Ahead of the take off of the new foreign exchange market regime tomorrow, the banking industry has entered a battle of wits and strategy, with some banks amassing cash for foreign exchange bids , while the Central Bank of Nigeria, CBN, has stepped-in to forestall the impact of such move on the exchange rate.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it gets credit line from outside investors to access foreign exchange to import petroleum products in the country.

Importers are abandoning their consignments at ports across the country, following devaluation of the Naira that has made it unprofitable for them to clear their goods.

Lagos State Governor, Mr. Akinwunmi Ambode on Tuesday expressed optimism that the foreign exchange crisis plaguing the country which has resulted in Naira depreciating considerably low against the Dollar is solvable, but that the country must look inward and start to embrace massive local manufacturing of products and local ownership of businesses.

The Managing Director, MD, of Capital Oil and Gas, Dr. Ifeanyi Ubah, yesterday, followed up his claim to a magic wand that would firm the Naira to an exchange rate of N200==$1 within 30 days, with fresh claims that he knew those behind the current foreign exchange crisis facing the nation and was ready to name them publicly.

Investors looking to invest in Nigeria should look beyond the distractions from the current foreign exchange situation in the country in order to make better and profitable long term decisions, says the chairman of Stanbic IBTC Holdings Plc, Mr. Atedo Peterside

Financial Derivatives Company has said that the increasing uncertainty in the foreign exchange market has turned the naira into a ‘banana republic’ currency.

In what is becoming increasingly clearer, a cocktail of bad choices, incoherent policies made worse by instability in the markets, as well as a fastidious clinging to antiquated ideas, the fate of the Naira hangs in the balance as it continues its downward slide. This report will show why the Muhammadu Buhari administration’s misplaced belief that hope is best served for dinner, at a time when there may be no one at the table because the prognoses for the Naira and the economy, do not inspire confidence and growth.

The Naira on Monday remained stable, exchanging for N310 to the dollar at the parallel market.

Banks have recorded near zero foreign currency deposit inflow from high net-worth individuals indicating that their domiciliary account customers are staying cautious on the reversal of foreign currency deposit ban by Central Bank of Nigeria, CBN, early last week.

DIFFICULTY to accessing foreign exchange to bring in Completely Knocked Down (CKD)parts have started crippling tricycle and motorcycle assembling plants in the country with spillover effects on outsourcing companies that supply labour to the industry.

The Central Bank of Nigeria (CBN) has given assurance to Dangote Group that it will support it access Foreign Exchange, Forex to build its proposed $14 billion refinery in the country.

Sapele Chamber of Commerce, Industry, Mines and Agriculture, SACCIMA, Sapele, Delta State, has advised the Federal Government to declare a state of emergency on foreign exchange (forex) by stopping the financing imports of all non-government or essential commodities or settlements of important bills and BTA’s, as it was in the mid-80s when forex was allocated for essential imports only.

LAGOS — The Central Bank of Nigeria (CBN) has said that the introduction of the Biometric Verification Number (BVN) has led to reduction in the weekly sale of foreign exchange to bureaux de change by $100 million.

LAGOS — The inability of marketers to access foreign exchange from banks is said to be frustrating the importation of petroleum products, especially, premium motor spirit, PMS, or petrol, which is in very high demand in the county.