OPS seeks regulation of multiple forex rates

  Despite admitting Central Bank of Nigeria (CBN)’s laudable contribution to the stability of the country’s foreign exchange market, the organised private sector (OPS) has disclosed that disquiet is still trailing the multiplicity of forex rate in the country. Specifically, the private sector group pointed out that there were too many rates in the economy, thereby urging the apex bank to wade in and ensure the system is streamlined for the sake of manufacturers and exporters. Director-General, Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf, in a chat in…

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CBN pumped $2.60bn into forex market in June

Central Bank of Nigeria

In the wake of the sudden naira weakness witnessed in late May, the Central Bank of Nigeria (CBN) stepped up its intervention in the foreign exchange market, injecting a total of $2.60 billion into the market in the month of June alone, New Telegraph’s investigation has revealed.   Findings by our correspondents show that the apex bank sold a total of $1.62 billion through the interbank forex market and a total of $985.4 million to licensed Bureau De Change (BDCs) last month.   Specifically, the banking watchdog’s first intervention in…

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Learn Africa: Piracy, FX challenges slice earnings

The book publishing industry has continued to battle with operational challenges triggered by the harsh milieu. Learn Africa Plc has not been insulated, writes Chris Ugwu   Without any doubt, the poor reading culture in the country is a big challenge to the publishing industry. Books rank very low on the preference list of an average Nigerian and this has made it difficult to achieve a turnover that is commensurate with the huge population. Some parents would rather spend money on electrical appliances, jewelry, clothes and frivolous ceremonies than buy…

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‘Forex reserves increased by 0.27% in May’

Nigeria’s foreign exchange reserves rose 0.27 per cent from a month ago to $47.62 billion as of May 30, Central Bank of Nigeria (CBN) data showed last Friday. The CBN’s forex buffer stood at $30.36 billion, up 57 per cent from a year ago, but is still far off a peak of $64 billion hit in August 2008. CBN Governor, Mr. Godwin Emefiele, had in April this year, predicted that the reserves will soon hit $50billion. He made the prediction while speaking at the 25th CBN seminar for Finance Correspondents…

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BDCs reject CBN’s mandatory forex bids

A showdown appears to be looming between Bureau De Change (BDC) operators in the country and the Central Bank of Nigeria (CBN) over new foreign exchange measures unveiled by the apex bank over the weekend. In a statement issued on Saturday, CBN’s Acting Director of Corporate Communications, Mr. Isaac Okorafor, had explained that the measures were aimed at improving foreign exchange liquidity and ensuring that eligible travellers are able to access foreign currency. The regulator, in the statement, mandated all Deposit Money Banks (DMBs) to buy and sell foreign currency…

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CBN injects fresh $396.18m into interbank forex market

Barely forty eight hours after injected $210 million into the interbank foreign exchange market, the Central Bank of Nigeria (CBN) yesterday pumped another $396.18million into the market. According to a statement obtained from the Apex Bank, the latest intervention was in the Retail Secondary Market Intervention Sales (SMIS) segment of the market. Confirming the figures, the Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor said that interventions by the CBN in both the retail and wholesale sectors of the forex market were targeted primarily at ensuring liquidity in the…

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Forex crisis: Manufacturers repaying N500bn debt, says NACCIMA

The organised private sector (OPS) has disclosed that the action of the Central Bank of Nigeria (CBN) introducing different foreign exchange window has led to the repayment of financial commitment valued at N500 billion to foreign trade partners. The debt was incurred by manufacturers during the modified flexible exchange rate in 2016 as they struggled to meet up with payment for raw materials already ordered from abroad.   This occurred aftermath of Letters of Credit and Form Ms were approved for the manufacturers at N197/US$ before the introduction of new…

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Forex reserves hit 6 months import cover

With the country’s external reserves surging to $46.04billion at the end of the first quarter of this year, the Central Bank of Nigeria (CBN) now has the capacity to conveniently meet foreign exchange demand without worrying about the stability of the Naira for a period of six months, analysts at GTI Research have said. In a report obtained by New Telegraph, the experts stated that the significant increase in the foreign reserves was the most significant positive development that took place in the nation’s economy in the first quarter of…

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CBN injects $210m into forex market

The Central Bank of Nigeria (CBN) yesterday injected another $210 million into the inter-bank foreign exchange market in its continued quest to guarantee the availability of forex for customers’ needs in various segments of the market.   Figures obtained from the apex bank indicate that it offered $100 million to authorized dealers in the wholesale segment of the market, while the small and medium enterprises (SMEs) segment received the sum of $55 million.   Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance…

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CBN injects $326m into forex market

The Central Bank of Nigeria (CBN) yesterday said it had injected $325.64 million into the interbank foreign exchange market as part of efforts to boost liquidity and reduce dollar shortages. The Apex bank, in a statement signed by its Acting Director, Corporate Communications, Mr. Isaac Okorafor,, said the $325.64 million was earmarked for the agricultural, airline and petroleum products sectors, as well as for raw materials and machinery. It also said its dollar reserves were enough to maintain the international value of the naira currency as well as “guarantee access…

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