Monday, September 27Inside Business Africa
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CBN to infuse more dollars through banks to improve forex supply

CBN to infuse more dollars through banks to improve forex supply

Business, Economy, Innovation
The Central Bank of Nigeria (CBN) has announced that it will inject extra dollars into approved banks in order to increase the economy’s foreign exchange supply. Senior CBN officials told ThisDay that the apex bank can handle all valid transactions channelled through banks. The black (parallel) market accounted for less than 1% of FX transactions, according to the officials, and should never be utilized to decide Nigeria’s dollar exchange rate. According to the news report, the apex bank met with ministries, agencies, and departments (MDAs), including airline operators, to discuss stopping the collection of foreign currency payments. Officials also stated that anyone who collect rent in dollars would face legal action, and that those in need of dollars for intern...
Forex shortage: A crisis foretold

Forex shortage: A crisis foretold

Finance
Managing a commodity currency, anywhere in the world comes with the challenge of a terminal ailment. Just when one thinks there is a breather somewhere, it breakdowns and returns with the ferocity of a tiger. Hence, several emerging economies are often in the ‘blues’ taming a currency crisis. And so is Nigeria, except that its cases are particularly more worrisome as the Central Bank of Nigeria (CBN), as Prof. Godwin Owoh, an economist, noted, seems to gamble more each time it throws a punch at what has become the economy’s most problematic enemy. At the weekend, it did so again in a manner Owoh described as banal and naive. This time, it is offering the remittance market service users a bonus to wire money to Nigeria through the expensive official routes. The apex bank unveiled...