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“An army marches on its stomach.” — Napoleon Bonaparte, 1769-1821; Vanguard Book of Quotations, p. 14, available online Right now several millions of Nigerians’ stomachs are empty; and movement has virtually stopped. Unfortunately, it is not only the scarcity of food and high prices which are slowing us down, scarcity of all the things which […]
Continue ReadingIn order to further crash the FX rate, Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators in Nigeria, informing them that $10,000 have been made available to each qualified BDC at a rate of N1,251 per US dollar. The apex bank also reportedly instructed each BDC to sell […]
Continue ReadingNigerian Naira rebounded against the United States Dollar on Wednesday both at the official and parallel markets, with the local currency recording a significant gain against the greenback at the black market. This came as the Central Bank of Nigeria (CBN) announced the final settlements of all valid foreign exchange backlogs, fulfilling a key pledge […]
Continue ReadingThe Central Bank of Nigeria has revealed that it would stop the sale of foreign exchange to Deposit Money Banks by the end of the year. According to the CBN Governor, Godwin Emefiele, banks must begin to source their forex from export proceeds, hence the need to support non-oil exporters in the country. He pointed […]
Continue ReadingNigerian currency, the Naira, Friday, traded strong after the Central Bank of Nigeria (CBN), Thursday, August 23 and Friday, August 24, 2018, injected a total sum of $543.22 million and CNY 63.21 million into the inter-bank foreign exchange market. Naira gained N0.25k against the U.S dollar as it closed at N362.35k per dollar compared to […]
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