A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc
Nigeria’s industries ended the first half of 2020 groaning under the weight of acute dollar scarcity triggered by the severe, multiple impacts of the Coronavirus (COVID-19) pandemic on the nation’s foreign exchange market.
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By Emma Ujah, Abuja Bureau Chief The Central Bank of Nigeria, CBN, has imposed foreign exchange, forex, restriction on the importation of milk into the country. The apex bank exempted and approved six companies for the importation of milk and other dairy products. They are: FrieslandCampina WAMCO Nigeria; Chi Limited; TG Arla Dairy Products Limited;
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The Central Bank of Nigeria (CBN) has injected the sum of 210 million dollars into the inter-bank Foreign Exchange Market to boost liquidity in the sector. The bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor made this known in a statement in Abuja on Tuesday. Okorafor explained that authorised dealers in the wholesale segment of
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Forex trading is associated with profits if you know the basics of platform operations and its main functional specs. The most critical thing to keep in mind is that profit on Forex is formed due to differences and changes in exchange rates.
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FOLLOWING the upsurge in demand for dollars last week by foreign investors, Nigeria’s foreign exchange market came under pressure with analysts in divergent views as to the impact on the market this week.
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The Central Bank of Nigeria (CBN) injected another $180 million into the foreign exchange market, prompting the Naira to further appreciate by N10 against the dollar in the parallel market.
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The Small and Medium Enterprises (SMEs) suffered high electricity bills by power distributing companies. Aviation sector had its share of challenges of scarcity of aviation fuel, which caused frequent flight delays and cancellations. The impact of recession was very evident in maritime sector
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Although all the nine banks –First Bank, Diamond Bank, Sterling Bank, Skye Bank, Fidelity Bank, United Bank for Africa, Keystone Bank, First City Monument Bank, and Heritage Bank — suspended from the foreign exchange market have since been readmitted by the Central Bank of Nigeria (CBN), the episode points to the need for caution when the regulatory authorities decide to wield the hammer to redress perceived violations.
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Average supply volume hovered around USD50 million without CBN intervention, but yesterday, independent supply was in excess of USD300 million with minimal CBN inflow to moderate a relative higher rate on the independent funds.
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A heated blame game, yesterday trailled suspension of nine banks from the foreign exchange market as a result of alleged non remittance of NNPC fund into the Treasury Single Account, TSA. The banks, however, issued statements absorbing themselves of culpability. They stated that NNPC management had been kept in the picture on the funds in their possession.
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