ABCON welcomes CBN move against domiciliary account collateral for naira loans

Post AMUGEApril 15, 2024

Business a.m. The recent move by the Central Bank of Nigeria (CBN) to ban the use of non-export domiciliary accounts as collateral for naira loans has received a positive nod from the Association of Bureaux De Change Operators of Nigeria (ABCON).  Aminu Gwadabe, president of ABCON, said the directive will have a positive effect on […]

CBN working on true price discovery of undervalued naira,Cardoso assures

Post AMUGEJanuary 24, 2024

Business a.m Yemi Cardoso, the governor of the Central Bank of Nigeria (CBN) has  acknowledged that the naira is currently undervalued,assuring that the bank will prioritise real price discovery in the foreign exchange market in 2024, with the goal of establishing a more accurate and fair exchange rate for the Nigerian currency .  Cardosos stated […]

$20 FX spend limit on back of scarcity to become widespread

March 16, 2022

$20 FX spend limit on back of scarcity to become widespread

BY: CHARLES ABUEDE On the heels of the decision by the Central Bank of Nigeria (CBN) to put a stop to the sale of foreign exchange to banks, Nigerian banks are now taking measures in response to the CBN move and as a way of adjusting their portfolios. With the apex bank already informing the […]

Fertilizer FX ban: Sacrifice towards self sufficiency

September 28, 2020

Onome Amuge The production of food for consumption is an indispensable activity necessary for the sustenance of human life. Food production and consumption also play a vital role in the actualisation of economic stability of a nation. With the global population currently growing at an average rate of 1.05 per cent per year, as estimated […]

CBN resumes forex sale to banks, to clear unmet forex demands

September 3, 2020

Forex scarcity sends naira crashing, now N472/$ at parallel market

After many weeks of absence from the foreign exchange market during which huge unmet forex demands piled up, the Central Bank of Nigeria (CBN) has resumed the sale of forex to banks to clear the backlog said to be in excess of $1.5 billion. On Monday and Wednesday, the CBN intervened at the investors and […]

Naira depreciates to N367/$ as panic grips forex market

March 12, 2020

Naira depreciates to N367/$ as panic grips forex market

Indications emerged that Nigeria’s foreign exchange market has come under severe pressure leading to significant depreciation of the local currency, Naira, across all market segments. This comes as the Central Bank of Nigeria, CBN, indicated that it would raise about N513 billion from sales of Nigerian Treasury Bills, NTB, in the second quarter of 2020. […]

CBN injects another $210m into forex market

July 25, 2019

Kenneth Afor The Central Bank of Nigeria says it has injected another $210 million into the Nigerian inter-bank foreign exchange market to ensure liquidity, maintain stability and to meet up with customers demand. Isaac Okorafor, director, corporate communications, CBN, who disclosed this on Wednesday, said that authorised dealers in the wholesale sector of the market received $100 […]

CBN sustains forex intervention as wholesale, SMEs segments get fresh $210m

November 27, 2018

Nigeria’s central bank sustained its intervention in the foreign exchange market with the aim of defending the value of the naira as it offered a fresh $210 million on Tuesday to meet the needs of customers in the wholesale, small and medium enterprises (SMEs) and invisibles segments of the market In the latest round of intervention, the CBN offered the sum of […]

Nigeria’s central bank, CBN, intervenes in FX market with $210m

Businessam StaffAugust 7, 2018

In another round of intervention, the Central Bank of Nigeria (CBN) has injected the sum of $210 million into the inter-bank Foreign Exchange Market to ensure the availability of forex and also meet customers’ requests in various segments of the market. The CBN Tuesday, August 7, 2018 offered $100 million to authorized dealers in the […]