Recession: Senate threatens to expose importers, banks behind N30trn forex scam

The senate has vowed to publish names of importers and banks found culpable in the ongoing investigation into over N30 trillion alleged foreign exchange frauds perpetrated between 2006 and 2017. Hope Uzodinma, chairman, senate committee on customs, made this known on Thursday, which was the second day of meeting with representatives of all commercial banks,……

Recession: Senate to launch probe into N30trn forex scam

The Upper House (Senate)  has launched a probe into an alleged N30 trillion foreign exchange racketeering (forex scam) by commercial banks and importers. The upper legislative chamber claims that the country lost over N30 trillion to the alleged diversion of forex between 2006 and 2017. Senate Committee on Customs, Excise and Tariff, on Wednesday, told……

FOREX: Senate unravels alleged N30tn fraud by banks

The Senate, on Wednesday, declared that over N30 trillion has been round tripped by virtually all the commercial banks in the country from 2006 till date in their management of foreign exchange earnings for importers. This disclosure was made by the Chairman, Senate Committee on Customs, Excise and Tariffs, Senator Hope Uzodinma, after an investigative…

CBN reduces forex to medical, education, tourism to support SMEs

In its bid to finding lasting solution to the dwindling fortune of the naira, the Central Bank of Nigeria CBN) has revisited its foreign exchange market policy with special attention now to be paid to startups and small and medium-sized enterprises (SMEs) To that effect, its policy on travel allowances and medical and tuition fees…

Forex: CBN opens special window for SMEs

The Central Bank of Nigeria (CBN) has opened a special Forex window for Small and Medium Enterprises (SMEs) to enable SMEs import eligible finished and semi-finished items. The CBN spokesmsn, Isaac Okorafor, in a statement on Monday in Abuja, said that the SMES would be permitted to import items not exceeding 20,000 dollars for an……

Forex: We will sustain intervention – CBN

The Central Bank Nigeria (CBN) has said it will continue to make foreign exchange supply available. This assurance was given in a statement issued by the bank’s Acting-Director for Corporate Communications, Isaac Okorafor, on Monday According to him, the apex bank will sell short tenured forwards of 7-30-day maturity to meet demand of manufacturers and…

Financial Expert Predicts Further Appreciation Of The Naira

Prof. Uche Uwaleke, a financial expert, has predicted a further decrease in the rate of inflation and appreciation of the Naira for March 2017 as it was the case in February. Uwaleke , the Head of Banking and Finance, Nasarawa State University, Lafia, made the prediction in an interview with the News Agency of Nigeria…

CBN continues forex liquidity boost with additional $240m

The Central Bank of Nigeria (CBN) on Monday continued boosting the country’s foreign exchange liquidity with 240 million dollars, part of which 150 million dollars will go to dealers in the interbank wholesale window. Those who stand to gain from the sales through the interbank wholesale auction window include manufacturers, importers of aggro-machineries, plants and……

Recession: CBN determined to further crash the dollar

Central Bank of Nigeria, CBN, on Sunday has again shown its determination to nsure Naira gains further strength by sustaining the provision of foreign exchange to end users. Acting Director, Corporate Communications, Isaac Okorafor, in a statement said CBN wants to disabuse the notion by market speculators that it wouldn’t be able to sustain its forex……

Foreign Investors Opt Out Of Nigeria’s Naira Bonds – Bloomberg

Foreign investors are avoiding Nigeria’s Naira denominated fixed income investment instrument, and opting for the Dollar denominated Eurobond instead. The country floated a $500 million Eurobond last Wednesday which was oversubscribed to the tune of $3 billion. Bloomberg reports, “The Eurobond was positive for Nigeria,” said Lutz Roehmeyer, a fund manager at Landesbank Berlin Investment……

CBN urges Nigerians to report banks that refuse to sell Forex

The Central Bank of Nigeria (CBN) has urged Nigerians to report any bank that refuses to sell Forex to them at the approved rate within 24 hours. This was contained in a statement released on Friday, by CBN’s Acting Director, Corporate Communications, Isaac Okorafor. He warned customers not to purchase dollar at any bank beyond…

CBN:There is Adequate Forex for PTA, BTA, Tuition & Medical Fees

There is Adequate Forex for PTA, BTA, Tuition & Medical Fees Information reaching the Central Bank of Nigeria (CBN) reveals that some customers seeking to buyforex for BTA, PTA, medical and school fees are being frustrated by some banks with the false claim that the CBN is not allocating enough forex to them for BTA,…