By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) says it has released 500 million dollars to various sectors in its determination to address the backlog of verified foreign exchange transactions. The Acting CBN Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, said this in a statement on...
foreign exchange
The Central Bank of Nigeria (CBN) has paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum in its bid to clear the backlog of outstanding foreign exchange liabilities. The apex bank said it has also cleared up the entire liability of 14 banks and...
The Federal Government says it is actively addressing the issue of pressure on foreign exchange in Nigeria. Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, said this on Tuesday, during the inauguration of two new factories and extension of the Tropical General Investment Group (TGI) at the...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has disbursed 61.64 million dollars to foreign airlines through various Deposit Money Banks (DMBs). The Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, disclosed this in a statement issued in Abuja on Sunday. Mrs. Sidi-Ali said the disbursement is...
One of the major decisions taken by President Bola Tinubu on assumption of office on May 29, after removal of petrol subsidy, was the suspension of the governor Central Bank of Nigeria (CBN), Mr Godwin Emefiele. The Secretary to the Government of the Federation (SGF), Sen. George Akume, who...
Some financial experts have urged the Federal Government to export more gas and agricultural produce as measures to enhance the contry’s external reserves.p They spoke in separate interviews with the News Agency of Nigeria (NAN) on Sunday in Lagos. Prof. Sherifdeen Tella, Head, Economic Department, Olabisi Onabanjo University (OOU),...
By EZEKIEL OBI, Abuja – The Federal High Court in Abuja has ruled in favor of the Incorporated Trustees of Human and Environmental Development Agenda (HEDA Resource Centre) in a case against the Central Bank of Nigeria (CBN). The court’s decision, based on suit number FHC/ABJ/CS/1622/2020, comes after the...
The Naira on Tuesday further depreciated against the dollar at the Investors and Exporters window, exchanging at N430.67. The figure represented a decrease of 0.29 per cent, compared with N429.43 it exchanged for the dollar on Monday. The open indicative rate closed at N429.09 to the dollar on Tuesday....
.The Naira on Monday depreciated marginally against the dollar at the Investors and Exporters window, exchanging at N429.43. The figure represented a decrease of 0.09 per cent, against N429. 05 at the close of business on Aug. 19. The open indicative rate closed at N429.07 to the dollar on...
The Naira on Monday depreciated against the dollar at the Investors and Exporters window, exchanging at N430. The figure represented a decrease of 0.09 per cent compared with the N429.62 it exchanged for the dollar before the close of business on Aug. 12. The open indicative rate closed at...
By KADIRI ABDULRAHMAN – In recent times, the paucity of foreign exchange in the Nigerian economy has been of concern to many Nigerians. Some believe that the heavy dependence on crude oil sales, with its volatility, is responsible for the shortage of foreign exchange earnings for the Nigerian financial...
In the face of rising demand for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria (CBN) has advised Nigerians to resist the urge of succumbing to the speculative activities of some players in the foreign exchange market. Speaking with newsmen in Abuja on...
The International Air Transport Association (IATA) says Nigeria is holding back about $450 million in revenue earned by foreign airlines operating in the country. Vice President for Africa and the Middle East, IATA, Kamil Al Awadhi, made the remark on Sunday at the opening of its 78th annual general...
The Central Bank of Nigeria of Nigeria (CBN) said it would begin payment of N65 rebate to exporters who sold their goods through the importers and exporters (I&E) window, at the end of the first quarter. CBN Governor, Godwin Emefiele, said this shortly after signing the Term Sheet between...
By BENJAMIN ORISEMEKE, Abuja – Banks in Nigeria have stepped up measures to ration foreign currency sales to its customers, using their naira debit cards for overseas withdrawals to beef up Nigeria’s dwindling forex inflow. Nigeria’s largest DMB by market size, Zenith Bank Plc, has announced a review of...
The Central Bank of Nigeria has announced that it would stop the sale of foreign exchange to banks by the end of the year. CBN Governor, Godwin Emefiele, said the banks must begin to source their forex from export proceeds. “The era is coming to an end when, because...
By DAVID IORJA, Abuja – President Muhammadu Buhari has assured the Manufacturers Association of Nigeria (MAN) that the Federal Government would take appropriate measures to improve access to foreign exchange for importation of raw materials and machines that are not available locally. The President gave the assurance on Wednesday...
stockfish has become an important component/ingredient in Nigerian meals. This seafood has high nutritional benefits in addition to the widely appreciated taste. Intriguingly, stockfish has a history beyond the product itself. Producing the perfect stockfish is an art. It involves first-class craftsmanship and expertise, as well as the very...