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Forex trader ‘absconds’ with clients’ $2,900

A foreign exchange (forex) trader, Olufemi Oluwade, who allegedly absconded with two of his clients’ $2,900 dollars (about N1.1million), was on Wednesday brought before an Ikeja Magistrates Court in Lagos.
President Buhari at the event

Former presidential candidate slams President Buhari over directive on food importation

Former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has criticised President Muhammadu Buhari over his directive to the bank to halt foreign exchange for food importation.

Miyetti Allah condemns restriction on Forex for milk importation

The Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), in a statement, condemned the CBN’s planned policy restricting allocation of foreign exchange (FOREX) for milk importation into Nigeria.
Oby Ezekwesili

Oby Ezekwesili kicks against central bank’s planned forex restriction for milk

Former Education Minister and Vice-President of the World Bank’s Africa division, Oby Ezekwesili, and other Nigerians expressed concerns about the addition of milk to planned to list of items banned from accessing the official foreign exchange market.

Central bank chief defends planned restriction of forex for milk importation

The Central Bank of Nigeria (CBN) on Tuesday confirmed that its planned policy to restrict allocation of foreign exchange (FOREX) for milk importation and other diary products into the country will soon become effective.

BDCs want subsidies removed

Association of Bureaux De Change Operators of Nigeria (ABCON) has called for elimination of fuel and foreign exchange (forex) subsidies in order to address structural defects in the economy.

NIRSAL facilitates N2 billion loan to boost cocoa export in Ondo

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) is providing Agro Traders Limited, a Cocoa processing and export company in Ondo State, with 50% Credit Risk Guarantee (CTG) for N2 billion working capital to export 22,000 metric tons of cocoa.

Ibukun Awosika: Nigeria can indeed earn forex through migration

Ibukun Awosika, Chairman, First Bank of Nigeria (FBN), has stated that Nigeria can indeed earn a lot of foreign exchange (FOREX) from the movement of its citizens to other countries.

Enugu Chamber: Forex ban without measures in place‘ll encourage smuggling

Mr Emeka Okereke, Director-General, Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), has praised the initiative of the Central Bank of Nigeria which places restrictions on the importation of textile goods into the country.

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.

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