CBN orders 24-hour processing of forex for retail customers
In a statement signed by the Director, Financial Markets Department, Dr. Alvan Ikoku, the CBN also mandated banks to have electronic display boards in all their branches that would show rates of all traded currencies.
Foreign airlines to reduce operations over forex policy
Some foreign airlines operating in the country are considering gradual withdrawal of operations from Nigerian routes over inability to fully repatriate funds that are stuck in the economy.
From bad to worse? Assessing CBN’s new forex policy
Much controversy has trailed the Central Bank of Nigeria’s (CBN) new foreign exchange policy. It would be recalled that the new policy was introduced last June to move the country away from a fixed exchange rate regime, to one that reflects market forces.
Exit of foreign airlines
Frustrated by the low patronage occasioned by scarcity of foreign exchange and biting economic recession in Nigeria, no fewer than 14 foreign airlines have closed shop to forestall further losses.