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Emefiele laments Nigeria’s loss $10bn forex annually from oil palm export

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. …

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. …

Govt advises power firms to be less dependent on forex

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. […] …

CBN, MTN resolve forex repatriation row after $53m payment

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

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 […]
The post Forex: CBN injects $210m in wholesale segment, others appeared first on The Sun Nigeria. …

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