Central Bank of Nigeria injects $195million into FOREX market

Following its 800 million dollars intervention in the inter-bank Foreign Exchange (FOREX) Market last week, the Central Bank of Nigeria (CBN), on Monday, injected 195 million dollars into the market to meet the requests of customers in the various segments of the market. The acting Director, Corporate Communications, Mr Isaac Okorafor, said in a statement… Read More Central Bank of Nigeria injects $195million into FOREX market

Nigerian banks queried over illegal fixing of forex rates

The Nigeria Economic Summit Group (NESG) has queried the 22 commercial banks over it describes as illegal fixing (cap) of the interbank foreign exchange rate. Among other things the group complained that the cap on the interbank foreign exchange rate is impacting negatively on member companies and contravenes the Foreign Exchange Act of 2004. The… Read More Nigerian banks queried over illegal fixing of forex rates