The Central Bank of Nigeria (CBN) wielded the big stick on Tuesday August 23, 2016 by suspending nine banks from the foreign exchange (forex) market for their failure to remit a total of $2.334 billion Nigerian National Petroleum Corporation (NNPC)/Nigerian Liquefied Natural Gas (NLNG) Company dollar deposits to the Federal Government’s ...

After several months of grappling with the dwindling fortunes of the naira, the Central Bank of Nigeria (CBN) finally liberalised the foreign exchange (FX) market by the re-introduction of the flexible exchange rate inter-bank market. The move, which the CBN Governor stressed, is in line with the bank’s objectives of; ...

After four months of intense engagement by stake holders, the Central Bank of Nigeria (CBN) eventually yielded to sound reasoning and released a circular, allowing importers of the restricted 41 items, that have letters of credit opened prior to the policy change, access to the foreign exchange market. The CBN had ...

“Without doubt, therefore, the future of manufacturing will remain bleak in the near future in the present circumstances” Dr. Frank Udemba Jacobs (MON), President MAN With the foreign exchange market fraught with uncertainty in recent months, it has been a tale of agony for Nigeria’s beleaguered manufacturers, who are unable ...