Business

Industrialist to FG: Ban paper import to save forex

In a bid to boost local sourcing of raw materials for paper mill, the Federal Government has been advised to put an end to paper importation. As part of the efforts to remedy this alarming foreign exchange (forex) wastage, the Federal Government has been urged to create a functional paper mill, paper research institute and […]

Business

Forex scarcity persists amid clampdown on speculators

With the economic activity in the country rebounding, following the gradual lifting of coronavirus (Covid-19) restrictions, the acute foreign exchange shortage in the country seems to be getting worse, even as the Central Bank of Nigeria (CBN) intensifies its clampdown on suspected speculators, findings by New Telegraph show. Although the naira appears to have stabilised […]

News

Energy cost, forex to spike 50% hike in bread price –Bakers

Following the Federal Government’s decision to increase energy cost of fuel and electricity tariff and scarcity of foreign exchange, the Association of Master Bakers and Caterers of Nigeria (AMBCN) has stated that Nigerians should expect 50 per cent increase in retail cost of bread and other finished baked items in the country. The move, according […]

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CBN injects $13.37bn into forex market in Q1’20

The Central Bank of Nigeria (CBN) sold a total of $13.37 billion to authorized dealers in the first quarter of 2020. The apex bank disclosed this in its economic report for Q1 2020 posted on its website yesterday. The regulator also stated that the amount of dollars it sold in the first three months of […]

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