The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs of s$7 billion have now been settled, fulfilling a key pledge of its Governor, Mr. Olayemi Cardosoo. In a statement on Wednesday, the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, in...
forex
The Central Bank of Nigeria (CBN) has reported a significant increase in foreign exchange inflow into the economy in February. Acting Director, Corporate Communications Department of the CBN, Mrs Hakama Sidi, said this in a statement on Friday in Abuja. Sidi said that the upsurge in forex...
Justice Lewis Allagoa of a Federal High Court in Lagos, on Monday, struck out the charge against 19 Bureau De Change (BDC) Operators, following the withdrawal of the case. The suspects are Ibrahim Jubril, Abdullahi Abubakar, Ibrahim Hassan, Adamu Isiaka, Ibrahim Abdulrahman, Jubril Hassan, Mohammed Isoaka, Mohammed Aminu...
The Central Bank of Nigeria (CBN) has said the on-going reforms will check rising inflationary trend and address distortions in the foreign exchange market The CBN Governor, Yemi Cardoso said this on Tuesday in Abuja, while presenting the communique from the apex bank’s Monetary Policy Committee (MPC) meeting....
The Central Bank of Nigeria (CBN) on Tuesday approved allocation of 20,000 dollars to all eligible Bureau De Change (BDC) operators across the country as part of its on-going reforms. Dr Hassan Mahmud, Director, Trade and Exchange Department, CBN, in a circular, said the move was aimed at...
The Central Bank of Nigeria (CBN has mandated foreign exchange sellers to Bureau De Change (BDC) of the equivalent of 10,000 dollars and above to declare their forex sources. Director, Financial Policy and Regulation Department of the CBN, Haruna Mustapha, said this in a revised regulatory framework to...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN), has reviewed the formula for fixing foreign exchange rates for Customs duty on importation. The Director, Trade and Exchange Department of the CBN, Dr Hassan Mahmud, said this in a memo addressed to the Nigeria Customs Service...
A financial expert, Dr Chijioke Ekechukwu, has said the continued depreciation of the Naira has become worrisome and embarrassing. Ekechukwu, an economist and a past president of the Abuja Chamber of Commerce and Industry (ACCI), said this in an interview with the News Agency of Nigeria (NAN) on...
The Federal Government has expressed determination to raise at least 10 billion dollars to increase foreign exchange (forex) liquidity to stabilise the Naira and grow the economy. President Bola Tinubu made this known at the inauguration of the Public Wealth Management Conference organised by the Ministry of Finance Incorporated...
The Presidency, has described as preposterous, a claim by ex-Vice President Atiku Abubakar on the forex policy of the President Bola Tinubu led administration. Atiku, the 2023 presidential candidate of the Peoples Democratic Party (PDP) had said the forex policy of the Tinubu government was hurriedly put...
The Central Bank of Nigeria (CBN), has assured of stability in naira/ dollar exchange rate. The CBN Governor Mr Olayemi Cardoso, said this at an interface with the Senate Joint Committee on Banking and Insurance in Abuja on Friday. “In terms of volatility of the exchange rate, we...
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says the value of the Naira is determined by the availability of foreign exchange. Cardoso said this on Tuesday in Abuja while addressing the House of Representatives on Naira depreciation and the instability in the foreign exchange...
The Independent Media and Policy Initiative (IMPI), says the new policies introduced by the Central Bank of Nigeria (CBN) will help stabilise the Naira in the foreign exchange market. Mr Niyi Akinsiju, the Chairman of the Non Governmental Organisation (NGO), said this in a statement on Sunday in...
Following recurrent freefall of Naira in the Foreign Exchange (Forex) market, the Federal Government has assured Nigerians that it will implement macroeconomic reforms to stabilise the market. The Minister of Information and National Orientation, Mohammed Idris, gave the assurance on Saturday in Minna, at the 2024 Press Week...
By EZEKIEL OBI, Abuja – President Bola Tinubu-led administration is committed to implement reforms to curb inflation, ease cost of living and stabilise foreign exchange. The Minister of Information and National Orientation, Alhaji Mohammed Idris, stated this on Saturday in Minna during the 2024 Press Week of Niger State...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) says it has released 500 million dollars to various sectors in its determination to address the backlog of verified foreign exchange transactions. The Acting CBN Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, said this in a statement on...
Serial digital entrepreneur, Leo Stan Ekeh, has spotlighted the chief reasons why multinationals are exiting Nigeria and warned that if nothing was done, more of such businesses and indigenous ones may close shop in the coming months and years. In a press statement, Ekeh who is the Chairman of...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has disbursed 61.64 million dollars to foreign airlines through various Deposit Money Banks (DMBs). The Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, disclosed this in a statement issued in Abuja on Sunday. Mrs. Sidi-Ali said the disbursement is...
Operatives of the Economic and Financial Crimes Commission (EFCC) are reportedly conducting a search on forex allocations to the company during the tenure of Godwin Emefiele as Governor of Central Bank of Nigeria, according to SaharaReporters. The EFCC’s spokesman, Dele Oyewale, has also confirmed the development. Dangote...