Banks have up to 24 hours to meet all FOREIGN EXCHANGE requests for Personal Travel Allowances (PTA) and Business Travel Allowances (BTA), the Central Bank of Nigeria (CBN) has directed. The maximum volume of BTA approved for sale per customer is $5,000 quarterly. A PTA customer gets $4,000. The CBN also announced at the weekend a

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The naira yesterday closed at N445 to dollar, N15 weaker than N430 traded on Monday. The local currency is expected to firm up in the days ahead as the impact of the $180 million intervention from the Central Bank of Nigeria (CBN) and plans to sell Personal and Business Travel Allowances begin to add up. Naira has been rallying against the dollar

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In another dramatic raid, the Nigeria Customs Service (NCS), Oyo/Osun Command, has seized 9,000 bags of imported rice in a warehouse in a market in Ibadan, the Oyo State capital. The Controller, Temitope Ogunkua, who vowed to stop illegal importation of goods, spoke yesterday at a briefing on the achievements recorded by the command in the

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The Federal Government has concluded arrangements to launch its first-ever savings bonds into the domestic bond market next month, providing the retail investing public opportunity to invest in sovereign bond issue for as low as N5,000. Market sources and parties to the savings bonds, to be known as Federal Government of Nigeria Savings

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In less than one week, the naira has gained over N85 against the dollar – thanks to the increased liquidity in the foreign exchange market. The currency exchanged for N430 to the greenback yesterday at the parallel market. It was N460 to the dollar at the weekend. The Central Bank of Nigeria (CBN) yesterday released $100million into the wholesale

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Two Chinese are to be prosecuted for their involvement in the importation of fake and substandard tyres worth N5 billion into the country MessrsTaolung Shen and Xu Jing Yao were arrested and their company Sino Nigeria Import and Export Limited’s warehouse in Lagos sealed by the Standards Organisation of Nigeria (SON). Director-General of SON

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With N72 billion, 16 banks funded $220 million Central Bank of Nigeria (CBN) allocations under the Forex Forwards policy meant to stabilise the naira, it was learnt yesterday. Banks are calling for bids from retail end-users in preparation for the business travel allowances, school fees and medical bills auction. The CBN is expected to from tomorrow

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