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Financial Sector

INVESTORS’ FORUM, CONSOLIDATING THE GROWTH OF FOREIGN DIRECT INVESTMENT IN NIGERIA (FDI).

Nigeria is an investment haven for many foreign companies as well as individuals. The vast natural resources which the country possesses and its renowned status as the “Giant of Africa” natural resources, no doubt, creates an attraction of Foreign Direct Investment to foreigners all over the world. However, statistics from institutions such as the World Bank and the International Monetary Fund reveal that the ratio of Foreign Direct Investment in Nigeria is abysmally low in comparison to its potential. As a result, promoting foreign participation in Nigeria has been a focal point for the Nigerian Government in recent times, through...

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How Nigeria rose 24 spot on ‘ease of doing business’ index

An expert in property law, Prince O. Williams-Joel, Managing Partner, Prince Joel & Associates, has said the rising prominence of credit bureaux and the increased sophistication of the identity authentication system—SIM card, Bank Verification Number, BVN, and National Identity Number, NIN, among others contributed to Nigeria’s 24 spots jump in the Ease of Doing Business Index. The goals laid out in the Economic Recovery Growth Plan, ERGP, the replacement of traditional means of registering a company with online processes, introduction of the visa-on-arrival option, airport infrastructure development and the removal of baggage check post in the checking-in process, were also listed These...

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CENTRAL BANK OF NIGERIA (CBN) MOVES TO SUSTAIN LIQUIDITY AND MAINTAIN STABILITY IN THE FOREX MARKET

In its desire to ensure the availability of forex and also meet customers’ requests in various segments of the market, the Central Bank of Nigeria (CBN) has injected the sum of $210million into the inter-bank Foreign Exchange Market. Figures obtained from the Bank on the 6th of February, 2018 indicated that the CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated...

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DIRECTIVE ON FOREX REPATRIATION, CENTRAL BANK OF NIGERIA SET TO UNLEASH SANCTION ON NON-COMPLIANT EXPORTERS.

The Central Bank of Nigeria (CBN)-backed Bankers’ Committee on 6th February announced the commencement of sanctions against exporters who fail to repatriate foreign exchange (forex) proceeds from their business into the economy. The sanctions will be implemented by the apex bank. Addressing financial journalists at the end of the Bankers’ Committee meeting in Lagos, Citibank of Nigeria Managing Director/CEO Akin Dawodu spoke on a provision in the Central Bank of Nigeria (CBN) Foreign Exchange Manual that mandates all exporters to repatriate export proceeds back to the country to support the local currency and the economy. There is a 90-day grace period during...

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