$55million For Nigerians Needing Forex For Travel, Tuition, Clinical Expenses

$55million was injected into the economy for Nigerians requiring foreign alternate (Forex) for Business/Personal Travel Allowances, tuition, and medical prices by the Central Bank of Nigeria (CBN), and this used to be part of the $210million pumped into more than a few segments of the overseas trade market with the aid of the apex bank. Mr Isaac Okorafor who is the CBN performing Director released A breakdown of the quantity which showed the following; * aside from the $55million greenbacks Read more [...]

Central Bank Of Nigeria (CBN) Warns Towards Investing In Digital Currencies

This to announce to the usual public that the Central Bank of Nigeria (CBN) has warned Nigerians and monetary establishments to stay away from bitcoin and different digital currencies.
The financial institution known as on monetary establishments no longer to transact groups in the currencies and all people who does such, is at its own risk.

The apex bank said the digital currencies are no longer criminal lenders in Nigeria and are unacceptable.

Naira Depreciates To 365 Per Dollar No Matter CBN Interventions

Mr. Aminu Gwadabe, who is the President, Association of Bureaux De Change Operators of Nigeria, stated the improvement used to be phase of foreign trade market fluctuations. The interbank window of the nation’s foreign exchange market had final Tuesday obtained a boost of $210m from the CBN. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, had stated the financial institution offered the sum of $100m to the wholesale segment, whilst the SMEs and invisibles segments Read more [...]

Nigerian Banks Exchange FX At 314.50 Naira On Interbank Market

Nigeria’s overseas change market noticed transactions well worth $1.34 million at its interbank window on Wednesday at a price of 314.50 Naira per dollar, as commercial banks traded the nearby currency at below the central bank rate. Nigeria has at least 5 rates, which it has used to manipulate stress on the Naira and to manipulate what the central financial institution described as “frivolous” demand for greenbacks at the height of a forex crisis that started two years ago. In, April Read more [...]

$9 Billion Interventions Beef Up Naira

The Nation has learn that Dollar injections into the financial system estimated at $9 billion on account that February have helped the Central Bank of Nigeria (CBN) to acquire long-term naira steadiness and curb volatility in the overseas alternate (forex) market. The greenback injections were made to enable stakeholders invulnerable adequate forex for their operations, and in the method enhance naira’s stability. The hole between official and black market fees started out to reduce considering Read more [...]

Nigeria Currency (Naira) Crashes Against Dollar

On Tuesday, Naira  traded at N362.5 to the greenback at the parallel market,while Pound Sterling and the Euro closed at N476 and N426 respectively. At the Bureau De Change window, the Naira flattened at N362 to the dollar, while the Pound Sterling and the Euro closed at N476 and N426 respectively. Trading at the interbank window saw the Naira closed at N359.87, whilst the CBN fee closed at N305.9 to the dollar. According to traders, patronage at the market was gradual as they awaited the Read more [...]

Naira Appreciates To N359 Against Dollar

The Naira on Thursday liked to N359.56 in the Investor and Exporter (I&E) Foreign Exchange, forex. The indicative alternate fee for the I & E Forex Window, recognized as Nigerian Autonomous Foreign Exchange, NAFEX, liked to N359.56 per dollar. It jumped from Wednesday’s market charge which stood at N360.70 per dollar. This shows an appreciation of N1.14 kobo in the fee of the neighborhood currency. Meanwhile, the extent of dollars traded in the window, yesterday, used Read more [...]

CBN Injects $195 million Into To The Forex Market

The financial organization of African nation (CBN), Monday, continuing its intervention within the inter-bank interchange market with the injection of $195m. Figures discharged by the CBN show that it offered the whole add of $100million to the wholesale section, whereas the tiny and Medium Enterprises (SMEs) section received the add of $50 million. The invisible section, comprising tuition fees, medical payments and Basic allowance (BTA), among others, received $45 million. Confirming the Read more [...]

$9Billion Has Been Used By FG To Defend Naira

The Senate on Tuesday said the sum of $9 billion had been spent by using the federal authorities to shield the naira. It expressed fear that only 10 per cent of the N7.4 trillion 2017 finances has so a long way been applied barely three months to the stop of the year. Senator Yahaya Abdullahi (APC, Kebbi) who sponsored a motion on stabilising and sustaining publish recession increase of the economy, argued that the level of concord between the fiscal and monetary policies of government remained Read more [...]

Naira Sells At N364 Per Dollar As MPC Holds Rate

The Naira on Tuesday exchanged at N364 to the dollar at the parallel market as the Monetary Policy Committee meeting of the Central Bank of Nigeria fixed benchmark interest rate at 14 per cent. The News Agency of Nigeria reports that the MPC left the benchmark interest rate unchanged at 14 per cent, alongside other monetary policy parameters. The CBN Governor, Godwin Emefiele, said reducing interest rates may reverse the gains achieved in exchange rate stability and inflation rate reduction. The Read more [...]