Tag: Forex

“Avoid speculators; we’re working to avert Nairas further fall against dollar” – CBN urges public

Aminu Imam

With an escalating demand for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria (CBN) has assured that it would continue to make deliberate efforts in the foreign exchange sector to avert a further downward slide in the value of the naira, which it said was fuelled by speculative tendencies. The CBNs Director, Corporate Communications, Osita Nwanisobi, yesterday, advised the public to resist the urge of succumbing to the speculative activities of some players in the foreign exchange market.  Reiterating an earlier position of the…

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Forex: Buhari promises to address importation and supply issues for manufacturers

Aminu Imam

President Muhammadu Buhari has assured that the Federal Government will take appropriate measures to improve access to foreign exchange for the importation of raw materials and machines that are not available locally. The President gave the assurance to the Manufacturers Association of Nigeria (MAN) yesterday, while hosting the bodys leadership, in Abuja. He spoke in response to MANs requests on making the manufacturing sector contribute more to the Nigerian economy. President Buhari told the Mansur Ahmed-led executives of MAN that the relevant Ministry would revisit their concerns on the increase…

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Banks notify customers as CBN commence sale of forex online

Aminu Imam

In compliance with the directive of the Central Bank of Nigeria, (CBN), banks have started issuing notices to their customers regarding the automation of Form NCX for ‘invisibles’ transactions by the regulator. The CBN, in a circular dated Nov. 29, 2021, informed all authorised dealers, Nigerian Customs Service, Shipping lines and airlines, National Museum and Monuments and the general public, of the deployment of e-form NCX. The circular, signed by the CBN’s Director, Trade and Exchange, Ozoemena Nnaji, said the e-Form NCX shall replace the hard copy of Form NCX…

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US Dollar shortage: Foreign airlines halt tickets sale to Nigeria-bound travellers

Aminu Imam

As the US dollar shortage in the Nigerian economy continues to hit the air travel industry harder, foreign airlines flying into the country have stopped local travel agencies and firms from selling tickets to intending inbound Nigeria passengers. According to reports, the carriers also barred Nigerian travel agencies from selling tickets to intending passengers whose travel itineraries neither originate nor terminate in Nigeria. This is known in air travel parlance as ‘SOTO ticket’, meaning Sold-Out, Ticketed-Out. The move is currently affecting many Nigerian students abroad who are seeking to buy…

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Osinbajo seeking FX policy to curb corruption, not pushing for Naira devaluation – Presidency

Aminu Imam

The Presidency yesterday said that Vice-President, Yemi Osinbajo, (SAN), has advocated that foreign exchange (forex) policy should curb corruption, adding that he was not pushing for Naira devaluation. According to his spokesman, Laolu Akande, stated this in a State House press statement. Recall that Osinbajo, on Monday in Abuja, at the opening of a two-day Mid-Term Ministerial Performance Review Retreat called on the Central Bank of Nigeria, (CBN), to review its strategy on foreign exchange and ensure that the Naira value reflects the market reality, rather than what he described…

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Lawmaker Obanikoro wants domiciliary accounts of Nigerians shut down to save Naira

Aminu Imam

A House of Representatives member, Babajide Obanikoro, has suggested the shutdown of domiciliary accounts holding foreign currencies for Nigerians in order to protect the value of the nation’s currency, the Naira. The value of Nigeria’s naira has alarmingly declined over the past few years and is currently trading at well over N500 per dollar in parallel markets. Obanikoro in a tweet on Tuesday, stated that closing the domiciliary accounts belonging to regular Nigerians will fix the sliding value problem. “I am not the CBN Governor, but at this moment, I…

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CBN orders banks to publish names, BVN of forex defaulters

Aminu Imam

The Central Bank of Nigeria, (CBN), has directed banks to publish names of customers who try to break the rules on Foreign Exchange (Forex) acquisition on their website. The apex bank issued the circular to all banks lamenting that it has received and noted with concern reports of sharp practices by some unscrupulous customers to circumvent the new CBN policy on the sale of forex for overseas personal and business travel on Monday. The CBN said some of the unwholesome practices, include the use of fake visas and cancellation of…

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BDC operators move to crash exchange rate, ban street hawking of dollars

Aminu Imam

Unanimously warn against proposed VAT increment  Forex traders under the aegis of the Association of Bureau-de-Change Operators of Nigeria, (ABCON), have said they will start what it called: Operation No Street Trading to stop the hawking of foreign exchange by BDC operators. This disclosure was made by the President of ABCON, Aminu Gwadabe, who said that this was part of the resolutions made unanimously by BDC directors at the meeting of the operators on Tuesday, in Lagos. This, it said, is part of the measures aimed at bringing down the…

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CBN begins gradual harmonisation of exchange rates

Aminu Imam

US dollar official rate now N411  The Central Bank of Nigeria, (CBN), yesterday began gradual harmonisation of exchange rates with the removal of N379/$1 official rate from its website. The move by the apex bank is one of the first indications of exchange rate harmonisation and tactical devaluation of the naira. Speaking at the 55th Annual Bankers Dinner in Lagos, the CBN boss said the need to adjust for the decrease in the supply of foreign exchange led to the depreciation of the naira. Emefiele said that in Nigeria, like…

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Dont deposit more than $5k monthly – Banks inform customers

Aminu Imam

Some commercial banks in the country are reportedly informing their customers that they can onlydeposit$5,000 in cash into their foreign currency accounts monthly. According to reports, some commercial banks have started sending new transfer limits to their customers via e-mail messages. There is a $5,000 monthly cash deposit limit. We encourage you to make more deposits via electronic transfers. Cash-funded transfers to beneficiaries with accounts in other banks in Nigeria are no longer allowed. “There will be no restriction to the frequency or value of transactions for accounts funded through…

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