocates $55m for Business, Personal Travels for Customers in Forex Market

Henry Solomon- January 29, 2018

Nigerians requiring foreign exchange for Business and Personal Travel Allowances, tuition, medical fees and others can access from a 55 million dollars allocation injected into ... Read More

Central Bank Intervene Inter-bank Foreign Exchange to The Tune of $304m

AMT Tanimu- January 26, 2018

Olalekan Ajayi, Abuja: The Central Bank of Nigeria (CBN) has intervened in the Retail Secondary Market Intervention Sales (SMIS) of the inter-bank Foreign Exchange Market ... Read More

Central Bank Injects to Boosts Forex, Inter-Bank Foreign Exchange Market

AMT Tanimu- November 29, 2017

Olalekan Ajayi, Abuja: The Central Bank of Nigeria (CBN) on Tuesday, November 28, 2017, announced the injection of another $210,000,000 to boost liquidity in the ... Read More

Osun State: N69b Airport to be Ready in 8 Months, says Contractor

Arowobusoye Samuel- November 3, 2017

The contractor handling the MKO Abiola International Airport in Ido-Osun, Osun, on Thursday said that the first phase of the N69 billion project would be ... Read More

Kebbi State To Earn Forex Through Rice, Livestock

Henry Solomon- August 17, 2017

Gov. Atiku Bagudu of Kebbi says the state is planning to produce rice and livestock in commercial quantities for export to earn foreign exchange. Bagudu ... Read More

Central Bank Nigeria Inter-Bank Foreign Exchange Market To The Tune of $364m

AMT Tanimu- August 16, 2017

The Central Bank of Nigeria (CBN) on Tuesday, August 15, 2017, intervened in the Inter-Bank Foreign Exchange Market to the tune of $364million in a ... Read More

Financial Expert Predicts Further Appreciation Of The Naira

Henry Solomon- April 4, 2017

Prof. Uche Uwaleke, a financial expert, has predicted a further decrease in the rate of inflation and appreciation of the Naira for March 2017 as ... Read More

Naira Gains Against Dollar Again

Abdul Jimoh- March 22, 2017

Naira Gains Against Dollar NAN, Abuja; The continuous Central Bank of Nigeria’s (CBN) intervention in foreign exchange (forex), has caused the Naira to hit the ... Read More

Happy Days Creeping In As Inflation Rate Drops

Henry Solomon- March 14, 2017

Happy days are creeping into Nigeria once again as  inflation rate bucked the trend in February to fall to 17.78 percent. It is the lowest ... Read More

FOREX: Banks seek customers to buy surplus foreign currencies

inno.korie- March 13, 2017

Banks are seeking customers to buy surplus foreign currencies they hold following the flooding of the banks with dollars by the Central Bank of Nigeria ... Read More

Federal Government To Revive Cassava Bread Initiative

Henry Solomon- March 5, 2017

The Federal Government says it will revive the cassava bread initiative introduced by former President Goodluck Jonathan’s administration. Chief Audu Ogbeh, the Minister of Agriculture ... Read More

Senate To Reject Proposal To Punish People For FOREX Ownership

Henry Solomon- November 21, 2016

The Senate has expressed surprise at a recommendation by the Nigerian Law Reform Commission for a review of the Nigerian Foreign Exchange (Forex) Act in order to empower the Central ... Read More

Why FG Is Cutting Down On Food Importation

Henry Solomon- November 10, 2016

Foreign exchange constraints and the availability of arable land in Nigeria makes the case for improved local agricultural production in Nigeria an imperative, rather than ... Read More

National Assembly to Invite President Buhari over Recession

Arowobusoye Samuel- October 6, 2016

Nigeria Senate Chamber The Senate concurred with House of Representative to invite President Muhammadu Buhari to appear before a Joint Session of National Assembly, Abuja to ... Read More

CBN To Banks: Allocate 60% Of Your FX To Manufacturers

Henry Solomon- August 24, 2016

The Central Bank of Nigeria has asked commercial banks  to allocate 60 percent of their foreign exchange purchases to manufacturers, in a bid to boost their ability ... Read More

Dangote Africa’s Richest Drops $3.7bn As Naira Tumbles

Arowobusoye Samuel- June 21, 2016

Nigerian billionaire Aliko Dangote, Africa’s richest person, fell 25 places on the Bloomberg Billionaires Index on Monday as the naira tumbled on its first day ... Read More

Nigeria To End Fuel Importation In The Next Three Years

Henry Solomon- May 5, 2016

The Minister of State for Budget and National Planning, Zainab Ahmed on Wednesday has revealed Federal Government's plan to end importation of petroleum product in three ... Read More