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An Agricultural Economist, Mr Bright Okwu, has urged the Central Bank of Nigeria (CBN) to include Egg Powder imports to be among the items banned from accessing Foreign Exchange (FOREX).

Agric expert urges inclusion of egg powder among items banned from accessing forex

An Agricultural Economist, Mr Bright Okwu, has urged the Central Bank of Nigeria (CBN) to include Egg Powder imports to be among the items banned from accessing Foreign Exchange (FOREX).
A Zenith Bank logo is seen on a sign on top of the bank in Freetown, Sierra Leone August 19, 2017. REUTERS-Afolabi Sotunde

Nigerian banks to limit debit card spending abroad to ease forex risk

Nigerian banks plan to reduce the amount customers can spend abroad using debit cards on Monday, two lenders said, as banks try to limit foreign currency settlement risk.
China’s commercial banks saw a net forex settlement surplus of 553.1 billion yuan (about $78.6 billion) in the first half of this year, the country’s forex regulator said on Friday.

Chinese banks report forex settlement surplus in H1

China’s commercial banks saw a net forex settlement surplus of 553.1 billion yuan (about $78.6 billion) in the first half of this year, the country’s forex regulator said on Friday.
Nigeria Naira

Forex constraint devalues naira to N380 per dollar

Shortage of forex in the economy caused the naira to fall below the official rate of by 3.5 per cent to N380/$1 from N360/$1 according to the Central Bank of Nigeria.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

MPC slashes interest rate to 12.5 percent

The Monetary Policy Committee (MPC) of Central Bank of Nigeria has reduced Monetary Policy Rate (MPR), to 12.5 per cent.

BDCs warn members against speculation, dollar exchanges N461 to the dollar

The Association of Bureaux De Change Operators of Nigeria has warned its members and forex speculators putting pressure on the naira to stop the practice or risk losing their money.

MAN: Central bank’s forex intervention dampens backward integration

The Manufacturers Association of Nigeria (MAN) has linked the low utilization of local raw materials in the manufacturing sector to policy intervention in the official foreign exchange (forex) market by Central Bank of Nigeria (CBN).

Cowry Asset: Forex market to witness stability in 2020

The foreign exchange (forex) market will witness stability in 2020, while the Central Bank of Nigeria (CBN) will continue to sustain its Open Market Operation (OMO) sales at high interest to continue to attract foreign investors.

Central bank defends naira with $16.56 billion In 12 months

Analysis of the regulator’s half year report showed that the apex bank defended the local currency with $8.28 billion through its direct intervention within the first six months of 2019. Financial analysis estimated that the same level of intervention, or even higher amount applied in accompanying six months ended December 2019.
Success in the foreign exchange market largely depends on the strength of forecasting skills. Here are the main factors influencing the dynamics of Forex.

Discover effective methods of prediction in the Forex market

Success in the foreign exchange market largely depends on the strength of forecasting skills. Here are the main factors influencing the dynamics of Forex.
Mary Uduk

SEC assured on development of vibrant commodities trading ecosystem

The Securities and Exchange Commission (SEC) says the commission is committed toward ensuring that the commodities trading ecosystem in the country becomes vibrant to contribute to economic development.

Central bank, IMF disagree over impact of forex restrictions on foreign direct investment inflow

The Central Bank of Nigeria (CBN), yesterday disagreed with the position of the International Monetary Fund (IMF) on the impact of the foreign exchange (Forex) restrictions on Foreign Direct Investment (FDI) inflow into the country.
Pound Sterling

Pound drops as Boris Johnson faces battle to pass Brexit bill

Sterling fell Friday as investors fret over Boris Johnson’s chances of pushing his Brexit deal through parliament, while Asian markets were mostly down after data showed China’s economy expanded at its slowest pace in nearly three decades.
The Presidential Election Petition Tribunal has upheld argument by President Muhammadu Buhari that it lacked the jurisdiction to entertain allegation of corrupt practices and voters’ inducement raised against Vice President Yemi Osinbajo in the petition by Atiku Abubakar and the PDP.

VP Osinbajo: Vibrant commodities exchange needed for economic diversification

The Vice President, Prof. Yemi Osinbajo, yesterday, said that a vibrant commodities trading ecosystem will help diversify the economy away from dependence on crude oil and enhance foreign exchange earnings, forex.
President of the Senate, Ahmad Ibrahim Lawan, said on Tuesday that all standing committees of the upper chamber will be inaugurated on Wednesday.2

Senate urges economic diversification to boost forex

The Senate has advised the Federal Government to accelerate the diversification of the economy to improve the country’s foreign exchange (forex) earnings.

Forex: Central bank intervenes with $321.11 million, CNY33.3 million

The Central Bank of Nigeria (CBN) on Friday said it made another intervention in the Retail Secondary Market Intervention Sales (SMIS) with the injection of about $321 million.

Federal government urged to stop destroying Cannabis farms

An Agro-Economist, Dr Victor Iyama, has urged the federal government to desist from further destruction of Indian hemp farms as, according to him, it could generate foreign exchange for the country.

Anti-corruption unit calls for transparency, ethical transactions in forex trading

The Anti-Corruption and Transparency Monitoring Unit, has called for transparency and ethical dealing in the Nigerian forex market trading, stressing that transparency and ethical dealings will enhance the growth of the foreign currency trading in the country.

Recent Stories

Plateau teachers decry non-implementation of new minimum wage

The Nigerian Union of Teachers (NUT), Jos East Chapter, on Wednesday decried the non-implementations of the new minimum wage in the state.
The newly inaugurated Primate of the Church of Nigeria, Anglican Communion-Bishop of Abuja, the Most Reverend Henry C. Ndukuba today in Abuja admonished the faithful to observe the health experts advice in order to curb the spread of Coronavirus .

Anglican Primate wants programmes to cushion hike in petrol, electricity tariff

The Primate, Church of Nigeria, Most Rev. Henry Ndukuba, on Wednesday called on the Federal Government to urgently come up with programmes to cushion the effects of the hike in petrol prices and electricity tariff on citizens.

PDP calls for articulate strategies to mitigate flood

The Peoples Democratic Party (PDP), has urged the governments at all levels to articulate strategies to mitigate the menace of flood and forestall such devastation in the future.
California Governor Gavin Newsom adjusts his mask while speaking to reporters at Miss Ollie”s restaurant amid the coronavirus pandemic in Oakland, California, the US [Jeff Chiu-Pool via AP Photo]

California vows to ban sale of new petrol vehicles in 2035

US West Coast state to join 15 nations that have set similar goals in order to fight climate change.
The suspended National Chairman of the All Progressives Congress (APC), Adams Oshiomhole, says he has accepted the Appeal court’s verdict which upheld his suspension.

Comrade Oshiomhole breaks silence on Edo election

Former National Chairman of the All Progressives Congress, Adams Oshiomhole, says he is not downcast even though his party lost the just concluded governorship election in Edo State.