Tag: CBN

CBN instructs BDC operators to sell dollars at N386/$

Ishaku Yohanna

The Central Bank of Nigeria (CBN) says it will resume weekly forex sales to Bureau de Change operators from August 31. In a circular signed by O.S. Nnaji, director of trade and exchange department, the apex bank said BDCs must not exchange the naira at more than N386/$. The apex bank said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for international flights has been announced. Musa Nuhu, director-general of the Nigerian Civil Aviation Authority (NCAA), announced…

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Nigeria’s economy teeters on the verge of recession

Ishaku Yohanna

Recession knocks on the door of Nigeria with pain and misery starring the people in the face as foreign-currency shortage is squeezing life out of Africa’s biggest economy as in 2015. According to Bloomberg Banks won’t honor card payments, foreign investors can’t get their money out and manufacturers are unable to import vital raw materials as output hurtles toward a second contraction in four years. Also, BusinessDay said its investigations show that emerging GDP data for Q2 point to an inevitable economic contraction of frightening proportions. And as was the…

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Reps probe CBN, NNPC, NPA, PEF, others over alleged alienation, sale of government landed properties

Ishaku Yohanna

The House of Representatives will, on Wednesday, commence investigative hearing into the petition against the implementation Committee of White Paper on the Commission of Inquiry into the alienation and sale of Federal Government landed property from inception to date levelled against the Central Bank of Nigeria (CBN), Nigerian National Petroleum Corporation (NNPC). The investigative hearing was initiated by the House Committee on Public Accounts chaired by Hon Wole Oke. The Federal Executive Council (FEC) had in 2005 approved guidelines for the sale of Federal Government houses across the country, including…

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Naira weakens marginally to Dollar

Ishaku Yohanna

The Naira on Friday weakened marginally against the dollar at both the parallel market in Lagos and the investor’s window. The Nigerian currency traded at N472.5 to the dollar at the parallel market, down by 0.5 points from N472 exchanged on Thursday. The Pound Sterling and the Euro closed at N582 and N530, respectively. The Naira closed at N389.50 to the dollar at the investor’s window, down by 1.50 points from N388 it traded on Thursday. Market turnover at the investor’s window stood at 12.61 million dollars. It, however, closed…

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FG hands over National Theatre to CBN

Ishaku Yohanna

The Minister for Culture and Information, Lai Moammed , on Sunday in Lagos handed over the National Theatre to the Central Bank of Nigeria (CBN), and the Bankers committee for restoration and upgrade. Speaking at the event, LaiMohammed said the National Theatre, despite the arrangement, still remained a national heritage. He said the Federal Ministry of Information and Culture would continue to hold the keys to the iconic national heritage in spite of the Public-Private Partnership arrangement between FG and the Bankers Committee. ”Please permit me to make clarifications that…

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