“The MPC made the decision to hold all parameters constant.” EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has announced the stoppage of forex sales to the Bureau De Change operators in the country with immediate effect. The CBN Governor, Godwin Emefiele, made the declaration after the Monetary Policy Committee (MPC) two-day … Read more
In its bid to sustain the increase in inflows of diaspora remittances into the country, the Central Bank of Nigeria (CBN) has introduced a “Naira 4 Dollar Scheme”, an incentive that pays naira to senders and recipients of international money transfers. The policy is aimed at boosting dollar supply in the country, at a time … Read more
President Muhammadu Buhari has ordered the Central Bank of Nigeria (CBN) to stop making foreign exchange available for the importation of food items. Buhari gave the directive at the fifth regular meeting with the presidential economic advisory council that held at the statehouse in Abuja. Ekohotblog reports that the development makes it the third time … Read more
Gbenga Favour Olaoye-Akanbi, a 300-level student of the Department of Agriculture, University of Ilorin, has committed suicide after he was allegedly duped by a forex trader, Eseka Chuckwutem Gospel (ESG). According to family sources, the 19-year-old student was discovered dead on Sunday after drinking poison, SaharaReporters reports. Eko Hot Blog understands that Olaoye-Akanbi invested over N300 … Read more
By Simon Kolawole Amidst the series of tough decisions rolled out by President Muhammadu Buhari as the Nigerian economy gasps for breath under the weight of low oil prices and the coronavirus pandemic, a mini-war broke out between the Central Bank of Nigeria (CBN) and the Nigerian Economic Summit Group (NESG) last week. In a … Read more
The Nigeria Employers’ Consultative Association, NECA, has called for improved border policing to complement the foreign exchange (forex) restriction on textile importation. It will be recalled that the CBN last week banned the sale of forex to importers of textile materials. Reacting to the development, Director-General of NECA, Mr. Timothy Olawale, said: “The decision … Read more