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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.

NASSI backs federal government’s planned forex restriction on dairy products

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.
President Buhari at the event

Presidency: No ban, restrictions on importation of food items

The Presidency yesterday said that the Federal Government has neither banned nor restricted importation of food items into the country.

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.

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MTN budgets $1.6 billion to invest in Nigeria

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.
Minister of Communications and Digital Economy, Dr. Isa Ali Pantami

WEF: Nigeria not in global social mobility ranking

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.

Erling Haaland’s bargain Borussia Dortmund release clause revealed

Borussia Dortmund arguably pulled off the deal of the month when they signed RB Salzburg striker Erling Haaland.
Manchester United have reportedly pulled out of negotiations with Sporting Lisbon over a deal to sign Bruno Fernandes.

Manchester United finally agree deal for Bruno Fernandes

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.

Brendan Rodgers bemoans ‘definite penalty’ call in Leicester loss

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.