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.

Central Bank of Nigeria (CBN) has extended the deadline for registration into the Bank Verification Number (BVN) project for Other Financial Institutions (OFIs) to December 31, 2017.

The CBN, on April 10, opened a special FX window SMEs for import of eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter.

The report, the other day, that available local raw materials are now either being exported or sold to domestic manufacturers in foreign currencies should be of interest to all stakeholders.

The major negative impact of this bilateral arrangement is that it will lead to increase pressure on our foreign exchange earnings. As you are aware, the language crude oil understands is US$.

The Nigerian economy experienced three major shocks in recent time. The first one was the fall in global crude prices from over $100 to below $50.

As Nigeria’s economy contracts owing to low oil prices, domestic challenges of being unable to meet previous oil production levels, the country of Champaigne drinkers has been overtaken by recession.