Home Topics FOREX

FOREX

LCCI decry exclusion of textile from Forex

The Lagos Chamber of Commerce and Industry (LCCI) says the exclusion of all forms of textile materials from the foreign exchange market pose a threat to the N5 trillion fashion industry.

Mainstream raises Kainji, Jebba capacity to 922MW, decries N72bn energy debt

Mainstream Energy Solutions Limited (MESL) said it can now generate 922 megawatts (MW) at Kainji, Jebba hydropower plants in Niger State but that 72 billion energy invoices remains unpaid in the Nigerian Electricity Market.

Central bank places all forms of textile, garments on forex restriction list

Central Bank of Nigeria (CBN) has placed access to foreign exchange for all forms of textile materials on the FOREX restriction list, the Governor, Mr Godwin Emefiele, announced in Abuja on Tuesday.
Aluminum Smelter Company of Nigeria (ALSCON)

BPE bargains concessionary gas price for ALSCON

The Bureau of Public Enterprises (BPE) says the federal government should consider listing Aluminium Smelting Company of Nigeria (ALSCON) as a strategic industry so it can get gas at a concessionary price.
A pedestrian walks past a stock indicator showing share prices of the Tokyo Stock Exchange in Tokyo on August 14, 2018.Tokyo’s benchmark Nikkei index surged more than 2.2 percent August 14, swiftly recovering from the previous day’s losses, with investors encouraged by an apparent hiatus in the Turkey lira crisis. / AFP PHOTO / Kazuhiro NOGI

Tokyo shares close up more than 1% on dovish Fed

Tokyo shares gained more than one percent Thursday following overnight rallies on Wall Street, as the US Federal Reserve voiced a cautious stance about future rate hikes.
Zainab Ahmed

FAAC disburses N8.03 trillion to federal government, states in 2018

The Federation Account Allocation Committee (FAAC) says it disbursed a sum of N8.03 trillion to the Federal and State Governments in 2018.

Central bank may increase items on forex restriction list to 50

The Central Bank of Nigeria (CBN) may increase the items on the foreign exchange (forex) restriction list from 42 to 50 in order to boost local production and stimulate the export market.

Refinery: Federal government will source forex from Dangote – CBN chief

The Federal Government will soon start sourcing foreign exchange (forex) from Dangote Group, as soon as the latter’s refinery, petrochemicals and fertilizer projects come on stream.

Central bank makes first forex intervention for 2019 worth $210 million

The Central Bank of Nigeria (CBN) on Friday made its first intervention in the inter-bank sector of the Foreign Exchange (FOREX) market for 2019 with a sum of 210 million dollars.

Central bank injects fresh $210 million in forex market

The Central Bank of Nigeria (CBN) yesterday intervened in the interbank sector of the foreign Exchange market, injecting $210 million into the wholesale segment and other sectors of the market.
An employee shows US dollar banknotes at a foreign currency brokerage office in Khartoum on October 7, 2018. - Sudan slashed the official value of its currency against the US dollar by more than half on October 7, the third devaluation this year in the face of a mounting economic crisis. (Photo by ASHRAF SHAZLY / AFP)

Naira ends 2018 stable with central bank, bureaux de change deal

The strategic partnership between the Central Bank of Nigeria (CBN) and Association of Bureaux De Change Operators of Nigeria (ABCON) on foreign exchange (forex) supplies and sustenance of market integrity helped the naira’s stability in 2018.
Diamond Bank

Diamond Bank appoints Dele Babade acting chairman

Diamond Bank has announced the appointment of Mr. Dele Babade as its acting chairman.
Pound Sterling notes and change are seen inside a cash register in a coffee shop in Manchester, Britain, September 21, 2018. REUTERS-Phil Noble-File Photo

British pound sinks on reports of Brexit vote delay

Pound sterling sinks on reports that Prime Minister Theresa May will delay a Brexit deal vote on the eve of what was forecast to be a “huge” defeat

Central bank may add more to the 41 items not eligible for forex

The Central Bank of Nigeria (CBN) may increase the number of items not eligible for forex from 41 items to include many others products being produced in Nigeria.
Diamond Bank

Central bank grants Diamond Bank national licence

The Central Bank of Nigeria (CBN) has granted Diamond Bank approval to operate as a national bank with immediate effect.

Central bank introduces $15,000 weekly special intervention for BDCs

The Central Bank of Nigeria on Thursday said it plans to boost its dollar sales to exchange bureaus after the currency weakened sharply on the black market.

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”).

Recent Stories

Supplementary poll: PDP cries foul over alleged militarisation in Sokoto

Sokoto State chapter of the People Democratic Party (PDP) has said that it will not accept anything short of free, fair and credible polls in tomorrow’s supplementary poll in the state.
Senator Ademola Nurudeen Adeleke

Osun guber: Senator Adeleke’s tribunal victory triumph of people’s will – PDP

The People’s Democratic Party ( PDP ) has hailed the verdict of the Osun State Governorship election tribunal, which upheld the victory of its candidate, Senator Ademola Adeleke, describing the judgement as a victory for democracy and triumph of the will of the people.

Bauchi elections: Group accuses INEC of causing political tension, confusion

A group, Bauchi Youth Awareness Ambassadors, has accused the Independent National Electoral Commission (INEC) of causing political confusion in the state due to the way it handled governorship election.

NANS hails tribunal declaration of Senator Adeleke as Osun governor

The National Association of Nigerian Students (NANS) has hailed the tribunal declaration of Sen. Ademola Adeleke as governor of Osun State, saying it is hope awakening.
Senator Ademola Nurudeen Adeleke

Tribunal orders INEC to issue Senator Adeleke Certificate of Return as duly elected Osun...

The Osun State Governorship Election Petition Tribunal sitting in Abuja has ordered INEC to issue Certificate of Return as duly elected governor to Senator Ademola Adeleke, candidate of the Peoples Democratic Party in the 2018 election.