Tag "forex"

    Naira gains, despite consecutive fall in foreign reserves

Naira gains, despite consecutive fall in foreign reserves

The Nigerian naira strengthened slightly at the parallel market, despite fall in the country's foreign reserves. On Friday, the naira appreciated by one point against the dollar, moving from 391 to 390 against the greenback. The British pound lost some ground to the naira to trade at N495, while the euro exchanged for N420. This is happening despite a three-day fall in the [...]

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    CBN confirms FX glut as banks pick up only 29% of $150m offered

CBN confirms FX glut as banks pick up only 29% of $150m offered

The Central Bank of Nigeria (CBN) has confirmed excess availability of foreign exchange at the interbank market, as banks fail to fully subscribe to the $150 million offered by the apex bank. Information from the apex Bank indicate that the dealers could only pick the sum of $43.5 million, which represents 29 percent of the $150 million offered for subscription in [...]

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    41 items remain ineligible for forex, says CBN

41 items remain ineligible for forex, says CBN

The Central bank of Nigeria (CBN) has clarified its new policy action, which lifted a ban on items not eligible for forex, stating that it 41 items ineligible for forex remain so. In a circular issued on Wednesday, the CBN said "importers of items classified as not valid for forex with transactions value of $20,000 and below per quarter shall now qualify [...]

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    CBN pumps $150m…but dealers could only buy $96m due to ‘fall in dollar demand’

CBN pumps $150m…but dealers could only buy $96m due to ‘fall in dollar demand’

The Central Bank of Nigeria (CBN) pumped $150 million into the foreign exchange market, via the interbank window, but dealers could only pick up $96.37 million due to fall in dollar demand. CBN also commenced interventions in the new "Investors' & Exporters' FX Window" with the sale of $25 million to customers through authorized dealers. This was disclosed by Isaac Okorafor, the bank's [...]

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    CBN opens yet another forex window — for software developers, exporters

CBN opens yet another forex window — for software developers, exporters

Two weeks after opening a special foreign exchange window for small and medium enterprises (SMEs), the Central Bank of Nigeria has  opened yet another window for investors and exporters. A circular issued by the CBN on Friday disclosed that the purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions. The [...]

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    Forex fraud: Senate to publish names of importers, banks

Forex fraud: Senate to publish names of importers, banks

The senate has vowed to publish names of importers and banks found culpable in ongoing investigation into over N30 trillion alleged foreign exchange frauds perpetrated between 2006 and 2017. Hope Uzodinma, chairman, senate committee on customs, made this known on Thursday, which was the second day of meeting with representatives of all commercial banks, the Central Bank of Nigeria (CBN) and [...]

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    CBN opens another FX window specially for small businesses

CBN opens another FX window specially for small businesses

The Central Bank of Nigeria (CBN) has opened another foreign exchange window  for small and medium scale businesses. CBN says the window, which would allocate $20,000 per business per quarter, is to help small and medium enterprises (SMEs) import "eligible finished and semi-finished items" needed for their businesses. Isaac Okorafor, the CBN spokesman, disclosed this on Monday, further explaining that the bank’s [...]

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    Despite surge in forex reserves, naira closes week at 405/$1

Despite surge in forex reserves, naira closes week at 405/$1

The Nigerian naira closed trading for the first week in April 2017 at 405 to the greenback at the parallel market, despite surge in foreign exchange reserves. On Monday,  the local currency was trading between 380 and 385 to the dollar at the same market, as the Central Bank of Nigeria (CBN) sought a convergence in foreign exchange rate across all [...]

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    CBN pumps $100m into FX market as reserves rise again

CBN pumps $100m into FX market as reserves rise again

The Central Bank of Nigeria (CBN) offered the sum of $100 million to authorized dealers at the forex auction in the interbank wholesale window, as foreign reserves return to winning ways. According to CBN data, the reserves surged from $30.318 billion on Monday to $30.326 billion, after falling over the past week by a few hundred millions. The reserves moved from $30,348,621,856 [...]

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    IMF wants naira to trade between 335/366 as FX inflow falls from $39bn to $14bn

IMF wants naira to trade between 335/366 as FX inflow falls from $39bn to $14bn

The International Monetary Fund (IMF) is favourably disposed to the position of Bismarck Rewane, CEO of Financial Derivatives, that the naira be allowed to depreciate below 305/$1. Rewane had suggested that the Central Bank of Nigeria (CBN) allows the naira to depreciate from 305 to 340/350 per dollar, in order to engage an effective exchange rate system. “The central bank can intervene [...]

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    CBN: Call us if your bank doesn’t give you needed FX in 24 hours (updated)

CBN: Call us if your bank doesn’t give you needed FX in 24 hours (updated)

The Central Bank of Nigeria (CBN) says Nigerians should put a call through to the apex bank, if any commercial bank does not give foreign exchange for genuine demand in 24 hours. Reacting to comments on customer frustration by some deposit money banks (DMBs), the CBN said DMBs have more than enough forex to meet demand. "Information reaching the Central Bank of [...]

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    No more 375! You can now get dollars N360/$1 across banks

No more 375! You can now get dollars N360/$1 across banks

The Central Bank of Nigeria (CBN) says banks will no longer trade the naira at N375 per dollar for invisibles, such as school fees, medical bills and travel allowances. CBN, on Monday morning, said Nigerians can now get the dollar at 360 across all commercial banks within the country. "The CBN to sell forex to banks at N357/$1, while banks will sell to [...]

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    Nigeria’s reserves hit $30 billion  — second time under Buhari

Nigeria’s reserves hit $30 billion — second time under Buhari

For the second time since President Muhammadu Buhari assumed office in May 2015, the nation's foreign reserves has hit the 30 billion dollar mark. Data retrieved from the central bank's website show that the reserves, which have experienced a steady day-on-day increase of between 2.30 and 2.75% since January 5, 2017, closed the trading week above $30 billion. The gross amount in [...]

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    CBN pumps fresh $170m into FX market as reserves hit 2017 high

CBN pumps fresh $170m into FX market as reserves hit 2017 high

The Central Bank of Nigeria (CBN) on Thursday pumped in fresh $170 million into the foreign exchange market, as foreign reserves hit 2017 high. The bank offered the sum of $100,000,000 as wholesale interventions, while it gave another $70,000,000 to meet requests for business and personal travel allowances. Isaac Okorafor, CBN's acting director, corporate communications, said the bank remained resolute in ensuring that [...]

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    Fresh $100m brings CBN forex interventions to $1.138bn in two weeks

Fresh $100m brings CBN forex interventions to $1.138bn in two weeks

The Central Bank of Nigeria (CBN) on Tuesday, credited commercial banks with $100 million for school fees, personal travel allowances (PTA) and medical bills abroad. This fresh injection by the apex bank brings the amount so far pumped into the interbank forex market within the last two weeks to $1.138 billion for both forwards and invisibles. On Monday, the apex bank, pumped [...]

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    Naira firms up, stock market gains, as new forex policy takes effect

Naira firms up, stock market gains, as new forex policy takes effect

The naira moved to 515 per dollar on Tuesday, following the introduction of new policy actions by the Central Bank of Nigeria (CBN). The naira, which was trading at 520 to the dollar on Monday, after falling from 510 the previous week, firmed on Tuesday evening, at the parallel market. Nigerian Stock Exchange (NSE) also gained over N740 million on Tuesday, following [...]

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NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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