Commentary on the Foreign Exchange (FX) market with data for the week-ended May 17, 2019. ▪ The Central Bank of Nigeria (CBN) intervened through its periodic supply of United States (US) dollars in the FX market, offering a total of $100.00 million to the Secondary Market Intervention Sales (SMIS) Wholesale window on May 14, 2019.…

Central Bank of Nigeria (CBN) Governor Godwin Emefiele yesterday described as wicked his alleged removal from office. He insisted that he had not received any memo from the presidency directing him to leave.

Commentary on the Foreign Exchange (FX) market with data for the week-ended January 25, 2019. ▪ The Central Bank of Nigeria (CBN) intervened through its periodic supply of United States (US) Dollars in the FX market, offering a total of $210.00 million to the FX market via the Secondary Market Intervention Sales (SMIS) held on…

Commentary on the Foreign Exchange (FX) market with data for the week-ended January 4, 2019. ▪ The Central Bank of Nigeria (CBN) intervened through its periodic injection of United States (US) Dollars in the FX market, offering a total of $210.00 million to the FX market via the Secondary Market Intervention Sales (SMIS) held on…

2018 has been an interesting year for the Nigerian economy. At the start of the year we continued our recovery from a difficult period. The foreign exchange shortages which were the bane of the previous three years were all but forgotten. The crippling fuel scarcities appeared to have been dealt with. Year on year Inflation…

Sri Lanka announced a raft of restrictions Saturday in a bid to slow down imports of cars and luxury goods as the country faces a foreign exchange shortage. The finance ministry banned the import of vehicles for all state institutions for one year and said public servants will not be allowed to import cars at…

Commentary on the foreign exchange (FX) market with data for the week-ended August 31, 2018. ▪The Central Bank of Nigeria (CBN) intervened through its periodic supply of United States (US) Dollars in the FX market, offering $100.00 million via a Single Secondary Market Intervention Sales (SMIS) - Wholesale auction held during the week-ended August 31,…

To stem rice importation and medical tourism abroad, President Muhammadu Buhari has commissioned a multi billion naira Automated Rice Seeds and Seedling Factory and a Nigeria Navy Reference Hospital in Calabar, Cross River State. The ventures are expected to save the country billions of naira in foreign exchange spent on rice importation and medical tourism…

The newly commissioned Sunti Golden Sugar Estates, Mokwa, Niger State would save Nigeria $100m in foreign exchange every year, with the production of one million tons of Sugarcane, which roughly translates to 100,000 metric tons of sugar yearly.    This was disclosed by Chairman, Flour Mills Nigeria Plc, Mr. John Coumantaros, during the official commissioning…

A Bureau De Change (BDC) is defined by the Central Bank of Nigeria (CBN) manual as a retail foreign exchange dealer carrying on the business of Personal Travel Allowance (PTA), Business Travel Allowance (BTA), medical and school fees, and also to carrying on inward and outward transfer. So, a BDC is a licensed outfit, normally…

The Federal Government says it will make the annual Calabar carnival a major foreign exchange earner for Nigeria. The Minister of Information and Culture, Alhaji Lai Mohammed, said this on Sunday in Calabar while flagging off the third dry run of the 2017 carnival which has the theme ‘Migration’. He said that the carnival, which…

In the wholesale segment of the inter-bank Foreign Exchange market, it auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45million respectively.