Economy

Ezekwesili Accuses Buhari Of Being In Control Of CBN

Published

2 months ago

May 7, 2022

Ezekwesili Accuses Buhari Of Being In Control Of Nigeria Apex Bank, CBN

Former Vice President of Africa’s World Bank, Oby Ezekwesili, has accused President Muhammadu Buhari of being in control of the Central Bank of Nigeria (CBN).

Ezekwesili while reacting to Godwin Emefiele picking up his N100 Million All Progressives Congress presidential form, had asked via a tweet, that he resigns from the CBN Governor’s seat, while he chases other political careers.

“The Governor of the Central Bank of Nigeria must now immediately tender his resignation to stop further destroying whatever little remains of the country’s monetary policy reputation. She wrote.

“Mr. Emefele should leave immediately- tonight- to pursue his ill-fated political career.”

The former Minister of Education continued by stating that Emefiele had handed over the apex bank’s control to President Buhari over the last 7 years.

She also alleged that the “ill-advised monetary policies” of the bank in the last seven years were “political”.

She wrote, “If you did not know all along that Nigeria’s serial wrong and ill-advised Monetary Policies of the last 7 years were political because the Central Bank of Nigeria, long-handed its independence to the President of Nigeria, Muhammadu Buhari, at least now you know.

“They’ve outed themselves. Finally.”

If you did not know all along that Nigeria’s serial wrong and ill-advised Monetary Policies of the last 7 years was Political because the @cenbank long handed its independence to the Villa @NGRPresident @MBuhari , at least now you know.
They’ve outed themselves. Finally.🤮
— Oby Ezekwesili (@obyezeks) May 6, 2022

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Economy

Dollar To Naira Exchange Rate Today (Fri. June 24, 2022)

Published

9 hours ago

June 24, 2022

Tunde Osunfemi

Dollar to naira, on Friday, June 24, 2022, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lost against the United States dollar, as foreign exchange (forex) trading closed at N414.99 per $1 on Thursday, June 24.

How much is dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira was bought for N605 and sold for N610 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

Economy

Dollar To Naira Exchange Rate Today (Wed. June 22, 2022)

Published

3 days ago

June 22, 2022

Tunde Osunfemi

Dollar to naira, on Wednesday, June 22, 2022, opened at N415.09 at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency lost against the United States dollar, as foreign exchange (forex) trading closed at N415.15 per $1 on Tuesday, June 21.

How much is dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira was bought for N605 and sold for N610 in the black market in the state.

Business

RT200 FX: CBN Creates Program To Tackle Nigeria’s Forex Crisis

Published

1 week ago

June 17, 2022

Peter Mary Tanimu

RT200 FX: CBN Creates Program To Tackle Nigeria's Forex Crisis

The Central Bank of Nigeria (CBN) has hinted that the recently unveiled RT200 FX Programme is aimed at tackling Nigeria’s foreign exchange (Forex) crisis.

The Governor of the nation’s apex bank, Godwin Emefiele disclosed this during a session at the maiden bi-annual Non-Oil Export Summit in Lagos.

“CBN is looking beyond monetary policy measures to deal with the challenges and to create plans to combat the nation’s forex crisis. Emefiele said.

“Monetary policies cannot sufficiently address the problem in the face of rising demand for foreign exchange for goods, services and other needs.

“The RT200 FX Programme recently unveiled, is one of such strategies.

“The RT200 FX Programme is an initiative of the Bankers’ Committee aimed at raising $200 billion in non-oil export earnings over the next three to five years.

Emefiele listed value-adding exports facility; non-oil commodities expansion facility; non-oil fx rebate scheme; dedicated non-oil export terminal and biannual non-oil export summit as the five pillars anchoring the programme.

According to him, the CBN has been working overtime to manage the demand and supply side to meet forex obligations.

The CBN Governor stated that the economic crisis occurring is caused by the Covid-19 pandemic, insecurity, and delays in global logistic value chains.

He expressed concerns over the current sources of forex inflows being unreliable and prone to fluctuations in global economic developments.

“The global economic challenges have impacted food production among others and exerted undue pressure on the economy, thereby exposing the fragility of the Nigerian economy and making macroeconomic management very difficult. The Governor added.

The Monetary Policy alone could not bear all the burden of the expected adjustments needed to manage the challenges to the Nigerian economy.

“These problems call for urgent design and steadfast implementation of other supportive, structural and complementary policies that are broad based, coordinated and focused on complementing the work of the monetary authority.”