CBN to probe forex restriction on banned items policy violators

The Central Bank of Nigeria (CBN) has expressed its intention to initiate investigations of bank accounts of companies involved in importation of the 41 banned items for possible violation of the policy on foreign exchange restriction on the affected items. In a circular titled ‘Foreign Exchange Restriction on the importation of 42 items’ signed by […]

ABCON seeks CBN support on forex market transparency

The Association of Bureaux De Change Operators of Nigeria (ABCON) has solicited the support of the Central Bank of Nigeria (CBN) on the operations of its live exchange rate website as part of its current efforts to improve transparency and stability in the nation’s foreign exchange market. In its just published Economic Review for Q3, […]

CBN forex policy on 41 items in Nigeria’s economic interest – Emefiele

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says the bank’s decision to restrict access to the foreign exchange official window for the importation of 41 items is in the best interest of the nation’s economy. Emefiele, who made the remarks in his keynote address while declaring open the 26th Seminar of Financial […]

Forex inflow drops by $3.73bn in one month

The Nigerian economy recorded a total foreign exchange inflow of $6bn in the month of July this year, which represents a 38.34 per cent drop when compared with the $9.73 in June this year, according to figures obtained from the Central Bank of Nigeria. The inflow of $6bn when compared with the $9.73bn recorded in […]

CBN boosts Forex market with $210m

The Central Bank of Nigeria (CBN) has made available the sum of $210 million, to meet customers requests in various segments of the foreign exchange market. The CBN, in its quest to meet customers’ needs in the various segments of the market offered $100 million to authorized dealers in the wholesale segment of the market, […]

CBN forex interventions hit $963m in August – Research firm

Foreign Exchange (forex) interventions by the Central Bank of Nigeria (CBN) stood at $963 million in August, according to a report by Financial Derivatives, a financial market research firm. The report added that the forex interventions have helped to stabilise the naira against global currencies, especially the dollar. At the parallel market, the naira started […]