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Expert explains benefits of forex ban in maize importation

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An Agricultural Economist, Nnamdi Infenkwe, says the ban on access to foreign exchange (Forex) for importers and dealers of maize/corn will lead to unprecedented rise in the cost of livestock feeds.

Infenkwe, a Senior Manager with Nissi Agro-allied Services revealed in Lagos on Monday that the development might be the bane of the sector.

“About 60 percent of the ingredients used in preparing livestock feed in the country are got from imported maize/corn.

“Sustaining this policy will put a lot of local producers of feeds out of business,’’ he said.

Infenkwe said that the CBN should have given a specific timeline before coming out with the policy of restricting foreign exchange for maize imports.

“We expect the apex bank to have consulted widely with dealers before announcing the ban.
“They ought to give us about two or more years before implementing this policy because the livestock sector is a fragile one,” he said.

He noted that the restriction on foreign exchange for dealers of maize could be antithetical to the growth of livestock business in the country.

FELLOW PRESS reported that the Central Bank of Nigeria (CBN) had directed all authorised dealers to immediately discontinue the processing of ‘Form M’ for maize/corn importation into the country.

This directive was contained in a notice given to authorised dealers and signed by Dr O. S. Nnaji, CBN’s Director in charge of Trade and Exchange Department.

In the notice made available to the public, the CBN gave some reasons for the directive to discontinue maize importation.

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Exchange Rate

Dollar to naira exchange rate today 24 January 2022

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dollar to naira exchange rate

FELLOW PRESS reports news on the dollar to naira exchange rate today 24 January 2022.

How much is Dollar to Naira Exchange at CBN Rate?

According to available data from the CBN, US dollar to naira exchange rate bought at ₦414.53 and sold at ₦415.53, making an average of  ₦415.03 for $1 on Friday January 21.

How Much Is Dollar To Naira Exchange Today At Official Rate?

The official rate today, dollar exchange to naira opened at ₦414.76 on Friday January 20, and closed at ₦416.00 on Friday January 21. This amount to 0.05 per cent decrease for naira against dollar.

The CBN adopts the NAFEX rates from FMDQ, signifying that all exchange rate transactions involving the public and the private sector will reference the prevailing NAFEX rate as its official exchange rate.

It is the official security exchange where foreign currencies (FOREX) is traded between naira and dollar and other currencies.

Daily turnover at the forex market stands at ₦142.42m.

How Much Is Dollar To Naira Exchange Today at Bank Rate?

Each commercial banks is at their discretion to fix forex exchange rate. Factors can range from currency availability, demand against the prevailing rate.

See below bank rate of dollar to naira:

GTbank: ₦ 480

Ecobank: ₦ 480

Access Bank: ₦470

UBA: ₦510

Sterling Bank: ₦480

FCMB: ₦480

Fidelity: ₦533

How much is exchange rate of Dollar to Naira in Black Market today?

According to Abuja Parallel Market as available with the Bureau De Change (BDC), US dollar to naira as at Monday January 24, 2022 opened at ₦570 to $1.

Although, the Central Bank of Nigeria (CBN) has warned individuals who need forex to approach commercial banks.

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Exchange Rate

Dollar to naira exchange rate today January 2022

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dollar to naira exchange rate

FELLOW PRESS reports news on the dollar to naira exchange rate today 21 January 2022.

How much is Dollar to Naira Exchange at CBN Rate?

According to available data from the CBN, US dollar to naira exchange rate bought at ₦414.45 and sold at ₦415.45, making an average of  ₦414.95 for $1 on Thursday January 20.

How Much Is Dollar To Naira Exchange Today At Official Rate?

The official rate today, dollar exchange to naira opened at ₦415.42 on Thursday January 20, and closed at ₦416.33 on Thursday January 20. This amount to 0.07 per cent increase for naira against dollar.

The CBN adopts the NAFEX rates from FMDQ, signifying that all exchange rate transactions involving the public and the private sector will reference the prevailing NAFEX rate as its official exchange rate.

It is the official security exchange where foreign currencies (FOREX) is traded between naira and dollar and other currencies.

Daily turnover at the forex market stands at ₦90.42m.

How Much Is Dollar To Naira Exchange Today at Bank Rate?

Each commercial banks is at their discretion to fix forex exchange rate. Factors can range from currency availability, demand against the prevailing rate.

See below bank rate of dollar to naira:

GTbank: ₦ 480

Ecobank: ₦ 480

Access Bank: ₦470

UBA: ₦510

Sterling Bank: ₦480

FCMB: ₦480

Fidelity: ₦533

How much is exchange rate of Dollar to Naira in Black Market today?

According to Abuja Parallel Market as available with the Bureau De Change (BDC), US dollar to naira as at Friday January 21, 2022 opened at ₦570 to $1.

Although, the Central Bank of Nigeria (CBN) has warned individuals who need forex to approach commercial banks.

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Exchange Rate

Dollar to naira exchange rate today 20 January 2022

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dollar to naira exchange rate

FELLOW PRESS reports news on the dollar to naira exchange rate today 20 January 2022.

How much is Dollar to Naira Exchange at CBN Rate?

According to available data from the CBN, US dollar to naira exchange rate bought at ₦414.3 and sold at ₦415.3, making an average of  ₦414.8 for $1 on Thursday January 20.

How Much Is Dollar To Naira Exchange Today At Official Rate?

The official rate today, dollar exchange to naira opened at ₦415.24 on Tuesday January 18, and closed at ₦416.33 on Monday January 17. This amount to () per cent increase for naira against dollar.

The CBN adopts the NAFEX rates from FMDQ, signifying that all exchange rate transactions involving the public and the private sector will reference the prevailing NAFEX rate as its official exchange rate.

It is the official security exchange where foreign currencies (FOREX) is traded between naira and dollar and other currencies.

Daily turnover at the forex market stands at ₦124.57m.

How Much Is Dollar To Naira Exchange Today at Bank Rate?

Each commercial banks is at their discretion to fix forex exchange rate. Factors can range from currency availability, demand against the prevailing rate.

See below bank rate of dollar to naira:

GTbank: ₦ 480

Ecobank: ₦ 480

Access Bank: ₦470

UBA: ₦510

Sterling Bank: ₦480

FCMB: ₦480

Fidelity: ₦533

How much is exchange rate of Dollar to Naira in Black Market today?

According to Abuja Parallel Market as available with the Bureau De Change (BDC), US dollar to naira as at Thursday January 20, 2022 opened at ₦570 to $1.

Although, the Central Bank of Nigeria (CBN) has warned individuals who need forex to approach commercial banks.

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