• Central Bank disburses $355.74 million for raw materials import in October

    Central Bank disburses $355.74 million for raw materials import in October

    The Central Bank of Nigeria (CBN) disbursed a total of $355.74 million for raw materials imports in the month of October.

    A statement by the bank said the amount was about 40.99% of the total 867.83 million dollars CBN special interbank foreign exchange package.

    Out of the 356 million dollars CBN raw materials FX intervention last month, the highest amount goes to school fees, medicals and other invisibles.

    At the second place was petroleum industries with 150.81 million dollars while the manufacturing sector […]

  • Reps probe central bank over forex crisis

    Reps probe central bank over forex crisis

    Members of the House of Representatives were angry on Wednesday as they ordered an investigation into the scarcity of foreign exchange in the country.

    The naira, which exchanged for N490 to the United States dollar last Thursday on the parallel market, was offered at N475 per dollar on Wednesday, amid biting scarcity of hard currencies.

    The House observed that in spite of weekly reports by the Central Bank of Nigeria that it released hard currencies to Bureau De Change operators and commercial […]