Forex Archives — City Business News

March 5, 2024 No Responses

Ghana Suspends GTB, First Bank’s Forex Licences

Citing various breaches of foreign exchange market regulations,the Bank of Ghana has suspended the Foreign Exchange Trading Licences of two Nigerian-owned banks, Guaranty Trust Bank Ghana Limited and FBNBank Ghana Limited.The suspension takes effect from March 18, 2024, for one...

March 2, 2024 No Responses

MTN Nigeria Records N740b Forex Losses

MTN Nigeria Plc has reported a loss before tax of N177.8 billion compared to a pre-tax profit of N518.8 billion in 2023. The company attributed the losses to a massive foreign currency loss of N740 billion up from N81 billion reported...

March 1, 2024 No Responses

CBN Revokes Operational Licenses Of 4,173 BDCs

The Central Bank of Nigeria (CBN), in exercise of the powers conferred on it under the Bankand Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised OperationalGuidelines for Bureaux De Change 2015, has revoked the licenses of...

January 4, 2024 No Responses

EFCC Operatives Storm Dangote, Bua

Operatives of the Economic and Financial Crimes Commission have besieged the Head office of the Dangote Group of Companies in Lagos State. According to The Punch, the search, which commenced at the company’s head office in Lagos around 3 p.m....

November 4, 2022 No Responses

Manufacturers Seek End To forex, Energy Crisis

The Manufacturers Association of Nigeria (MAN), on Thursday, tasked the Federal Government and monetary authorities to address the foreign exchange and energy crises responsible for the unfavorable movements in manufacturing indicators. Mr Segun Ajayi-Ka...

August 26, 2022 No Responses

Manufacturers Task CBN On FOREX Allocation

The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to allocate more FOREX to manufacturers to allow for the importation of raw materials and machinery. Edo/Delta branch chairman of MAN, Dr Okwara Udensi, made th...

August 8, 2022 No Responses

How To Address Nigeria’s Economic Challenges, By NECA

The Nigeria Employers’ Consultative Association (NECA) has described the economic challenges facing the country as multi-faceted and called for a holistic and multi-pronged approach to resolving them. NECA’s Director-General, Mr Wale Oyerinde, in a state...

March 23, 2022 No Responses

Buhari: Dangote Fertiliser Plant To Boost Forex Earnings, Economic Growth

The $2.5billion Dangote Fertiliser Plant in Ibeju Lekki, Lagos, will boost Nigeria’s foreign exchange earnings and accelerate economic growth, President Muhammadu Buhari has said Inaugurating the three million metric tonnes per annum urea production pl...

February 11, 2022 No Responses

CBN Introduces RT200 Programme To Improve Exports, Boost FOREX

The Central Bank of Nigeria (CBN) has introduced a new intervention programme (RT200) to help improve export receipts and boost the country’s foreign exchange earnings. The CBN Governor, Mr Godwin Emefiele, made this known on Thursday in Abuja, while a...

February 2, 2022 No Responses

Emefiele Tasks Rice Millers On FOREX, Employment

Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has urged rice mills in the country to embrace CBN’s backward integration initiatives aimed at conserving foreign exchange reserves. Information obtained from CBN’s website indic...

December 25, 2020 No Responses

Group Implores CBN On Easy Forex Access For SMEs

The Association of Food and Agro Processors (AFAP) has appealed to Central Bank of Nigeria (CBN) to assist Small and Medium Enterprises (SMEs) to easily access foreign exchange for procurement of machinery. AFAP National President, Duro Kuteyi, made the ...

May 11, 2020 No Responses

Emefiele Assures Investors On Forex Repatriation

Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has assured investors of the security of their investments in the country in spite dwindling revenue from the sale of crude oil globally. The CBN’s Director, Corporate Communications Department, Mr ...

July 29, 2019 No Responses

Milk Importation: Experts Lauds CBN’s Policy On Forex Restriction

Economic experts have lauded the Central Bank of Nigeria (CBN) on its plan to put forex restriction on imported dairy products to the country. Some economic experts who spoke with the News Agency of Nigeria (NAN) in Abuja on Sunday...

June 18, 2019 No Responses

Dangote Cement Terminals To Generate $700m Forex

Dangote Cement Plc is to generate $700million forex from the cement terminals being constructed in Lagos State and Onne, Rivers State. Speaking at the 10th Annual General Meeting on Monday in Lagos, chairman of the company, Aliko Dangote, explained...