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Foreign Exchange Market

Central bank injects $210 million to boost forex market

The Central Bank of Nigeria (CBN), in continuation of its intervention in the foreign exchange market, has injected another sum of $210 million to boost sales in the inter-bank segment of the market.

Central bank assures manufacturers, farmers of more support in 2019

Central Bank of Nigeria (CBN) says local manufacturers and farmers will be sufficiently supported financially and otherwise in 2019

Central bank opens December sale with $210 million

In its first intervention in the foreign exchange market for December, the Central Bank of Nigeria (CBN) yesterday injected the sum of $210 million in the inter-bank foreign exchange market.

LCCI: Falling oil prices pose risk to forex market, new minimum wage

The Lagos Chamber of Commerce and Industry (LCCI) has warned that the declining global oil prices pose a risk to stability in the foreign exchange market and may threaten the ongoing negotiation on the new minimum wage.
china yuan dollar

Central bank injects $331.22 million, CNY51.86 million into retail secondary market

The Central Bank of Nigeria (CBN) has continued its intervention in the retail Secondary Market Intervention Sales (SMIS) by injecting a total of $331.22 million in that segment of the market, in addition to CNY51.86 million in the spot and short-tenored forwards segment.

Forex: Central bank injects $210 million in wholesale segment, others

The Central Bank of Nigeria (CBN) on Tuesday intervened in the wholesale segment of the foreign exchange market, offering the sum of $100 million to dealers in that window.

Naira sells at 364.22 to dollar at investor’ window

The Naira on Tuesday was sold at N364.22 to the dollar at the investors’ window in Lagos, with a turnover of 147.30 million dollars, the News Agency of Nigeria (NAN) reports.

Central bank spends $20.91 billion in six months to defend naira

Within a space of six months this year, the Central Bank of Nigeria (CBN) has so far expended about $20.91 billion to stabilise the naira at the various segments of the foreign exchange (forex) market.

The wrong way to defend the naira

The Central Bank of Nigeria has injected over $10.97bn, into the Forex Market between January and October this year, to defend the Nation’s currency, the Naira, against other major currencies, including the dollar.” (See Punch Newspaper report of November 18th 2018 titled “CBN Defended Naira with $11bn in 10 months”).

Naira appreciates against dollar at parallel market

The Naira on Tuesday appreciated against the dollar at the parallel market, exchanging at N360 to the dollar, stronger than N361 posted on Monday.

Central bank to accelerate financial inclusion with rural banks

As part of efforts to promote financial inclusion and enhance access to financial services for low income earners and the unbanked, the Central Bank of Nigeria (CBN) is proposing the establishment of Payment Service Banks in rural areas across the country.

Central bank boosts forex market with $210 million

The Central Bank of Nigeria (CBN) has again injected the sum of $210 million into the inter-bank Foreign Exchange Market.

CBN: Nigeria’s exit from recession under threat

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday warned that weak economic fundamentals currently being shown by the Nigerian economy are putting the country’s exit from recession under threat.
China's Yuan

Forex: Central bank provides $317.52m, CNY58.40m for agric, raw materials

The Central Bank of Nigeria (CBN), on Friday, provided 317.52 million dollars and 58.40 million Chinese Yuan (CNY) to customers seeking foreign exchange in the agricultural and raw material sector.
Economic and Financial Crimes Commission (EFCC)

CSNAC petitions EFCC, seeks probe of MTN, others over alleged illegal repatriation of revenue

The Civil Society Network Against Corruption, which is a coalition of over 150 anti-corruption organization with the aim of constructively combating corruption in Nigeria, has urged the Economic and Financial Crimes Commission to investigate the alleged illegal repatriation of export revenue by communication giant company, MTN, and its collaborators.

The Economist: PDP will unseat APC in 2019

The opposing Peoples Democratic Party (PDP) will defeat the All Progressives Congress (APC) in the 2019 presidential election, according to a report by The Economist Intelligence Unit (EIU).

Naira depreciates against dollar at investor’s window

Naira on Friday depreciated marginally against the US dollar at the investors’ window, exchanging at N362.64 compared to N362.32 posted on Thursday.

Central bank slams N5.87 billion fine on four banks over forex illegal deals

The Central Bank of Nigeria (CBN) on Wednesday imposed a N5.87 billion fine on Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank over alleged irregularities.

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