The Central Bank of Nigeria on Tuesday threatened to sanction exporters that failed to repatriate their export earnings from their international business transactions as foreign exchange scarcity continues to undermine its efforts on Naira exchange rate stability against foreign currencies and improve the nation’s foreign reserves. The apex bank gave the hint through a directive […]
Apparently determined to ensure that the benefits of the recent bilateral currency swap deal between it and Peoples Bank of China (PBoC) accrue to the country, the Central Bank of Nigeria (CBN) has embarked on nationwide enlightenment campaigns on how importers and exporters could tap into deal’s opportunities. Already, officials in the trade and marketing […]
The Bankers’ Committee has endorsed Nigeria’s Chinese Yuan currency swap arrangement, describing it a monetary measure with great potential to help Nigeria’s efforts aimed at shoring up her dollar-denominated foreign reserves. The bankers, at the end of their meeting in Lagos, noted that Nigeria importers may also pay less if they get Renminbi invoices from […]
The Central Bank of Nigeria (CBN) yesterday pegged the buying rate of dollars for invisibles in banks at N360 to the dollar and also removed all forms of charges and commissions on such transactions.