African Development Bank (AfDB) on Monday in Abuja commended the President Tinubu administration for unifying the naira exchange rate saying it would breath air of transparency into Forex. The bank’s president, Dr Akinwumi Adesina, said this on Monday in Abuja at the 2nd Edition of Nigeria Employers’ Summit. The...
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Vice President Yemi Osinbajo says a more market driven approach will be best for Nigeria’s exchange rate management as it will boost confidence and inwards flows. Osinbajo made this submission in his presentation at the 3rd Ministerial Performance Review Retreat for Ministers, Permanent Secretaries and top Government Functionaries on...
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...
Introduction During the last week, news broke that Operatives of the Economic and Financial Crimes Commission (EFCC) raided Wuse Zone 4 where most bureau de change operators in Abuja run their businesses. It was further reported that sources at the EFCC gave reasons for the raid as: “We (EFCC)...
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...
By JOY ADARA, Abuja – The Nigeria’s Naira on Thursday, depreciated at the Investors and Exporters window, exchanging at N422.50 to the dollar, a 0.54 per cent depreciation against N420.25 traded on Wednesday. The open indicative rate closed at N420.26 to the dollar on Thursday. An exchange rate of...
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 widening difference between the black market and official rates has worsened the forex fraud, as banks publish more names of Nigerians attempting to cheat the system in an attempt to make more money. As of Wednesday, 23 February 2022, the dollar exchanged for N416 at the official market...
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...
The Centre for the Promotion of Private Enterprise, an economic think tank, has advised the Central Bank of Nigeria to review its ban on some of the over 40 items which the regulator has stopped importers from accessing foreign exchange to bring into the country. Economists at the centre...
Prof Obadan was my best economics teacher at the University of Benin (Uniben). Soft spoken but highly articulate and intelligent, he was the real deal and made plenty sense always in and out of the classroom and I looked forward to his lectures. Unsurprisingly I scored good grades in...