Forex

August 22, 2016

5 things that are going through VP Osinbajo’s mind these days

by Roqeebah Olaoniye Nigeria’s Vice President, Yemi Osinbajo, plays his role well, staying on message and doing what he’s told like a good VP. But what is he really thinking? Here is an attempt at reading his mind. Can the President travel more often? After months of back and forth, fuel subsidy was removed on... Read More

FDI, Forex, Idriss Deby, Muhammadu Buhari, nigeria, north-east, Yakubu Dogara, Yemi Osinbajo

August 14, 2016

According to the CBN governor, this is why the Naira is falling

Governor of the Central Bank of Nigeria, Godwin Emefiele, on Saturday, explained that the Naira is depreciating against the dollar because Nigeria doesn’t export anything except oil. Speaking at a career talk organised for the teenagers of Redeemed Christian Church of God (RCCG) at TEAP school, Abuja, Emefiele noted that Nigeria’s over dependence on oil led... Read More

CBN, dollar, economy, Emefiele, Forex, Governor, naira, nigeria

According to Emefiele, this is why CBN sold forex to Hajj pilgrims at N197

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Tuesday, said that foreign exchange sold to 2016 hajj pilgrim was due to a 2015 agreement reached by the bank with both Christian and Muslim pilgrims. Speaking at a press conference in Abuja, the governor stated that the agreement was made long before the... Read More

CBN, Emefiele, Forex, government, hajj, pilgrim, policy

Hajj controversy: 7 reasons why Nigerians got super mad

by Salau Oluwatorinmo – Over a year ago, President Muhammadu Buhari (or PMB as he is fondly called) was ushered into office to the chorus of “Change.” Beyond being practically fed up with the inertia of Goodluck Jonathan’s administration, a major reason the electorate voted enmasse for the present one was his trustworthy image. An... Read More

Change, christian, Forex, Goodluck Jonathan, hajj, Mecca, Muhammadu Buhari, Muslim, nigeria, pmb, Politics

Opinion: The government’s needless forex policy for pilgrims

With regard to federal government’s decision of August 4, 2016, instructing Nigerian banks to provide forex to the country’s intending Hajj pilgrims at N197 per This follow after the government ordered similar forex reduction for Christian pilgrims going to Jerusalem at N160 per Dollar earlier this year. It’s disgusting and bitter to comprehend that the... Read More

Christianity, Forex, islam, israel, Mecca, Muslim, nigeria, pilgrim, saudi arabia

Nigerians on Twitter react to CBN’s subsidized exchange rate for Hajj pilgrims

Following the news that the Central Bank of Nigeria (CBN) intends to give subsidy on foreign exchange to Hajj pilgrims, Nigerians have taken to social media to express their opinion on the decision by the CBN. A vast majority of commentators condemned the decision of the apex bank, pointing out that it is a reckless, spendthrift... Read More

Buhari, CBN, dollar, Forex, hajj, nigeria, twitter.

Kemi-Adeosun-YNaija

Opinion: There is no concrete action plan for Nigeria’s economy

The Minister of Finance, Mrs. Kemi Adeosun has finally confessed that the Nigerian economy is in recession even though I had argued that the economy was already in recession in my article titled “Nigeria’s economy is finally in recession” and which was published by an online newspaper on 16 March 2015. ‎Although the Minister of... Read More

CBN, Finance, Forex, Godwin Emefiele, kemi Adeosun, Muhammadu Buhari, Niger Delta, nigeria, Oil and Gas

Simon Kolawole YNaija

Simon Kolawole: Where do we go from here?

If you were a lover of reggae music in the 1970s, you would certainly know “Time Hard”, a hit song by The Pioneers, the Jamaican three-man band. “Every day,” they sang, sonorously, “things are getting worse.” That song was released in 1972. At the time, Nigeria was producing two million barrels of crude oil per... Read More

economy, Forex, Muhammadu Buhari, National Bureau of Statistics, NBS, Niger Delta, Niger Delta Avengers, nigeria, Oil and Gas, Politics, simon kolawole, subsidy

How to solve Nigeria’s current Forex scarcity, by Dolapo Oni

by Dolapo Oni Nigeria urgently needs to increase the supply of dollars in the economy, especially at the interbank market where access is really limited and customers of banks are unable to get enough dollars. Consequently, there are issues with imports of various petroleum products, food items and even services. The gap between the official... Read More

CBN, Currency, dollar, economy, Forex, forex scarcity, Godwin Emefiele, Muhammadu Buhari, naira, nigeria

