Tuesday, December 11, 2018

Tag "cbn"

    Emefiele: It is either build reserves or save the naira — we’re choosing the naira

Emefiele: It is either build reserves or save the naira — we’re choosing the naira

Godwin Emefiele, governor of the Central Bank of Nigeria, says the Buhari-led administration chose to save the naira instead of building reserves.Emefiele, who made this known to journalists on Sunday in Bali, Indonesia, said it is difficult to talk about building reserves at the moment."We are going to need to build buffers but unfortunately I must say that we are [...]

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    24 teams to compete in CBN football tournament

24 teams to compete in CBN football tournament

The 32nd edition of the CBN All Financial Institutions Football Competition (AFIFC) will kick off on Monday, October 8.The preliminary matches will be played in four zones as 24 teams jostle for the star prize of N2 million. The four zones will be in Abakaliki, Ado-Ekiti, Asaba and Lafia.The quarter-final matches are billed to hold at the same venues on October [...]

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    CBN revokes licences of 182 financial institutions

CBN revokes licences of 182 financial institutions

The Central Bank of Nigeria (CBN) has announced that it would revoke the operating licences of 182 other financial institutions (OFIs).This is barely a week after the apex bank revoked the licence of Skye Bank and approved that of a bridge bank to secure customers' deposits.According to a notice posted on its website, 154 microfinance banks, six primary mortgage banks [...]

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    CBN retains interest rate at 14%, seeks speedy budget implementation

CBN retains interest rate at 14%, seeks speedy budget implementation

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has kept the monetary policy rate at 14 percent.Godwin Emefiele, CBN governor, announced the committee’s decision at the end of its 263rd meeting held at the bank’s headquarters in Abuja on Tuesday.The MPR has been set at a record high 14 percent since July 2016 to combat rising [...]

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    ‘We didn’t commit any offence’ — Standard Chartered reacts to CBN fine

‘We didn’t commit any offence’ — Standard Chartered reacts to CBN fine

Standard Chartered Bank Nigeria Limited has denied committing any offence which could attract sanction from the Central Bank of Nigeria (CBN).Standard Chartered is among the four commercial banks that the apex bank fined for alleged breaches of foreign exchange regulations in connection with foreign currency remittances.The CBN had alleged improper dividend repatriations by MTN Nigeria and requested that $8.1 billion be [...]

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    Why MTN, again?

Why MTN, again?

It seems MTN is never too far from the speed dial to trouble. Three years ago, the telco, which has the dominant share of the mobile telecoms market in Nigeria, was slammed with a $5.2 billion fine for failing to disconnect 5.1 million subscribers after the registration deadline.After a back-and-forth, a bloodied nose and a shake-up in which the Chief Executive Officer [...]

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    Sanusi: In five years as CBN gov, no president influenced my decisions unduly

Sanusi: In five years as CBN gov, no president influenced my decisions unduly

Sanusi Lamido Sanusi, emir of Kano, says no president influenced his decisions unduly while he was governor of Central Bank of Nigeria (CBN).He disclosed this in an interview with CNBC Africa at the annual conference of the Nigerian Bar Association (NBA).Sanusi said the lack of political interference in the operations of the CBN under his watch enabled his administration to [...]

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    CBN ‘may increase’ monetary policy rate if inflation persists

CBN ‘may increase’ monetary policy rate if inflation persists

The Central Bank of Nigeria (CBN) may increase monetary policy rate (MPR) if inflationary pressures do not abate, Joseph Nnanna, deputy governor of the apex bank, has told Bloomberg.Nnanna said although the monetary policy committee (MPC) wants to keep the major determinant of interest rate positive, the anticipation of increased spending ahead of the 2019 elections could slant some members’ votes toward [...]

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    CBN revises banks’ clearing system rules, to kick off September

CBN revises banks’ clearing system rules, to kick off September

The Central Bank of Nigeria (CBN) has revised the clearing system rules for deposit money banks in the country.The revision will kick off on September 1, the apex bank said on Wednesday.Dipo Fatokun, director, banking and payments system, CBN, said the revision is aimed at the development of electronic payments system in the country."A member bank will be suspended from [...]

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    Naira stable as CBN injects $210m into forex market

Naira stable as CBN injects $210m into forex market

The Central Bank of Nigeria (CBN) on Tuesday injected $210million into various segments of the foreign exchange market.This is just as the naira maintained stability in the parallel market, exchanging at an average of N360 to one dollar.According to figures obtained from the apex bank, $100million was offered to authorised dealers in the wholesale segment of the market, while the [...]

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    CBN Yuan auction estimated at N3.6 bn

CBN Yuan auction estimated at N3.6 bn

The Central Bank of Nigeria (CBN) has estimated its first auction of the Chinese Yuan Renminbi (CNY) at N3.6 billion, an exchange rate between N49 and N51 per Yuan. The currency swap deal was valued at 16 billion Yuan (about N720 billion), with expectations that the demand for US dollar by Nigerians importing goods from China will reduce and consequently strengthen [...]

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    Reps ask CBN to withdraw mutilated naira notes from circulation

Reps ask CBN to withdraw mutilated naira notes from circulation

The house of representatives has asked the Central Bank of Nigeria (CBN) to commence the immediate withdrawal of all mutilated naira notes from all banks.The house urged the apex bank to replace the mutilated notes — particularly the N100 note — with new ones.The house also mandated the committee on banking and currency to investigate the black-marketing of mint naira [...]

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    PHOTOS: INEC moves election materials from CBN to Ekiti LGAs

PHOTOS: INEC moves election materials from CBN to Ekiti LGAs

The Independent National Electoral Commission (INEC) on Thursday distributed sensitive materials to all 16 local government areas in Ekiti state ahead of the governorship election.The  materials were moved from the Central Bank of Nigeria (CBN) branch in Ado Ekiti under supervision by security personnel.The governorship election is slated for Saturday.Below are photos from the distribution.[...]

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    Buhari appoints new CBN directors

Buhari appoints new CBN directors

President Muhammadu Buhari has approved the appointment of new heads of federal institutions while extending the tenure of others.The announcement was made in a statement by Olusegun Adekunle, permanent secretary, general services office, office of the secretary to the government of the federation, in Abuja on Friday.Among the new appointees are four non-executive directors of the Central Bank of Nigeria [...]

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    We recovered N731bn bad loans in seven years, says AMCON MD

We recovered N731bn bad loans in seven years, says AMCON MD

The Asset Management Corporation of Nigeria (AMCON) says it recovered bad loans worth N731bn, excluding clawbacks, from the start of its operations in 2010 up to December 2017.Assets in form of properties accounted for about 35 percent of the total amount recovered in the seven-year period.Ahmed Kuru, managing director, AMCON, made the disclosure while declaring open a two-day Asset Sales [...]

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Exchange Rates

December 11, 2018USDGBPEUR
INTERBANK306397354
LAGOS365467411
KANO365465415
PH364466412
ABUJA364465413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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