Tag Archives: Forex

MTN Fires Back After CBN Sanction, Claims Paid Dividends Were Approved

In a statement on Thursday, MTN denied the allegations of illegal funds repatriation leveled against it by the Central Bank of Nigerian(CBN), claiming that it illegally converted shareholder loans to preference share and repatriated $8.1 billion as dividend saying all dividends it paid to its shareholders between 2007 and 2015 were approved by the apex bank. Contrary to the…

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CBN Floats The Naira, Releases Guidelines For Dealership In Forex

  The Central Bank Of Nigeria (CBN) yesterday announced a full float of the Naira with what it termed the “automatic adjustment mechanism of the exchange rate” which will allow the foreign exchange (forex) rate now be determined by markets forces thereby reducing the pressure on the Naira. Making this disclosure at a press conference…

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CBN Source Reacts To PDP’s Tweets On Forex Sales To Garba Shehu & Aisha Buhari

  Following the allegations leveled against the Senior Special Adviser to President Muhammadu Buhari on Media & Publicity, Garba Shehu and wife of the President, Aisha Buhari by the People’s Democratic Party over getting Forex from Central Bank of Nigeria (Read here if you missed), the apex bank has stated that it does not sell foreign exchange to individuals or groups…

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No ForEx For Those Who Decide To Train Their Children Abroad–Buhari On Al Jazeera

  President Muhammadu Buhari was a guest on Al Jazeera recently to discuss the current economic situation of the country, Biafra and Boko Haram among other things. Asking him about ForEx for Nigerians schooling abroad, the host, Matine Dennis enquired, “What about those who are slightly more privileged like yourself? You’ve got children studying abroad.…

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CBN Lifts Ban On Foreign Exchange Deposits, Stops Sale Of Forex To Bureaux De Change

 Mr. Godwin Emefiele  The Central Bank of Nigeria (CBN) has lifted the ban on foreign currency deposits into domiciliary accounts. CBN Governor, Mr. Godwin Emefiele in a press conference yesterday, confirmed that customers can now pay foreign currencies in cash into their bank accounts. The CBN also formally announced that it has stopped the sale of…

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