Browsing: FOREX

The Central Bank of Nigeria had a few months ago stopped the sale of FOREX to Bureau De Change operators.

The Minister of Communications and Digital Economy, Dr. Isa Pantami, said this when he featured in a special News Agency of Nigeria (NAN) interview programme in Abuja.

Adamu stated this at an interactive session with the House of Representatives Committee on Finance on Monday.

The CBN had last week stopped sales of FX through Bureau de Change operators and announced that foreign exchange would now be sold through commercial banks.

The CBN governor, Godwin Emefiele, announced this on Tuesday in a live TV broadcast after announcing that the bank had retained its benchmark policy rate.

Sylva made this known when he featured at the News Agency of Nigeria Forum on Sunday in Abuja.

The CBN received a total foreign currency inflow of $40 billion during the year compared to $62 billion a year earlier. The Central Bank of Nigeria has recorded a deficit or a net foreign currency outflow of $3 billion in 2020 (2019: $4 billion).

It said to come up with such an idea at a time the nation is still grappling with the effect of the coronavirus pandemic and millions of people have been rendered jobless for months is wicked and ungodly.

Alhaji Aminu Gwadabe, ABCON President, told the News Agency of Nigeria that the BDC was and would remain the potent monetary tool of the Central Bank of Nigeria exchange rate stability instrument.

Today, by benefit of hindsight, it could be appropriately said that Emefiele was a prophet who saw tomorrow and quickly rallied his people to prepare for the impending storm. Not long afterwards, the real storm came bearing down on global economies.

The Nigeria Employers’ Consultative Association has commended the Central Bank of Nigeria for exempting six companies from restriction on milk and dairy products importation.

This was disclosed by the Director, Corporate Communications Department, Isaac Okoroafor.

Iyama told members of the Food and Agriculture Writers Organisation of Nigeria at a stakeholders meeting in Lagos that processing hemp oil was capable of generating huge forex.

Solomon Aderoju, Chairman, Lagos State Chapter of NASME, made the assertion on Thursday in Lagos.

The Director-General of NECA, Timothy Olawale, while reacting to the directive, told reporters in Lagos that although the directive might be well intended, it left much to be desired in the absence of a buffer time for adjustment.

Figures obtained from the CBN on Tuesday indicated that authorized dealers in the wholesale sector of the market received $100 million, while the Small and Medium Enterprises and the invisibles segments were allocated the sum of $55 million each.

The Lagos Chamber of Commerce and Industry says the exclusion of all forms of textile materials from the foreign exchange market pose a threat to the N5 trillion fashion industry.

The Central Bank of Nigeria has placed access to foreign exchange for all forms of textile materials on the FOREX restriction list, the Governor, Godwin Emefiele, announced in Abuja on Tuesday.

The Central Bank of Nigeria has injected the sum of $210 million into the inter-bank Foreign Exchange Market.

In continuation of its periodic intervention in the foreign exchange market, the Central Bank of Nigeria on Tuesday injected another sum of $210 million into the inter-bank foreign exchange market.