Tag: Forex

CBN warns against rejecting old, lower US dollar bills

Aminu Imam

The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and authorised Bureau De Change (BDC) operators to stop rejecting old and lower denomination of the United States dollar bills or risk being sanctioned. The apex bank, in an issued circular signed by its Director, Currency Operations Department, Ahmed Umar, directed DMBs, BDCs and the public to accept old series and lower denominations of US dollars that are legal tender. The circular reads: The Central Bank of Nigeria, (CBN), has in recent times been inundated with complaints from…

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Naira depreciates to 410/$ at official market CBN governor

Aminu Imam

The Governor of the Central Bank of Nigeria, (CBN), Godwin Emefiele, has said the Naira has depreciated at the official market to 410 against the dollar. Emefiele, who spoke at a summit on the economy by Bank CEOs on Friday, said the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria. In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers…

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Naira falls to 620 against Pound, as Euro rises

Aminu Imam

The Naira tumbled to 620 against the British Pound sterling at the parallel market on Thursday, even as the Euro rose to N565.The Naira fell by 2.1 percent against the pound from 607 on Wednesday, and by 1.4 per cent against the euro from 560.The local currency was, however, stable against the dollar at the parallel market as it traded at 478/$1. It dropped from 475/$1 on Tuesday to 478/$1 on Wednesday. The Central Bank of Nigeria has kept the official exchange rate at N379/$1 since August, when the naira was…

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Buhari directs CBN to suspend forex for food items, fertilizer

Ishaku Yohanna

President Muhammadu Buhari on Thursday warned the Central Bank of Nigeria (CBN) not to fund requests to import food and fertilizers into the country. Buhari gave the directive at a meeting of the National Food Security Council at the State House, Abuja, where he re-emphasised his earlier verbal directive to the apex bank, saying he will now pass it down in writing that nobody importing food should be given money. The fresh directives comes as the Federal Government rolls out the Economic Sustainability Plan and sets goals for National Food…

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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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