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.

Former Governor of the Central Bank of Nigeria, CBN, Professor Charles Soludo has faulted the implementation of the Treasury Single Account, TSA by the Federal Government as well as the policy regime of foreign exchange restrictions of the CBN.