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CBN guns for stable currency, FPIs as rates hike hurts businesses

• Rate hike  lazy approach to fixing crisis, experts insist • Inventory may continue to pile up • Yusuf, Akpan, others kick against MPR hike fixationRaising the monetary policy rate by...
Business

Cardoso justifies CBN defence of naira, but says it’s not reason for depletion in fx reserves

In an attempted defence of the decision of the Central Bank of Nigeria, (CBN) to defend the domestic currency, the naira, the governor of...
Business

Cardoso defends CBN’s backing of naira, says it’s not responsible for FX reserve’s depletion

In an attempted defence of the decision of the Central Bank of Nigeria, (CBN) to defend the domestic currency, the naira, the governor of...
Business

ABCON asks CBN to allow non-oil exporters hold FX for 48 hours

The Association of Bureau de Change Operators of Nigeria (ABCON) has asked the Central Bank of Nigeria (CBN) to direct non-oil exporters to hold...
Business

CBN sells FX to BDCs at N1,251/$1

The Central Bank of Nigeria (CBN) has sold $10,000 to all eligible Bureau De Change (BDC) operators in the country at the rate of...
Business

CBN to clear FX backlogs of remaining five banks in few days, says Cardoso

The Central Bank of Nigeria (CBN) has assured that the remainder of banks’ FX backlogs would be cleared in the next few days.The governor...
Business

BUA Cement grows FY 2023 profit to N460bn despite N70bn FX loss

BUA Cement has announced a revenue growth of 27.4% to N460n from the N361 billion recorded in the previous year.This is despite a foreign...
Business

Forensic audits revealed $2.4bn FX claims were bogus, not valid for settlement —Cardoso

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has disclosed that forensic audit by Deloitte Management Consultant has shown that about...
Business

Nigerian govt to introduce new FX rules, clamp down illegal trading

The Federal Government is set to introduce new rules for the foreign exchange market and also crackdown of illegal trading of currency by the...
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