Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Currencies

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

Nairametrics by Nairametrics
June 10, 2017
in Currencies, Politics
B-R-E-A-K-I-N-G: CBN reduces public sector CRR to 31%
Share on FacebookShare on TwitterShare on Linkedin
  • 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 game is on between the CBN and members of the Organised Private Sector (OPS).
  • While the apex bank alleges non-remittance of forex earnings by OPS members who retain such in foreign domiciled accounts thereby mounting demand pressure on the bank for forex, the OPS says the CBN’s action encourages investors and manufacturers to pay for inefficiencies in governance and management of resources.
  • Indeed, members of the OPS and manufacturers differed with the apex bank on the classification and definition of some of the products restricted from access to forex market, stating that some of the products are raw materials used in the course of production in their factories.
  • Similarly, the manufacturers faulted access to the forex market by fuel importers while restricting members of the real sector.
  • Maintaining its stance on its forex policy, the CBN sought understanding from members of the OPS, explaining that there is a yawning gap in the demand-supply chain of the nation’s foreign exchange earnings, therefore necessitating an adjustment on the demand side by reducing the pressure from importers of finished goods into the country.
  • Source – Guardian

Related

Tags: 41 banned listBlack MarketCapital controlsCBN Forex PolicyForex PolicyForex WindowNaira Devaluation

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Eco Bank
Access Bank
Bankers Committee
First bank


Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Kwakol Markets




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Rochas Okorocha raises alarm over EFCC’s invasion of his Abuja residence
    • SEC to resolve lingering identity management issues and unclaimed dividends
    • BWAM celebrates Dr Ola Brown, investor and finance expert, as one of 40 Under 40 Women in Asset Management

    Follow us on social media:

    Recent News

    Revealed: How much Governor Rochas Okorocha spent on the statues

    Rochas Okorocha raises alarm over EFCC’s invasion of his Abuja residence

    May 24, 2022
    SEC steps up fight against Ponzi schemes and illegal capital market operators

    SEC to resolve lingering identity management issues and unclaimed dividends

    May 24, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com