Black Market

Posted on December 20, 2016 by Nairametrics

Adeosun Says CBN Will “Eliminate” Black Market “Soon”

Reuters is reporting that the CBN has said that it will eliminate the black market. As usual, they did not explain how and when this will happen. Here is an excerpt of the article; Nigeria’s central bank will try to eliminate the currency black market, where the naira trades about 40 percent below the official Read More

Posted on April 23, 2016 by Ugodre Obi-chukwu

Important Regulatory Requirements For Your Business

  Businesses operating in Nigeria are increasingly being regulated as the Government strives to promote good corporate governance and best practices. To ensure your business is on the right side of the law and compliant there are certain regulatory requirements, which must be obtained. Here they are;     1. Tax Clearance Certificate – This Read More

Posted on August 3, 2015 by Editor

Naira Gains On Black Market As Banks Reject Dollar Deposits

The naira gained on the parallel market on Monday, after Nigeria’s commercial banks stopped accepting cash deposits in dollars, a move to discourage speculation in the currency. The naira was quoted at 216 on the parallel market on Monday, strengthening by 4.1 percent from 225 naira to the dollar on Friday. It was quoted at Read More

Posted on August 1, 2015 by Nairametrics

Conspiracy Theory of What Could ‘Happen’ to Naira/Dollar In The Next few Weeks

Just two weeks ago it looked as if the Naira was heading to N250 as calls for another round of devaluation held sway. The ban on restricting 40 items from souring forex was still generating speculation just as the CBN Governor appeared aloof. Check here for more on Naira Exchange Rate, Devaluation and Controls The Read More

Posted on July 30, 2015 by Editor

CBN Says Ghanaian Businessmen, Others Are Invading Our Forex Market

Ghanaian businessmen and other African countries are invading the Nigerian foreign exchange market. This information was disclosed by the Director of Monetary Policy of the Central Bank of Nigeria, CBN, Mr. Moses Tule  yesterday at a seminar organised for financial journalists in Calabar, Cross River State. . According to him, nationals from other African countries even Read More

Posted on July 28, 2015 by Nairametrics

Why Presco is Ecstatic About CBN Forex Policies

Presco Plc has commended the Central Bank of Nigeria (CBN’s) policy to ban foreign exchange sales to certain segments of the economy, noting that this move by the apex bank will help save its hard-earned and scare foreign exchange and boost local production in the country. Chairman, Presco Plc, Mr.‎ Pierre Vandebeeck,‎ explained that each Read More

Posted on July 27, 2015 by Editor

Rice Imports Has Dropped By 53% As Prices Rise

Following the Central Bank of Nigeria’s decision to place rice among 41 items not valid for foreign exchange. The volume of rice being imported into the country has dropped by 53 per cent in the last one month just as the price of the commodity has increased by over 20 per cent in the market. Read More

Posted on July 27, 2015 by Nairametrics

Forex Demand May Drop As Refineries Get Set to Resume Operations

The pressure on the Central Bank of Nigeria (CBN) to devalue the naira due to dwindling foreign exchange reserves, is likely to ease with the resumption of operations of the Port Harcourt and Warri refineries, according to THISDAY’s investigations. The paper suggest this is on the back of a status report on the plants that Read More

Posted on July 26, 2015 by Nairametrics

Nigeria Spent $7.4 billion Importing Toothpicks, Milk, Fish Furniture etc.

Nigeria spent a total of N1.18 trillion (about $7.4 billion) on the importation of toothpicks, fish, milk, textiles, rice and furniture between 2014 and May 2015, it was gathered. According to figures obtained from the Central Bank of Nigeria (CBN), fish imports gulped $1.39 billion while milk and rice imports accounted for $1.33 billion and Read More

Posted on July 21, 2015 by Editor

Naira Remains Under Pressure As MPC Meets Thursday

Economic and currency analysts expect the naira to remain under pressure at the parallel market this week even as the Monetary Policy Committee of the Central Bank of Nigeria meets on Thursday and Friday to take key decisions on the economy. The MPC will review developments in the global and domestic economic environment since its Read More

Posted on July 19, 2015 by Nairametrics

Why You Should Stay Out of The Stock Market

The Nigerian stock market has been on a free fall over the last few weeks with the index posting a loss every single day except (July 17th) since the beginning of the month. The Index has so far lost over N794billion in market capitalisation. For passive investors who have little risk appetite this certainly may Read More

Posted on July 16, 2015 by Nairametrics

[Spying YOU] CBN Instructs BDC’s To Report Your Forex Deals Using BVN

The Central Bank released a circular Thursday instructing Bureau De Change (BDC’s) that from August 1 2015, all transactions consummated by the BDCs must have a Bank Verification Number of their customers. The CBN also asked BDCs to provide bank verification numbers of their own directors or risk being booted out of the foreign exchange Read More

Posted on July 15, 2015 by Nairametrics

[Bu-Horror] Tips to Insulate yourself from this Failing Economy

Nigerian stocks hit a three month low on Monday as stocks recorded its 9th consecutive day of losses. The market capitalization fell to its lowest since March 30th 2015. To make it worse, the naira also hit another record low on the parallel market on Monday trading at about N242 to the dollar at the Read More

Posted on July 14, 2015 by Nairametrics

[BU-HORROR] Bad Economy, Dollar now N242, Equities in red…here is why you should be scared

Nigerian stocks hit a three month low on Monday as stocks recorded its 9th consecutive day of losses. The market capitalisation fell to its lowest since March 30th 2015. To make it worse, the naira also hit another record low on the parallel market on Monday trading at about N242 to the dollar at the Read More

Posted on July 11, 2015 by Manasseh Egedegbe

[ANALYSIS] Why the Naira should NOT be Devalued

Wherever the rhetoric of the Naira devaluation started from, I have no idea. But it seems it has become the favorite past time for many economists to prescribe the devaluation pill as the way to move the Nigerian economy forward. And The Economist made it clear in one of their recent articles they titled “Toothpick Read More

Posted on July 10, 2015 by Nairametrics

[NIGERIAN STOCKS ARE BLEEDING] These are Who to Blame

The Nigerian Stock Market has recorded a streak of 7 straight day of losses, the longest losing streak since the first week of May 2015. In fact, the market has not recorded a single gain in the first 10 days of the month of July 2015. So why are things this bad for the stock Read More

Posted on July 9, 2015 by Nairametrics

[Forex Ban] CBN and OPS Point Fingers at Each Other Whilst Dollar Hits N234

At an average of $300 million spent on 41 items on its restriction list from subsidised official foreign exchange window, the Central Bank of Nigeria (CBN) may have expended an estimated $12.3 billion between January and May, this year to subsidise imports of finished goods, the Guardian reports. The Guardian also reports that a blame Read More

Posted on July 9, 2015 by Editor

CBN May Blink On Forex Restriction List

The Central Bank of Nigeria (CBN) may take another look at the list of the 41 products that it recently categorised as no longer eligible for foreign exchange in the interbank market or the Bureaux De Change (BDCs). The Director, Monetary Policy Department at the CBN, Mr. Moses Tule, dropped this hint at the private Read More

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