Tag Archives: Forex

Buhari Says Food, Fertilizer Importers Should Not Be Given Central Banks’ Forex

President Muhammadu Buhari has reiterated that his administration will not allow people importing food or fertilizer into the country to be given foreign exchange from the Central Bank. Since his re-election, the President has been very keen on reviving the agriculture sector in order to meet local food demand; and diversify an economy that has been…

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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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