FMDQ weekly report
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,…
Nigeria to save billions in foreign exchange from rice factory, naval hospital
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…
‘Sunti Golden Sugar will save Nigeria $100m foreign exchange yearly’
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…
Roles of bureau de change in foreign exchange stability
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…
FG to make Calabar carnival a foreign exchange earner — Minister
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…
Reserves back to $31b, CBN gives OFIs new BVN deadline
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.
First Bank sensitises SME operators to CBN FX window accessibility
The CBN, on April 10, opened a special FX window SMEs for import of eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter.
Samagbeyi: It will put pressure on foreign exchange
The major negative impact of this bilateral arrangement is that it will lead to increase pressure on our foreign exchange earnings. As you are aware, the language crude oil understands is US$.
History and wisdom call for fixed exchange rate
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.