ABCON seeks merger of BDCs not industry recapitalization — Gwadabe
The Association of Bureaux De Change Operators of Nigeria (ABCON) is pushing for mergers in the Bureaux De Change (BDC) sector, rather than recapitalization.
Forex challenge and policy options
By Arize Nwobu THE challenge of foreign exchange, forex, in the economy has been recurrent over the years and it is for reasons that are fundamental and obvious. The Nigerian economy is monolithic in structure with oil accounting for 90 per cent of exports, 25 per cent of Gross Domestic Product and 80 per cent of […]
CBN says no plan to convert domiciliary accounts to Naira over forex
The Central Bank of Nigeria, CBN, has said it had no plans to convert foreign currencies in the domiciliary accounts of bank customers to Naira.
Banks warn against presentation of fake documents for forex purchase
Banks Chief Executives have warned against presentation of fake documents for foreign exchange purchase, even as they expressed readiness to sell foreign exchange to members of the public as directed by the Central Bank of Nigeria (CBN).
FOREX: More CBN intervention needed to boost liquidity — LCCI
By Yinka Kolawole The Lagos Chamber of Commerce and Industry (LCCI) has called for more interventions by the Central Bank of Nigeria in the foreign exchange (forex) market to boost liquidity in the market. President, LCCI, Mrs Toki Mabogunje, made the call at a media briefing on the state of the economy in Lagos, yesterday. […]
Domestic airlines attribute high airfares to sourcing forex from parallel market
…buy dollar for 500 naira at parallel market By Lawani Mikairu Domestic airlines have attributed the current astronomical high airfares being charged to different routes to non-availability of foreign exchange needed for operations. This has compelled the airlines to source forex from the open parallel market. According to the airlines, they have been buying dollars […]
