CBN warns bank CEOs over forex

•CBN Governor Godwin Emefiele Bank chiefs caught frustrating efforts by the Central Bank of Nigeria (CBN) at getting more dollars to end-users risk severe punishment, the apex bank warned yesterday. The warning came on the backdrop of reports that lenders are setting difficult hurdles for foreign exchange (forex) end-users wanting to make purchases for Business Travel Allowances, Personal Travel Allowances, tuition payment abroad and medical bills. More than $2 billion has been injected by the CBN into the retail end of the forex market to meet demands by genuine users.…

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FGN Savings Bond listed on Stock Exchange

As part of the Federal Government’s efforts to mobilise funds locally to fund its budget deficit, the Nigerian Stock Exchange (NSE) yesterday approved the listing of N2.067 billion Federal Government of Nigeria (FGN) Savings Bond on its Lagos floor. Chief Executive Officer of the NSE, Oscar Onyema, who approved the listing when a team from the Debt Management Office (DMO), visited its trading floor, commended the DMO for its commitment to growing the savings bond market even at a time activities in the sector remained low due to harsh economic head…

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CBN sells dollar for PTA, schools fees at N360

…injects fresh $185m into forex market …declares Thursday Financial Literacy Day The Central Bank of Nigeria has directed all Deposit Money Banks to provide foreign exchange for customers requesting it for Personal or Business Travel Allowance , and payment of school fees and medicals at a rate of N 360 per dollar. It also directed banks to immediately post the new rate on electronic display boards in the banking halls of their branches, adding that examiners from the CBN would visit banks to ensure the new rates were implemented .…

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Bureaux de Change at risk as naira gains more muscle

•CBN Governor Godwin Emefiele Business seems bad for Bureaux De Change (BDCs) — no thanks to the naira’s new strength that has hit them with heavy losses. The naira has strengthened below N381 to the dollar, the rate at which BDCs buy International Money Transfer Operators (IMTOS) cash from the Central Bank of Nigeria (CBN). The naira exchanged at N375 to the dollar in the parallel market at the weekend. It is tipped to gain more  within the week as the CBN sustains dollar interventions in the interbank market. About…

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CBN to unite rates, says Emefiele

•CBN Governor Godwin Emefiele Critics of official intervention in the forex market got a reply yesterday. The Central Bank of Nigeria (CBN) said its intervention is to bring about a convergence of all the rates. Many have doubted the CBN’s ability to sustain its intervention, but the CBN insisted that it has the muscle to sustain its battle to stop the Naira from falling out of control. Addressing reporters at the end of the Monetary Policy Committee (MPC) meeting in Abuja yesterday, CBN Governor Godwin Emefiele warned doubting Thomases that…

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CBN to pump fresh $350m into forex market again 

The Central Bank of Nigeria (CBN) will this weekend, again, pump more dollars into the foreign exchange market in continuation of its strategy to further strengthen the value of the Naira. A source in the apex bank, said that the CBN has planned the release of an additional $350 million bringing the total to $570 million in this week alone to further crash the value of the Dollar. Already this has generated panic among currency traders who are yet to recover from the losses some of them have suffered in…

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Naira hits 520/dollar, forex retailers examine CBN action

                ​ The naira tumbled to 520 against the United States dollar at the parallel market on Monday as scarcity of the greenback continued to keep the exchange rate in a free fall mode. The naira had closed at 516/dollar on Friday, after hitting 510/dollar and 507/dollar last Thursday and Tuesday, respectively. Experts said demand for dollar for school fees payment overseas as well as Personal Travel Allowance by intending travellers was taking a toll on the exchange rate at the parallel market.…

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Naira devaluation inimical to economic devt, says don

• Budget 2017 can’t end recession The Dean, Faculty of Business Administration, University of Uyo, Uyo, Akwa Ibom State, Prof. Leo Ukpong, has warned against naira devaluation, arguing that it will not help the economy to recover quickly from recession. Speaking at the weekend in Lagos, Ukpong who is also a Professor of Financial Economics,  said the devaluation of any country’s currency could either produce good or bad result depending on the structure of the economy. He said devaluation is not a policy option for the country now, warning that…

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10,000 Youths To Benefit From CBN Anchor Borrowers Scheme

​ About 10,000 youths and other small scale farmers are set to benefit from the Central Bank of Nigeria’s (CBN) Anchor Borrowers Programme, in Ogun state. The State Coordinator and Special Assistant to the Governor on Agriculture, Mr Tosin Ademuyiwa, disclosed this in Abeokuta, the state capital, at the flag-off of the programme. He explained that the programme was aimed at creating employment for youths and boosting agricultural production for food security in the State. It would give financial support to youths and other small scale farmers to boost cassava, rice…

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Forex policy: CBN Governor, Emefiele reacts to Sanusi’s criticism

 Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, has reacted to commens on foreign exchange policies by the Emir of Kano, Sanusi Lamido Sanusi. Sanusi, a former CBN Governor, had at the 15th Joint National Council on Development Planing meeting in Kano, criticized President Muhammadu Buhari’s endorsement of CBN’s foreign exchange policies, adding that it encourage corruption. Speaking at the National Institute for Policy and Strategy Studies (NIPSS), shortly after he delivered a lecture titled “Managing Monetary Policy in Turbulent Time,” the CBN governor said it was better to…

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