Dolapo Oni: Let’s not wait another 12 months to fix this Forex challenge

First a rant, then some suggestions. Changing the Nigerian exchange rate regime from a managed rate to a floating rate was never meant to solve all of Nigeria’s economic problems, i.e. the proverbial silver bullet. It was one of many steps along the process of getting the economy on the right path to progress. Nigeria... Read More

BDC, Dolapo Oni, economy, entrepreneur, floating, Forex, FX, Niger Delta Avengers, nigeria

The CBN is not interfering in new exchange rate regime – Emefiele

Governor of the Central Bank of Nigeria, Godwin Emefiele, on Monday, said that the apex bank is not interfering in the recently introduced foreign exchange regime, with claims that the prices are determined by market forces. The CBN governor stated this while speaking at a press conference in Lagos. He noted that it was necessary to... Read More

Featured, The News Blog

bank, CBN, Emefiele, Forex, Governor, interfere, market

efcc freezes accounts

The Big 5: These are the stories you should be monitoring today

These are the top five news stories to monitor today. 1) Ex-militants say Jonathan’s associates behind militancy The Movement for the Emancipation of the Niger Delta (MEND) has reiterated its earlier assertion that associates of former President President Goodluck Jonathan are behind the recent raise in militancy. 2) Obanikoro sues EFCC Following the invasion... Read More

banks, CBN, EFCC, Forex, jonathan, MEND, Militants, Obanikoro

Babajide Ajidagba: Rationalising governance beyond ‘economic diversification’ (Y! Naira&Kobo)

By Babajide Ajidagba One of the often used words by President Buhari, Vice President Osinbajo and others on their team during the last general election and the year since is “economic diversification”. The Presidency believes our economy isn’t diversified and aims to cure Nigeria’s overdependence on the oil and gas sector. Periodic economic data released by... Read More

bank, diversification, economy, Forex, naira&kobo, petrol

Oluwatosin Olaseinde: With the new forex policy, Nigeria is now open for business (Y! Naira&Kobo)

Finally, details of the much awaited FX market structure announced in the May MPC meetings are here. The CBN has finally addressed its primary function to maintain stability for the country’s price and money, issuing legal currency and maintaining foreign reserves to ensure the international value of the domestic currency. Other functions of the CBN... Read More

’50 Naira Hundred Naira’, Business, CBN, economy, Forex, naira&kobo, new policy, nigeria

15 things to know about CBN’s new forex policy

The Central Bank of Nigeria on Wednesday, released guidelines for the new flexible foreign exchange policy. The announcement was made by governor of the apex bank, Godwin Emefiele, during a press conference in Abuja. The CBN governor disclosed that the new policy will officially begin on Monday,June 20. Here are 15 key things to know... Read More

CBN, FG, Forex, guidelines, new, nigeria, policy

Morning Devotion: What LeBron and CBN have in common – #TheDecision

Joachim MacEbong talks about that LeBron and CBN have in common. #TheDecision Take a listen. https://soundcloud.com/ynaijaonline/morning-devotion-episode-26 [Recap from yesterday] Ban on rice importation causing hunger, Electricity operators take NERC to court, Buhari reverses on forex policy and PDP move from crisis to crisis. Take a listen. https://soundcloud.com/ynaijaonline/morning-devotion-episode-25

#TheDecision, Buhari, CBN, Electricity, Forex, joachim macebong, Lebron, morning devotion

CBN to unveil new Forex guidelines today

The Central Bank of Nigeria, on Tuesday, announced that it will release a new Foreign Exchange (FOREX) guideline on Wednesday, June 15. The bank made the announcement on Tuesday, through its Twitter account. The CBN had tweeted: #CBN set to release new Guidelines on flexibility in the Foreign Exchange Market structure on Wednesday, June 15, 2016... Read More

bank, CBN, Forex, guideline, Monetary police

Get ready… domestic airlines to hike price of tickets

Following the increase in the price of aviation fuel, domestic airlines in Nigeria may hike the price of air tickets, the Punch reports. The price of jet fuel was increased from N115 per litre to N150, according to a circular issued to airline operators in Lagos last week. The airline operators made their position known... Read More

airlines, Forex, hike, jet fuel, nigeria, price

Foreign Airlines: “When they were not here, were we not flying?” – Amaechi

Foreign airlines are having a difficult time operating in Nigeria and some were recently reported to have ended their operations in Nigeria. The reason for this is attributed to the inability of foreign carriers to repatriate their revenues to their home countries. This is as a result of the federal government’s foreign exchange policy that... Read More

