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 provides $210mn for Inter-bank forex market

The Central Bank of Nigeria (CBN) on Tuesday intervened in the Inter-bank segment of the foreign exchange (Forex) market with the sum of $210 million to sustain the market’s liquidity. Figures obtained from the apex bank on how the sum was allocated showed that authorized dealers in the wholesale segment of the market received the […]

CBN boosts FX market with $210m

The Central Bank of Nigeria (CBN) has again supplied $210 million into the inter-bank segment of the nation’s Foreign exchange (Forex) market. Figures obtained from the CBN on Wednesday, showed that authorized dealers in the wholesale segment of the market were offered the sum of $100million, while the Small and Medium Enterprises (SMEs) segment received […]

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 […]

FX: CBN injects $317.52m, CNY 58.40m into Retail SMIS

The Central Bank of Nigeria (CBN) continued its intervention in the retail Secondary Market Intervention Sales (SMIS) as it injected a total of $317.52million in that segment of the market in addition to CNY58.40 million in the spot and short-tenored forwards segment. The figures obtained from the apex Bank on Friday revealed that the US […]

NLC asks MTN to pay $10.13bn forex fine, tax liability

The Nigeria Labour Congress (NLC) has asked MTN Nigeria, to pay the $10.13 billion sanctions, comprising the recent $2 billion fine in tax arrears and the $8.13 billion fine imposed on it by the Central Bank of Nigeria (CBN) over alleged breach of foreign exchange repatriation guidelines. In a statement issued on Sunday and signed […]

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 […]

CBN intervenes in Forex market with $543mn, CNY 63mn

The Central Bank of Nigeria (CBN) on Thursday and Friday, injected a total sum of $543.22 million and CNY 63.21 million into the foreign exchange (Forex) market. According to data provided by the apex bank on Thursday’s market intervention, the sum of $100 million was offered as wholesale interventions and allocated the sum of $55 […]