As Central Bank of Nigeria (CBN) formally kick-started the process of revamping the country’s oil palm industry on Monday, its Governor, Godwin Emefiele lamented the loss of an estimated $10 billion annual foreign exchange earnings that would have accrued from the value chain. At a stakeholders meeting on the palm oil value chain attended by […]
The post Emefiele laments Nigeria’s loss $10bn forex annually from oil palm export appeared first on Tribune Online. …
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CBN, EFCC meet to tackle violations of forex restriction on 42 items
Officials of the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) met yesterday with the aim of strengthening the country’s fight against economic crimes including violation of the foreign exchange restrictions on the 42 items.
Continue reading CBN, EFCC meet to tackle violations of forex restriction on 42 items at Vanguard News Nigeria. …
How I&E forex window buoyed naira stability with $50bn inflows
By Babajide Komolafe
Foreign exchange inflows through the Investors and Exporters (I&E) foreign exchange window hit the $50 billion at the end of February. This huge inflow was instrumental to the stability of the naira against the dollar since 2017.
The Investors and Exporters (I&E) forex window allows investors and exporters to purchase and sell foreign exchange at the prevailing market rate. Prior to the introduction of the I&E window on April 2017, the nation’s foreign exchange market was bedevilled with acute shortage of supply of foreign exchange due to apathy of foreign investors who exited the nation’s financial markets in droves in the wake of the sharp decline in the nation’s external reserve caused by sharp decline in crude oil prices between starting from July 2014.
Continue reading How I&E forex window buoyed naira stability with $50bn inflows at Vanguard News Nigeria. …
Breaking: CBN restricts sale of forex to importers of textiles
Nigerian Ambassador To Ethiopia Warns Travellers Against Carrying Over $3000
NJC meets today without Onnoghen, Mohammed
Govt advises power firms to be less dependent on forex
The Minister of Power, Works and Housing, Babatunde Fashola, yesterday advised power firms to be less dependent on other countries for human and material resources. He lamented that the Nigeria Electricity Supply Industry (NESI) is highly dependent on imported human and material resources, which has made it vulnerable to foreign exchange (forex) availability and rates. […] …
Forex: CBN makes first intervention in 2019
The Central Bank of Nigeria (CBN) on Friday made its first intervention in the inter-bank sector of the Foreign Exchange market for 2019 with a total $210 million injected into the wholesale segment and other sectors of the market. A breakdown of the figures obtained from the CBN showed that customers in the Wholesale sector […] …
CBN, MTN resolve forex repatriation row after $53m payment
The CBN in August 2018 directed MTN to reverse repatriations valued at $8.1 billion done on its behalf by four commercial banks between 2007 and 2015″ Omodele Adigun, with agency report MTN Group has finally resolved the dispute on foreign exchange importation with the Central Bank of Nigeria (CBN) and made a $53 million payment, […]
The post CBN, MTN resolve forex repatriation row after $53m payment appeared first on The Sun Nigeria. …
Forex: CBN injects $210m in wholesale segment, others
The Central Bank of Nigeria (CBN) on Tuesday intervened in the wholesale segment of the foreign exchange market, offering the sum of $100 million to dealers in that window. In the latest round of intervention, the CBN also made interventions of $55 million each in the Small and Medium Enterprises (SMEs) and Invisibles segments to […]
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