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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”).

Godwin Emefiele: FMDQ participation in Naira-settled OTC FX futures stem currency devaluation

The Central Bank of Nigeria said that the active participation of FMDQ OTC Securities Exchange in Naira-settled over-the-counter foreign exchange futures helped in stemming naira devaluation.

Major oil producers to consider cuts after price slide

Major oil producers meet in Abu Dhabi on Sunday to consider reverting to output cuts after a sharp slide in crude prices revived fears of a 2014-style crash.

Central bank injects fresh $210 million into forex market

The Central Bank of Nigeria CBN on Tuesday released a total of $210m to Authorized dealers in the wholesale segment of the inter-bank foreign exchange market to meet the requests of their customers.

NEPC: Federal government committed to increasing non-oil export

Segun Awolowo, the Executive Secretary, Nigerian Export Promotion Council (NEPC), says the Federal Government was committed to increasing the total value and volume of non-oil exports.
FILE PHOTO- An MTN starter kit pack on display at a retail stand in Abuja, Nigeria November 17, 2015. REUTERS-Afolabi Sotunde-File Photo

CBN has no power to sanction us – MTN tells court

MTN Nigeria has told the federal high court sitting in Lagos that the Central Bank of Nigeria (CBN) does not have the power to impose sanctions on it, according to court papers.
File photo- Construction work at the Dangote refinery and fertiliser site in Lekki Lagos. Company complying with Local Content Act

LCCI: Dangote refinery project to boost economic activities in downstream

The Organized Private Sector under the auspices of Lagos Chamber of Commerce and Industry has described the coming of Dangote Oil Refining and Petrochemicals as a looming economic transformation of the downstream sector of the petroleum industry the reform.

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.
The International Monetary Fund (IMF) has urged Nigeria to tighten its monetary policy and strengthen non-oil revenue mobilisation efforts for a stronger economy.

IMF: Nigeria, seven African countries in debt distress

The International Monetary Fund (IMF) Thursday, listed Nigeria among eight African countries on its debt distressed category following the failure of their fiscal consolidation to positively impact the citizens.

Central bank: Spraying, hawking of naira notes to attract jail term

Nigerians who sell new naira notes or spray cash at parties will now be tried at mobile courts and sent to six months jail as the Central Bank of Nigeria (CBN) mulls increasing the number of items on the not eligible for foreign exchange.

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 tasks fiscal authorities on sustained budget implementation

The apex bank, in a communiqué after the monetary policy committee meeting for September, said the essence of the precautionary mechanism is to relieve the supply side growth constraints, as well as address the flooding problem which has become perennial, on a permanent basis.
Sri Lanka

Sri Lanka restricts car imports as currency crashes

Sri Lanka announced a raft of restrictions Saturday in a bid to slow down imports of cars and luxury goods as the country faces a foreign exchange shortage.

Recent Stories

2019: Niger PDP receives over 2,000 decampees from APC, ADP

Barely three days after Niger state governor Alhaji Abubakar Sani Bello officially flagged off his re-election campaign, no fewer than 2,000 members from the ruling All Progressive Congress (APC) and the Advanced Democratic Party (ADP) in Niger South senatorial district have joined the Peoples Democratic Party (PDP).
The Ekiti State Deputy Governor, Chief Bisi Egbeyemi, has appealed to the people of Isaba-Ekiti in Ikole Local Government Area of Ekiti State to maintain peace over the vacant kingship stool.

Ekiti government warns land officials against dirty deals

Deputy governor of Ekiti State, Otunba Bisi Egbeyemi, has warned officers in charge of land allocation in the Ministry of Land, Housing and Urban Development, against illegal land deal that could cause chaos among the people.
Ovie Ejaria

Steven Gerrard: Ovie Ejaria hasty in Liverpool return

Former Nigeria U17 invitee Ovie Ejaria may have been singing Hosanna in the highest following cut short loan deal and return to parent club Liverpool, but Rangers manager and Liverpool great Steven Gerrard believes the decision is not the best for the 21 year old.
MUHAMMADU BUHARI 1

Muhammadu Buhari presents N8.83 trillion budget for 2019 to National Assembly

President Muhammadu Buhari on Wednesday unveiled a federal budget of N8.83 trillion for the 2019 fiscal year.

Muhammadu Buhari: Alex Badeh’s murder sad, unfortunate

President Muhammadu Buhari has described the killing of former Chief of Defence Staff, Air Chief Marshal Alex Badeh (rtd) as “very sad and unfortunate.”