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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.
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.
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.
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.
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 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.
The Senate has advised the Federal Government to accelerate the diversification of the economy to improve the country’s foreign exchange (forex) earnings.
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.
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.
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.
The Nigerian Association of Small Scale Industrialists (NASSI) has said that forex restriction on imported dairy products would uphold indigenous companies into milk processing and spur local production.
The Presidency yesterday said that the Federal Government has neither banned nor restricted importation of food items into the country.
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.
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.
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.
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.
The Minister of Communications and Digital Economy, Dr Isa Pantami, has expressed delight as the Mobile Telephone Network (MTN) budgeted 1.6 billion dollars to invest in the Nigerian market within the next three years.
Despite the federal government’s effort on technology, Nigeria could not be ranked among 82 countries in the Global Social Mobility Index 2020.
Borussia Dortmund arguably pulled off the deal of the month when they signed RB Salzburg striker Erling Haaland.
The longest-running transfer saga of the January transfer window may finally be drawing to a conclusion after Manchester United reportedly agreed a deal for Bruno Fernandes.
Brendan Rodgers insists Leicester were the “better side over the two games” as Trezeguet scored an injury-time winner to send Aston Villa to Wembley after a 2-1 win.
The fire gutted Sabo market in Sagamu, Ogun State early Tuesday morning.
Chelsea manager Frank Lampard is facing an anxious wait to learn how long England striker Tammy Abraham will be sidelined with his ankle injury.
Following the outbreak of a deadly virus known as Corona Virus in China that has since killed six people, with over 300 also reported to have been infected, the Federal Airports Authority of Nigeria, FAAN, yesterday said it has deployed thermal scanners in all airports that monitor the temperature of passengers and capture their pictures.
Nigerian Afro-fusion singer, Damini Ogulu, better known as Burna Boy, has lost the Best World Music Album trophy to Beninese ace singer, Angélique Kidjo, at the 62nd Grammy Award.
Residents of Ureje in Ado-Ekiti, Ekiti State, have bemoaned the deplorable state of Ureje Bridge connecting Ado-Ekiti to Abuja, and Ikare-Akoko in Ondo State.