This is how I get accurate, pin-point entry with minimum reversals in my forex trades. Want to watch the full 10 minutes video with step-by-step tutorials? W 19/10/ · Operators in the manufacturing sector are alleging sharp practices and favouritism among deposit money banks in the allocation of foreign exchange (forex) under the intervention programme 19/10/ · Operators in the manufacturing sector are alleging sharp practices and favouritism among deposit money banks in the allocation of foreign exchange (forex) under the intervention programme
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Operators in the manufacturing sector are alleging sharp practices and favouritism among deposit money banks in the allocation of foreign exchange forex under the intervention programme of the Central Bank of Nigeria CBN.
Consequently, they want the apex bank to review the allocation of forex in the industry for greater efficiency, alleged sharp practices on forex trading. While some private sector operators got invitations from their banks to put forward their forex demands, others, mainly small-scale operators, are yet to get feedbacks from their banks for requests sent in more than two months ago.
Aggrieved operators accused the banks of allocating forex only to their favourite customers, adding that only large and medium-sized manufacturers have access to dollars at the interbank rates, while small-scale industries are ignored. But the CBN, which confirmed it was meeting with all stakeholders involved in the matter this week, accused the manufacturers of round-tripping.
He, however, blamed the manufacturers for not deploying the forex they got in the past into good use, accusing them of round-tripping. The truth is, now they are complaining they are not getting forex, alleged sharp practices on forex trading, but when they were getting it, what were they doing with it? They were round-tripping with it.
How many jobs did they generate on account of the forex they received in the past? As it is today, manufacturers cannot get foreign exchange. No bank takes manufacturers seriously.
They even laugh at us, telling us that the CBN cannot determine how they disburse the funds. My members are complaining.
The commercial banks alleged sharp practices on forex trading that the 60 per cent allocation cannot work. We hope to meet the governor to make this work. Commercial banks need to see themselves as development partners. If the apex bank issues a directive, they should be able to follow it. Since they are not complying and implementing the directive, I will find ways to see that they do so.
The CBN had two months ago directed all commercial banks and other authorised dealers in the foreign exchange market to ensure that they channel at least 60 per cent of their total forex purchases from all sources interbank inclusive to manufacturers, strictly for the purpose of importation of raw materials, plant and machinery.
But operators said continued dependence on the parallel market for forex used as inputs for their production, alongside payment for natural gas in foreign exchange, had affected the prices of commodities in the market. Meanwhile, the House of Representatives yesterday resolved to probe the CBN for allegedly refusing to release foreign exchange to agro-allied industries. The decision followed the adoption of a motion sponsored alleged sharp practices on forex trading Mr.
Abubakar Amudakannike Garba at the plenary presided over by Speaker Yakubu Dogara. The lawmakers mandated its Committees on Agricultural Production and Services and Banking and Currency to investigate the alleged sharp practices on forex trading of agricultural value chain industries and others to access foreign exchange from the CBN, with a view to averting shutting down their of operations in view of the adverse consequences.
To enable commenting and other interactive features, please switch to the more advanced. By Adamu Abuh Abuja and Femi Adekoya Lagos. CBN building. In this article: Abubakar Amudakannike Garba Central Bank of Nigeria Frank Jacobs. Collection of VAT by FIRS remains — FG. Myanmar faces 'alarming' risk of escalating civil war: UN. South African Airways resumes flights after bankruptcy.
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, time: 16:41#OccupyCBN: Group condemns alleged sharp practices at CBN's Forex tradings - Vanguard
12/01/ · FINANCIAL WATCH #OccupyCBN: Group condemns alleged sharp practices at CBN's Forex tradings Vanguard It said, the policy which involves sharp practices in Forex tradings sees the apex bank selling the Dollar at a cheaper rate to the Federal government, some few politicians and some rich cabals who in turn sell at the black market at highly exorbitant Learn The Best Trading Practices For ForexRisk is a factor with forex trading, especially for those who are inexperienced. Youll findmany strategies in this ar 02/09/ · The Central Bank of Nigeria (CBN) says it has opened a black book for customers obtaining foreign exchange under false pretense. According to the apex bank, foreign exchange should be strictly meant for banks’ customers on genuine trips overseas, adding that those using travel documents to obtain foreign exchange and thereafter cancel their purported trips [ ]
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