The Centre for Promotion of Private Enterprise (CPPE), has charged the Central Bank of Nigeria (CBN) to adopt proactive measures to moderate the current volatility in the official foreign exchange (FX) market following its June 14 FX unification policy was adopted. Since the policy announcement, high intra-day volatility has characterized the trading sessions at the […]
Manufacturing
World MSME Day – SMEDAN, Casava Insurance Launch ‘Business Gro’ For MSMEs
As part of its programmes for the World MSMEs Day 2023, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has partnered Casava Insurance, a risk underwriting company with special focus on agribusiness, to facilitate voluntary registration and certification of MSMEs under SMEDAN and provide valuable support services for registered MSMEs in the country. […]
Nigeria Can Leverage New Reforms To Achieve Growth – W/Bank
….says govt could safe N11trn from fuel subsidy removal by 2025 The World Bank Group has said that Nigeria can leverage the new reforms of the President Bola Tinubu-led administration to address her current macroeconomic imbalances. The Washington-based development finance institution made this remark during the launch of the June 2023 edition of the Nigeria […]
Cooking Gas Price Drops By 6.07%, As Kerosene’s Surges
The National Bureau of Statistics (NBS) reported on Monday that the average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) declined by 6.07% on a month-on-month basis from N4,642.27 recorded in April 2023 to N4,360.69 in May 2023. The Bureau, in its ‘Liquefied Petroleum Gas (Cooking Gas) Price Watch (May […]
DBN Supports PFIs With N631Bn Facility In Five Years
The Development Bank of Nigeria (DBN) has disclosed that it provided N631 billion as financing support to Primary Financial Institutions (PFIs) in the country over the past five years ended December 2022. The Managing Director of the development finance institution, Dr. Tony Okpanachi, who made this disclosure in Lagos while presenting the progress and achievements […]
Naira Depreciates, Trades N780/$1 At Parallel Market
For the second consecutive day, Nigeria’s currency, the Naira, depreciated in exchange rate against the US dollar on Tuesday, to trade at an average of N780/$1 in the black market, representing a 2.77% decline when compared to the N759/$1 it traded in the unofficial market on Monday. Some FX dealers in the Federal Capital Territory […]
Ogun Govt Partners Firm On Parking Facility At SAPZ
Ogun State Government and Arise Integrated Industrial Platform (AIIP), at the weekend stated that they had opened discussions on the modalities for the establishment of a parking facility for containers and trailers within the premises of the Special Agro Processing Zone (SAPZ). The company’s Vice President and Country Head, Suren Abeywickrema, gave this hint while […]
CBN Insists 43 Banned Items Remain Ineligible For I&E Window FX
The Central Bank of Nigeria (CBN) has maintained that its policy on 43 non-eligible items banned from the forex market remained in force, despite last Wednesday’s monetary announcement directing deposit money banks (DMBs) and foreign exchange (FX) to freely trade on FX based on market-determined rates. According to the information contained in the Q&A document […]
Manufacturers Association Foresees FX Rate Volatility
The Manufacturers Association of Nigeria (MAN) has said that the latest foreign exchange (FX) policy by the monetary authorities will further increase operational costs for businesses and trigger exchange rate volatility due to uncertainties about future exchange rate trend. The Director-General of the association, Mr. Segun Ajayi-Kadir, who made this remark during a media chat, […]
Banks Get Approval To Sell FX At Market-Determined Rate
…..FX regime desirable for economy – CPPE There are strong indications that the monetary authorities have authorized commercial banks and dealers in the foreign exchange (FX) market to sell forex at the Investors & Exporters (I&E) window freely at market-determined rate Although the Central Bank of Nigeria (CBN) has not made any official statement on […]