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Tag Archives: forex

ISPON indicts NOTAP, NITDA in proliferation of foreign software, killing local content

ISPON-Logo 2

Considering the surge in capital flights involved in the purchase of foreign software by Ministries, Departments and Agencies (MDAs) and telecoms companies mainly from India and China, leadership of the Institute of Software Practitioners of Nigeria (ISPON) has called for a review of the laws to give lifeline to local software developers. Already, ISPON leadership under Olorogun Emadoye, has argued ...

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CBN moves more steps forward, announces sale of dollars to MAN, fuel importers, airlines

Buhari CBN

In a strategic drive to offset backlog of matured foreign exchange obligations the Central Bank of Nigeria (CBN), has announced plans to begin the sales of dollars to fuel importers, airlines and manufacturers. New position of the apex bank is to offer dollar forwards to be delivered within two months while the “Authorised dealers’ accounts with the CBN will be ...

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Naira over-valued by 10 to 20 percent, IMF mocks CBN, presidential economic team

imf hqs

In what can be easily interpreted as reactions to the rebuffing of its advice by the Central Bank of Nigeria (CBN), the International Monetary Fund (IMF) on Wednesday fired back, claiming that Nigeria’s naira is over-valued by around 10 to 20 percent. A newly released critical report on government efforts to boost growth in Nigeria, IMF said “We do find ...

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Why only dollar injection by CBN cannot stabilize the forex market—Observers

CBN emefiele 2

As the Central Bank of Nigeria (CBN) is set to pump another set of millions of dollar to the foreign exchange market between weekend and Wednesday, forex experts and development analysts have said that injection of dollar cannot do the magic alone. Business Hilights gathered that the CBN has planned the release of an additional $350 million bringing the total to ...

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CBN fast tracking naira appreciation, injects fresh $180m into forex

Naira exchange

The naira continued to regain strength and appreciate in value in the parallel market on Tuesday as it was sold for N425 to a dollar. The meaning of this is that currency speculators are not having a negative fight for their money as the Central Bank of Nigeria (CBN) earlier in the week jerked up liquidity in the foreign exchange ...

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