• Emefiele links elites’ taste for foreign goods to forex scarcity

    Emefiele links elites’ taste for foreign goods to forex scarcity

    The Central Bank of Nigeria (CBN) has blamed the elite who preferred imported materials to local ones for the foreign exchange crisis and its immense contributions to the current nation’s economic woes.

    The apex bank, through its Governor, Godwin Emefiele, lamented that Nigerians spend nothing less than £2 billion on their children studying abroad at the detriment of the the country’s educational sector.

    Speaking at the National Institute for Policy and Strategy Studies (NIPSS), shortly after he delivered a lecture titled “Managing […]

  • Arik, Aero, Dana suspend Lagos-Accra flights over Forex scarcity

    Arik, Aero, Dana suspend Lagos-Accra flights over Forex scarcity

    Nigerian Indigenous airlines, Arik Air, Aero Contractors and Dana Air, have suspended sched­uled commercial flight operations between Lagos and Accra, Ghana, owing to the exorbitant foreign exchange (forex) cost.

    It was learnt that the airlines said they found it uneconomical to contin­ue doing business on the route given that charges paid to Ghana’s airport and regulatory agencies by for­eign airlines flying into the country are done in foreign currencies.

    “Most of our passengers are Nigerians and they usu­ally buy return tickets and […]