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CBN releases list of 36 items valid for access to forex

The Central Bank of Nigeria yesterday released list of 36 items valid for access to foreign exchange in the foreign exchange market. In a circular to all banks and the general public yesterday the CBN said that the list of the 36 items valid was released to clarify misconceptions about details of the 41 items banned from accessing dollars in the foreign exchange market.

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Banks never shied away from supporting govt’s economic plans – MD, FirstBank

When I resumed duty on the 1st of January 2016, during my first set of interviews with journalists, I mentioned that we will be embarking on ambitious transformation projects. We need to understand that this is a 124 year old institution and the age of the institution is an asset, but if not properly managed, could be a liability. Our focus is on mining this Iconic brand positively to work for us, while making necessary changes that enhance the profitability and the agility of the institution.

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FG, regulators need proactive measures to attract diversified investors –

If the Federal Government remains committed to the financing of infrastructure deficit; this can done through the capital market. One of the major challenges businesses are facing is poor infrastructure which consume a large chunk of their revenues. The Federal Government should ensure that the capital expenditure of the 2017 budget is dedicated to improving infrastructure to enhance the ease of doing business in the country and for businesses to become productive and move towards economic recovery.

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Speculation, I&E window impede Naira appreciation

A combination of speculative attack against the naira in the parallel market and activities in the newly introduced Investors and Exporters (I&E) forex window are impeding further decline in the parallel market exchange rate below N385 per dollar. Prior to the 100 per cent increase in dollar supply to BDCs, from $20,000 to $40,000 per BDC, the parallel market exchange rate dropped to N380 per dollar.

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