…Introduces Product Price Verification Mechanism By Emma Ujah The Central Bank of Nigeria, CBN,  has moved against unscrupulous Nigerians and corporate, who abuse the Form M system through over-pricing as it introduces Product Price Verification Mechanism (PPVM). It has, therefore, directed authorised dealers to use the PPVM to verify quoted prices of goods and services […]

Foreign exchange (forex) inflows into the country’s economy declined by 25 percent in April 2020 to $9.7 billion from $12.9 billion in March 2020. This was due to the weak global demand for oil on account of Coronavirus (COVID’19) Pandemic.

Top securities dealers in Nigeria have urged the Federal Government to expand the agriculture sector to create job opportunities for youths and leverage Commodities Exchanges to grow the country’s foreign exchange earnings, forex, in view of dwindling income from the international oil market.

The declining fortune of the Naira against the dollar in the parallel market is expected to persist this month with the exchange rate rising to N480 per dollar by the end of the month.

The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market fell by six percent, month-on-month, to $937.27 million last month from $992.12 million in June, 2020.