Featured, The News Blog

CBN, economy, Foreign airlines, Forex, IATA, nigeria, Rotimi Amaechi

Opinion: “If only Buhari were the President”

by Tama Peter In the weeks and months leading to April 30, 2015, when the Muhammadu Buhari bandwagon was on the offensive, wheeling in full force across Nigeria while fanning up electoral sentiments; maligning President Jonathan led administration, professing change and making promises to Nigerians, the feeling was surreal. It was safe to say that... Read More

APC, economy, Electricity, Forex, fuel queues, nigeria, president, president buhari

Senate wants Adeosun and Emefiele to explain why the economy is in a mess

The Senate has requested the presence of the Minister of Finance, Kemi Adeosun and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele before it to explain the current state of the country’s economy to the senators. The Senate today discussed the current state of the country’s economy after the Chairman, Senate Committee... Read More

adeosun, CBN, dollars, economy, Finance, Forex, naira, recession, Saraki, senate, senators

Opinion: Agricultural revolution – Time to make a bold move

By Adekunle Smart Renowned physicist and Nobel Laureate, Albert Einstein once quipped, “In the middle of difficulty, lies opportunity.” A careful consideration of Nigeria’s current economic meltdown reveals the truth behind this aphorism and why serious attention must be paid towards diversifying the economy. In recent times, the country’s forex reserves have dropped below $30... Read More

agriculture, crude oil, Forex, GDP, government, nigeria

Opinion: What rubbish subsidy removal?

ny Stanley Ilechukwu I’ve been listening to all the arguments for and against the “subsidy removal”of the Buhari led government and it’s just hilarious. From that of the current government, whose hand has been forced to execute this “removal” due to the economic backlash necessitated by the uncertainty and the half-thought out policies it has... Read More

Forex, Fuel, oil marketers, PMS, pppra, subsidy, template

Report: The CBN will not devalue the naira

The monetary policy committee (MPC) meeting of the Central Bank of Nigeria (CBN) holding on May 23-24 will not discuss the devaluation of the naira, TheCable is reporting in an ‘exclusive story’ today. “It is not going to happen. There will be no devaluation,” a senior CBN official topd the paper. The report continues: This... Read More

AFEM, CBN, central bank, devaluation, devalue, Forex, Interbank, naira

‘Corruption has federal character, each ethnic group is well represented’ -Osinbajo

Vice President Yemi Osinbajo has said that the increase in fuel price was a difficult decision for President Muhammadu Buhari. According to a statement by Laolu Akande, the Senior Special Assistant-Media & Publicity to the Office of the Vice President, Osinbajo said this at the public presentation of Anatomy of Corruption in Nigeria: Issues, Challenges... Read More

Buhari, corruption, etnic group, Forex, Fuel Price, Osiinbajo

Get ready for another round of fuel scarcity

Nigerians should be set to witness another round of fuel scarcity as some sea vessels are stuck on the coast of Nigeria, unable to unload the products they are carrying due to lack of payment and difficulty in finding dollars. According to The Punch, about 75 ships carrying a combined total of two and a... Read More

dollar, Forex, fuel scarcity, nigeria, oil marketers, ship, Vessel

Mazi Emeka: Why NNPC is selling fuel at N145

The internet threw a question at us and we decided to answer it. A few days ago, the Minister of state for Petroleum Resources, Ibe Kachikwu, announced that the federal government will remove subsidies on fuel and allow market dynamics to determine the price of the product. Expectedly, this will result in an increase in... Read More

Forex, Fuel, Kachikwu, market forces, N145, nnpc, price, subsidy

Nigeria to overcome fuel scarcity as marketers get access to forex

It appears that a temporary end to the continued scarcity of petrol across the nation is around the corner. The Independent Petroleum Marketers Association of Nigeria, has declared that access to foreign exchange has been granted for the importation of petroleum products. With the access, it relatively means that the marketers would be able to... Read More

dollars, Forex, Fuel, Marketers, naira, Petroleum, scarcity, Work

The race is on for the biggest financial trading event of 2016

The end of April is hot for every Forex trader in Nigeria. This month ForexRally speeds the race and offers big prizes to the best Forex trader who actively trades and gets points. Not only the first 3 places have hefty prizes, but you can get big bonuses to your account for the first 30... Read More

financial trading, Forex

‘We need forex… to keep our 7,200 employees’ – Innoson Motors

Indigenous vehicle manufacturing company, Innoson is also feeling the effects of the federal government’s restriction on forex Chairman of the auto-company, Innocent Chukwuma on Monday, led the management team of Innoson on a courtesy visit to the Minister of Science and Technology, Dr. Ogbonnaya Onu, in Abuja. During the visit, he urged the government to... Read More

engine, Forex, innoson, nigeria

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