Monday, September 10, 2018

Tag "Isaac Okorafor"

    CBN: We’ve returned N51.9bn to bank customers for illegal deductions

CBN: We’ve returned N51.9bn to bank customers for illegal deductions

The Central Bank of Nigeria says it has recovered N51.9 billion illegally deducted by commercial banks in the past five years and returned it to customers.Isaac Okorafor, acting director, corporate communications of the apex bank, made this known while speaking at an interactive session with stakeholders in the south-south zone in Port Harcourt.Okoroafor, who was represented by John Attah, an [...]

1 comment Read Full Article
    $50m for SMEs, $45m for BTA… CBN eases forex market

$50m for SMEs, $45m for BTA… CBN eases forex market

The Central Bank of Nigeria (CBN) says it has provided additional $195 million to the inter-bank foreign exchange market in continuation of its forex supply drive.In a statement released on Monday, the apex bank said it offered $100million to the wholesale segment, while the small and medium enterprises (SMEs) segment received $50 million.The invisible segment, comprising tuition fees, medical [...]

0 comment Read Full Article
    CBN injects $190m, unveils fresh rules to liberalise forex market

CBN injects $190m, unveils fresh rules to liberalise forex market

The Central Bank of Nigeria (CBN) on Monday further liberalised the foreign exchange market by unveiling fresh regulations for a more open market.According to a circular signed by Alvan Ikoku, director, financial markets department, the CBN now allows authorized dealers to sell their excess foreign currency trading positions to other authorized dealers without seeking prior approval from the CBN.The bank [...]

0 comment Read Full Article
    UPDATED: CBN to give forex to small-scale importers of items not valid for FX

UPDATED: CBN to give forex to small-scale importers of items not valid for FX

The Central Bank of Nigeria (CBN) says small-scale importers of items not valid for foreign exchange via the official window, now qualify for forex."Importers of items classified as not valid for forex with transactions value of $20,000 and below per quarter shall now qualify for allocation of foreign exchange," the bank said in a circular quoted by Reuters.Consequently, businesses with [...]

0 comment Read Full Article
    Banks to deduct stamp duty for Dec 2016 transactions in May 2017

Banks to deduct stamp duty for Dec 2016 transactions in May 2017

Deposit money banks (DMBs) say they will deduct stamp duty for transactions carried out in December 2016 and January 2017 in May 2017.According to banks, the move is as a result of a circular from the Central Bank of Nigeria (CBN),"Following CBN directive, please note that we will be retrieving stamp duty on all your Dec 2016 and Jan 2017 [...]

0 comment Read Full Article
    Trouble for dollar hoarders as CBN plans more forex injection

Trouble for dollar hoarders as CBN plans more forex injection

The Central Bank of Nigeria (CBN) has disclosed its plan to commence announce round of forex injections into the invisible segment of the market.The planned action is expected to lead to a depreciation of the dollar against the naira.Isaac Okorafor, CBN acting director of corporate communications, told journalists that the proposed action to inject forex in the interbank segment of the market [...]

0 comment Read Full Article
    Naira ends week on strong note, closes at N385 to a dollar

Naira ends week on strong note, closes at N385 to a dollar

Efforts by the Central Bank of Nigeria to salvage the naira yielded positive results as the nation's currency closed at N385 to a dollar on Friday.During the week, the CBN injected a total of $380 million into the forex market and increased the forex allocations of Bureau de Change operators to meet the needs of customers.This makes it the second [...]

1 comment Read Full Article
    ‘We can’t kill our people’ — CBN resists call by ‘Washington Consensus’ to float the naira

‘We can’t kill our people’ — CBN resists call by ‘Washington Consensus’ to float the naira

The Central Bank of Nigeria (CBN) has resisted calls from financial institutions in Washington to float the naira, saying it cannot kill Nigerians in the name of floating the naira.Speaking to journalists on the sidelines of the World Bank/IMF meetings, Isaac Okorafor, spokesman of the apex bank, also restated the CBN's commitment to ensuring access to forex by the drivers [...]

3 comments Read Full Article
    CBN injects $280m into FX market, increases sale to BDCs

CBN injects $280m into FX market, increases sale to BDCs

As part of its efforts to sustain liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has injected $280 million into the market.The apex bank has also announced on Tuesday that it would now sell $20,000 twice a week to licensed bureaux de change, a 100 percent increase from the previous $10,000 twice a week.It also announced [...]

0 comment Read Full Article
    CBN introduces ‘form X’ for access to forex by small businesses

CBN introduces ‘form X’ for access to forex by small businesses

Asides existing 'form M' and 'form A', the Central Bank of Nigeria (CBN) has introduced 'form X', which is aimed at easing access to forex for small businesses.In the past, those filing request for foreign exchange for  invisibles used 'form A', while manufacturers, airlines, and those in need of forex in large quantity used  'form M'.But on Monday, the CBN [...]

0 comment Read Full Article
    CBN vows to continue forex intervention

CBN vows to continue forex intervention

The Central Bank of Nigeria (CBN) on Sunday reiterated its determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users.Isaac Okorafor, acting director, corporate communications of CBN, in a statement said the bank wants to disabuse the notion by market speculators that it wouldn’t [...]

0 comment Read Full Article
    CBN activates new rate by pumping $185m into FX market

CBN activates new rate by pumping $185m into FX market

The Central Bank of Nigeria (CBN) has activated the new foreign exchange rate for invisibles by pumping a total of $185 million into the foreign exchange market.On Monday, the CBN introduced a cheaper rate for the dollar at the interbank market, requesting that banks sell the US currency at N360 for those seeking it for school fees, medical bills and [...]

0 comment Read Full Article
    Intelligent work led to appreciation of naira, says CBN

Intelligent work led to appreciation of naira, says CBN

The Central Bank of Nigeria (CBN) says intelligent work led to the recent appreciation of the naira against other currencies.Isaac Okorafor, acting director, corporate communications of the bank, said this on Thursday, dismissing the reports that illegal sales of foreign currencies at ridiculous rates was responsible for the change in forex policy."I want to state categorically that there is no [...]

0 comment Read Full Article
    CBN provides banks with additional forex for school fees, medical payments

CBN provides banks with additional forex for school fees, medical payments

The Central Bank of Nigeria (CBN) says it has provided additional forex to banks, as part of its efforts to alleviate the hardship experienced by Nigerians who need forex for school fees, medicals and personal travelling allowance.THISDAY reports that Isaac Okorafor, acting director, corporate communications of the apex bank, said this during a recent interview.Okorafor also gave the assurance that [...]

2 comments Read Full Article
    CBN reveals how it disbursed forex in two months

CBN reveals how it disbursed forex in two months

The Central Bank of Nigeria (CBN) says it disbursed $2.83bn to "critical sectors of the economy" between December 2016 and January 2017. Isaac Okorafor, CBN's acting director, corporate communications department, made this known in a statement issued on Thursday.Okorafor said manufacturing, raw material and agriculture, topped these disbursements because CBN targeted employment generating and wealth-creating sectors of the economy."The sum of [...]

0 comment Read Full Article
    CBN: We are under attack, but won’t change our forex policy

CBN: We are under attack, but won’t change our forex policy

The Central Bank of Nigeria (CBN) says it has come under attack for its foreign exchange policy, but would not change the policy nor bow to these "self-serving" interests.In a statement by Isaac Okorafor, the bank's spokesman, the CBN said it "has observed with great concern the continued and unwarranted attack on its policies by a group of Nigerians, whose [...]

0 comment Read Full Article
Advertisement

 

Advertisement

Advertisement

Exchange Rates

September 10, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement