CBN Intervenes With $100m in FOREX Market

…banks only able to pick up $68.51 million …to sell $20,000 to BDCs on Thursday By: Olajide Toriola Following its injection of $280 million into the Foreign Exchange Market on…

CBN Introduces Use of Form X For SMEs

As part of its determination to increase foreign exchange liquidity and improve access by Small and Medium Enterprises (SMEs) and retail businesses, the Central Bank of Nigeria (CBN) has introduced…

Banks’ Dollar Demand Slumps…Over Fear of Dollar Crash

By: Olajide Toriola There are strong indications that the demand for foreign exchange by authorized dealers has slumped, as the dealers were only able to pick $45 million out of…

Forex: CBN Opens Special Window for SMEs, Begins Massive Sale with $141million

The Central Bank of Nigeria (CBN) on Monday opened a special Forex window for Small and Medium Enterprises (SMEs) to enable SMEs import eligible finished and semi-finished items not exceeding…

FOREX: CBN Offers $100m For Wholesale

By: Olajide Toriola The Central Bank of Nigeria (CBN), on Thursday, April 6, 2017, offered the sum of $100 million to authorized dealers at the forex auction in the interbank…

FOREX Ban on 41 Items Stays, Says CBN

By Akin Akinremi The Central Bank of Nigeria (CBN) has rejected calls by the Organised Private Sector (OPS) to reverse its foreign exchange (forex) ban on 41 goods, which the…

CBN Queries Five DMBs for Manipulating Forex Rates

By Akin Akinremi The Central Bank of Nigeria (CBN) has said that five Deposit Money Banks (DMBs) are being queried for manipulating Foreign Exchange Transactions. The apex bank, detected the…

CBN Denies Unilateral Allocation of Dollars

The Central Bank of Nigeria (CBN) has denied reports from some quarters that it allocates dollars unilaterally. A statement by Acting Director, Corporate Communications of CBN, Isaac Okoroafor, on Saturday…

FG Proposes Jail Term for Foreign Currency Hoarders

The Federal Government has proposed an amendment to the Foreign-Exchange Act to enable the imprisonment of anyone who holds foreign currencies, especially the dollar, for more than 30 days. This…

CBN Readmits All Banks Suspended from Trading in FOREX

The Central Bank of Nigeria has now readmitted all the nine commercial banks that were recently suspended from trading in the foreign exchange. Nine banks including UBA, First bank, FCMB,…