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…mulls forex restriction on sugar, wheat import

Dangote invests $500m in sugarcane farm Sugar and wheat may be the next food items to be included in Central Bank of Nigeria’s foreign exchange (forex) restriction list, CBN Governor, Mr. Godwin Emefiele, disclosed yesterday in Awe Local Government Area of Nassarawa State. Emefiele made the position known while touring the 60,000 hectares sugarcane plantation […]

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‘Suspicious $160m forex deal triggered freezing of 11 bank accounts’

Apex bank obtains court order to freeze 194 other accounts Suspicious foreign exchange transactions in excess of $160 million, linked to illegal forex operators, may have informed the order by the Federal High Court in Abuja that the Central Bank of Nigeria (CBN) should freeze bank accounts belonging to 11 customers. Authoritative sources close to […]

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Forex: CBN sold $5.33bn to BDCs in 2020

The Central Bank of Nigeria (CBN) sold foreign exchange amounting to $5.33 billion to the Bureaux De Change (BDC) segment of the for-eign exchange market last year, findings by New Telegraph show. The figure is $5.50 billion (50.6 per cent) below the $10.79 billion that the regulators sold to the same segment of the forex […]

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CBN injects $21.18bn in forex market in 11 months

The Central Bank of Nigeria (CBN) sold foreign exchange amounting to $21.18billion to authorised dealers between January and November last year, findings by New Telegraph show. The figure is $13.40 billion less than the $34.58 billion that the regulator sold to authorised dealers in the corresponding period of the previous year. According to the November […]

Business

Forex: Manufacturers adopt new approach to manage scarcity

Following the worsening foreign exchange (forex) allocation to the real sector of the economy, the Manufacturers Association of Nigeria (MAN) has disclosed that their members are now adopting a customised approach to manage the limited forex considering that the situation may not improve anytime soon amid COVID-19. President of MAN, Engr. Mansur Ahmed, made this […]

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 […]

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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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