Forex infractions: CBN sanctions BDC operators

The Central Bank of Nigeria (CBN) has fined over 100 Bureau De Change (BDC) operators N5 million each for various infractions in the foreign exchange market. This was disclosed by the President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe during his conversation with the media after a meeting with the apex bank. He said the apex bank contemplated revoking the licenses of some BDC operators over various offences before ending up applying fines on some of them. Gwadebe said the crash in crude oil prices had…

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Food import ban: Game changer for forex conservation

President Muhammadu Buhari’s recent assertion that his directive to the Central Bank of Nigeria (CBN) to stop issuing forex to importers six months ago had saved the country millions of dollars that would have otherwise been expended on food importation is another eye opener. Taiwo Hassan writes   Indeed, it is a mind-blowing statistics that Nigeria spends about $22 billion on food import bill in a bid to cater for its populace at the expense of conserving foreign exchange reserves. Another statistics from the Central Bank of Nigeria also show…

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Poor access to forex jolts manufacturers

Chief executive officers (CEOs) of firms under the umbrella of Manufacturers Association of Nigeria (MAN) across the six geo-political zones of the country and the 10 sectoral groups of the association have again lamented poor access to foreign exchange. Their views were contained in the Manufacturers CEOs Confidence Index (MCCI) third quarter 2019 report where they confirmed that not much had changed in the supply of forex to the industry for purchase of machines, raw-materials and other manufacturing input for production. The manufacturers CEOs Confidence Index is an index created…

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Forex ban: Association frets over food import

President Muhammadu Buhari’s directive to the Central Bank of Nigeria (CBN) to halt foreign exchange on food importation will lead to inflation and also reduce the livelihood of Nigerians. President, Soil Science Society of Nigeria (SSSN), Professor Bashir Raji, disclosed this. He advised the president to ruminate on both the production and consumption of food in the nation, while also emphasising that the policy would be laudable if properly articulated. He described it as “a right policy, right timing but wrong approach.” He stated that Nigeria’s current rice production was…

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Much ado about FX restriction on food import

In the wake of President Muhammadu Buhari’s directive to the Central Bank of Nigeria (CBN) to stop providing foreign exchange (forex) for importation of food, members of the organised private sector say the initiative is a welcome development since it is in line with government’s resource-based industrialisation agenda. Taiwo Hassan reports   No doubt, the recent pronouncement by President Muhammadu Buhari ordering the Central Bank of Nigeria (CBN) to stop forex allocation to importers of food is generating mixed feelings among operators in the manufacturing and agricultural sectors even as…

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Forex ban on food import’ll worsen scarcity, says PDP

PDP

The Peoples Democratic Party (PDP) yesterday said the directive by President Muhammadu Buhari to the Central Bank of Nigeria (CBN) not to finance food importation into the country would worsen food scarcity and exacerbate the already harsh economic situation. The party through its National Publicity Secretary, Kola Ologbondiyan, said the directive was ill-timed and should be rescinded as it would not do the country any good. “It is indeed appalling that instead of bringing solution to the depreciating living conditions of our people, President Buhari is rather imposing more suffering…

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CSJ: Restriction of forex on food import’ll increase suffering of majority

A non-governmental organisation (NGO), Centre for Social Justice (CSJ), has advised President Muhammadu Buhari to rescind his directive urging the Central Bank of Nigeria (CBN) not to give a cent in foreign exchange (forex) for importation of food items. If implemented, CSJ said it such directive would increase the suffering of majority of Nigerians. The organisation made its position known in a statement by Lead Director, Eze Onyekpere, Esq. He said: “This directive is fraught with danger and appears to be an illegal directive for a number of reasons. The first…

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‘Forex policy tweak may hold key to economic growth’

To be successful in speeding up the country’s economic growth, the Central Bank of Nigeria (CBN) may need to tweak its foreign exchange policy to attract foreign investors, analysts at CardinalStone Research have suggested. The analysts, who stated this in a report entitled, “H2 2019 Outlook: Fish or cut bait,” obtained by New Telegraph at the weekend,  argued  that even as the  CBN stepped up the implementation of  pro-growth administrative measures, it  would  have to take another look at its forex policy  to attract the much needed Foreign Direct Investment…

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‘Local rice consumption hits N1.2bn daily on forex restriction’

  Nigerians’ daily consumption of locally produced rice has risen to N1.2 billion since the Central Bank of Nigeria (CBN)’s restriction of forex supply for rice imports to the county came into effect, the National President, Farmers Association of Nigeria (RIFAN), Mallam Aminu Goronyo, has said. Addressing reporters yesterday in Abuja over a claim by a group that, CBN was indebted to it for rice input supply, Goronyo said the combination of the Anchor Borrower’s Programme (ABP), forex restriction policy initiative on select items, (rice import inclusive), by the apex…

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CBN meets banks’ forex officers today

The Central Bank of Nigeria (CBN) will today in Lagos hold a meeting with foreign exchange officers of Deposit Money Banks (DMBs) in the country. In a notice signed by its Director, Trade and Exchange Department, Ahmed Umar, the CBN stated: “The meeting shall afford participants the opportunity to discuss developments in the foreign exchange market and proffer solutions for the way forward.” It would be recalled that speculation was rife a few weeks ago that the apex bank was set to weaken the naira‘s exchange rate. This followed an…

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