• Senate vows to reject FG’s proposed forex punishment

    Senate vows to reject FG’s proposed forex punishment

    Senate has vowed to oppose a recommendation by the Nigerian Law Reform Commission (NLRC) to jail, for two years, hoarders of foreign currency, especially American dollars.

    The Federal Government is seeking a review of the Nigerian Foreign Exchange Act, to empower the Central Bank of Nigeria (CBN) to jail people for up to two years  or fine them 20 per cent of the amount of foreign currency held in their possession for more than 30 days.

    A draft was published on NLRC’s […]

  • Senate frowns at a recommendation to jail forex marketers

    Senate frowns at a recommendation to jail forex marketers

    A recommendation by the Nigerian Law Reform Commission for a review of the Nigerian Foreign Exchange Act in order to empower the Central Bank of Nigeria to jail people for up to two years or fine them for 20 percent of the amount of the foreign currency held in their possession for more than 30 days has left Senators in shock.

    In a statement signed by its spokesperson, Senator Aliyu Sabi Abdullahi, the Senate stated that such a recommendation will dampen investor’ confidence […]

  • CBN denies knowledge of Forex Act Amendment

    CBN denies knowledge of Forex Act Amendment

    According to reports, the Central Bank of Nigeria (CBN) says it has no plans to amend the Foreign-Exchange Act to provide for the imprisonment of anyone who holds foreign currencies, particularly the United States dollars, for more than 30 days.

    A statement from the CBN on Monday in Abuja said the apex bank “has nothing to do with such.”

    The Acting Director, Corporate Communications of the CBN, Isaac Okorafor, stressed that “the CBN, in line with its mandate, was committed to safeguarding […]

  • Naira struggles against the dollar at forex market

    Naira struggles against the dollar at forex market

    The Naira opened at the interbank market and the parallel market today, struggling against the dollar in its usual fashion. Although some analysts see a rise in the naira this week, others are skeptical of any significant appreciation.

    Below are figures of todays exchange rates.

     

    The Naira opened at the interbank market and the parallel market today, struggling against the dollar in its usual fashion. Although some analysts see a rise in the naira this week, others are skeptical of any significant […]

  • Proposed $30bn external loans not solution to forex supply crisis, says MAN

    Proposed $30bn external loans not solution to forex supply crisis, says MAN

    According to reports, the plan by the Federal Government to borrow $30 billion external loans to tackle the country’s infrastructural needs will not address the supply gap in the foreign exchange market currently hurting private sector operators.

    Chairman, Apapa branch of Manufacturers Association of Nigeria, MAN, Mr. Babatunde Odunayo, who disclosed this at the association’s 45th Annual General Meeting, AGM, in Lagos, said infrastructure and project-tied loans served a different purpose and benefit only lender countries.

    He said government should, instead, negotiate […]

  • BDCs clampdown forces forex transaction underground

    BDCs clampdown forces forex transaction underground

    Foreign currencies transaction at the Bureau de Change segment of the foreign exchange market has been stifled since the clamp down on the operators by security agencies.

    An investigation by the News Agency of Nigeria on Tuesday in Abuja revealed that activities in the segment were conducted in secret since Monday.

    This is because most of the operators do not want to sell the foreign currencies at the price fixed by the Central Bank of Nigeria.

    Operatives of the Department of State Services […]

  • Senate bemoans forex loss over EU ban on beans export

    Senate bemoans forex loss over EU ban on beans export

    According to reports, the Senate yesterday bemoaned the economic effect of the three- year ban on the exportation of dried beans to European countries, saying it has depleted the nation’s foreign exchange earnings.

    Chairman Senate Committee on Health, Dr. Olanrewaju Tejuosho, disclosed this when he led Senators Matthew Urhoghide and Theodore Orji to the National Agency for Food and Drugs Administration Control (NAFDAC) office in Lagos.

    He said the ban is more worrisome because beans export to Europe has been a major […]

  • We’re yet to received forex concession from CBN – Airlines

    We’re yet to received forex concession from CBN – Airlines

    According to reports, the Association of Foreign Airlines’ Representatives in Nigeria on Wednesday said its members had yet to benefit from the concession granted to them to access foreign exchange at the inter-bank foreign exchange market.

    The AFARN President, Mr. Kingsley Nwokoma, said in Lagos that the present exchange rate was seriously affecting their operations.

    The Forex concession was granted to the airlines by the Central Bank of Nigeria following the intervention of the Minister of State for Aviation, Sen. Hadi Sirika.

    Sirika […]

  • Reps summon CBN, NNPC over forex, aviation fuel

    Reps summon CBN, NNPC over forex, aviation fuel

    According to reports, the House of Representatives Committee on Aviation has directed the Central Bank of Nigeria (CBN) and the Nigerian National Petroleum Corporation (NNPC) to appear before it today to explain its role in the challenges facing the aviation sector.

    Meanwhile, a leading financial institution, Access Bank Plc, has successfully raised $300 million via a Eurobond from the international bond market.

    The aviation sector is currently battling challenges associated with operations of foreign and local airlines in Nigeria.

    According to the Chairman […]

  • CBN approves special forex window for airline operators, manufacturers

    CBN approves special forex window for airline operators, manufacturers

    It was gathered that the Central Bank of Nigeria (CBN), Friday approved a Special Secondary Market Intervention Retail Sales (SMIS) forex window for domestic airline operators and manufacturers to stimulate ease of doing business in the sectors.

    The Minister of State for Aviation, Mr. Hadi Sirika, said the important one-off-stop-shop would fast track easy clearance of the backlog of matured Foreign Exchange (FX) obligations.

    The disclosure made public in a statement signed by Mr. James Odaudu, the Deputy Director, Public Affairs in […]

  • CBN suspends other banks, approves only First Bank for Forex sale to BDCs

    CBN suspends other banks, approves only First Bank for Forex sale to BDCs

    According to reports, the Central Bank of Nigeria (CBN) has suspended commercial banks in Nigeria except First Bank from selling foreign exchange directly to Bureaux De Change operators following their failure to comply with the July 22, 2016, directive to sell inflows from International Money Transfer Operators (IMTO) to BDC.

    The CBN Wednesday also suspended 195 BDCs from the market following their failure to renew their operating licenses.

    Banking sources told THEWILL that a circular on the development was sent to the […]