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FOREX: Dealers Pick $81.3m Out Of $100m Offered By CBN

Fresh facts emerging from Nigeria’s apex bank indicate that  following Thursday’s FOREX wholesale auction, the Central Bank of Nigeria (CBN) on Friday, March 24, 2017, concluded transactions on the sum of $100 million earlier offered at the interbank market to meet customers’ demand.But  authorized dealers were only able to pick $81.347 million after an initial bid for $91 million. Commenting on the offer, ...

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FOREX: Dealers Fear Further Dollar Crash As CBN offers $100m

The Central Bank of Nigeria (CBN) on Thursday, March 23, 2017 offered the sum of $100 million to meet the requests of wholesale customers, out of which $91 million was taken, indicating greater apprehension among dealers who anticipate a further crash of the dollar in the FOREX market. Confirming the offer, the Acting Director of Corporate Communications at the CBN, Isaac Okorafor, disclosed that the dealer ...

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CBN Resolves To Retain MPR At 14 Per cent

The Monetary Policy Committee,MPC of  CBN has resolved to retain the MPR at 14.0 percent.This was disclosed  in the communiqué at the end of the committee’s meeting Tuesday. “The Committee, in consideration of the headwinds in the domestic economy and the uncertainties in the global environment, decided by 9 out of 10 members to retain the MPR at 14.0 per cent alongside all other policy parameters. One memb ...

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Economy: CBN, Fiscal Authorities Meet in Abuja

Desirous of monetary and fiscal collaboration in order to pull the Nigerian economy of the current crunch, economic management leaders from the Central Bank of Nigeria (CBN) and the Ministries of Finance, Budget and National Planning as well as Trade and Investment, over the weekend, gathered in Abuja to harmonise their policy perspectives. Speaking at the opening of the two-day Monetary Policy Committee (M ...

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Buhari Directs CBN, Finance Ministry On Refunds To State Governments

President Muhammadu Buhari has directed the Minister of Finance, Mrs. Kemi Adeosun and the Governor of the Central Bank of Nigeria, Godwin Emefiele, to act appropriately and with dispatch in releasing the second tranche of the London-Paris Club refunds to the states in order to ease their financial hardships. The President, who addressed the meeting of the National Economic Council made up of State Governor ...

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FOREX: CBN offers, receives bids for $100m

The Central Bank of Nigeria (CBN) says it has offered and received bids for $100 million from authorized dealers in the interbank market to meet the requests of genuine customers. The CBN spokesman, Isaac Okorafor, disclosed this on Thursday, March 16, 2017, adding that the sales will be settled on Friday, March 17, 2017. He, however, disclosed that no intervention was made by the Bank to meet requests for ...

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CBN clears $150m FOREX forwards

The Central Bank of Nigeria (CBN) on Wednesday, March 15, 2017, sold a total of $150 million to authorized FOREX dealers in the interbank at the highest bid rate of N335/$1 and a marginal rate of N320/$1. Confirming the details of the sale to the dealers, the Bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor said the highest rate of N335 was the same as the last auction rate of Ma ...

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Again, CBN Boosts FOREX Supply with $195m

As anticipated last weekend, the Central Bank of Nigeria (CBN) on Tuesday, March 14, 2017, sustained the supply of foreign exchange to the market by concluding arrangement to release the sum of $195 million (One Hundred and Ninety Five Million Dollars) comprising  $150 million for the wholesale auction and $45 million in the invisible segment for such items as medical fees, tuition fees, Personal Travel All ...

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Ghost Workers: Finance Minister Urges CBN To Extend BVN TO Microfinance Banks

The Minister of Finance, Mrs. Kemi Adeosun, has strongly solicited the cooperation of the Central Bank of Nigeria (CBN), in extending the requirement for Bank Verification Number (BVN) to account holders in Microfinance Banks (MFBs), to facilitate the detection of bank accounts which might have been opened and operated in such banks for ghost workers by fraudulent syndicates. The Minister,  who  sought  the ...

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FOREX: Speculators Panic As CBN Moves To Inject More Dollars

There are strong indications that the Central Bank of Nigeria (CBN) is unrelenting in its move to ensure liquidity in the interbank FOREX market, as it will inject more foreign exchange into market early this week. The information about the action of the apex bank, which became rife over the weekend, has reportedly sent jitters to those currency speculators who hitherto took advantage of the scarcity of for ...

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CBN Sustains Forex Supply As Interventions Hit $1.2 Billion

As more customers of banks and other business people overcome the earlier difficulties in obtaining forex for their transactions, and in a bid to sustain the tempo of foreign exchange supply to the interbank FOREX market and ensure liquidity, the Central Bank of Nigeria (CBN) on Thursday, March 9, 2017, offered the sum of $100,000,000 as wholesale interventions, just as it sold about $70,000,000 to meet req ...

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FOREX: Again, CBN Injects $100m Into Market

The Central Bank of Nigeria (CBN) on Tuesday, March 7, 2017 further injected another sum of $100m into the interbank foreign exchange market.An official statement said the move was in continuation of  the apex bank's resolve to ease the challenge of access to foreign exchange. The Bank’s Acting Director, Corporate Communications, Isaac Okorafor, confirmed this to newsmen in Abuja, adding that the move by th ...

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