Saturday, February 16, 2019

Tag "cbn"

    IMF: Over 50% of Nigeria’s revenue is used to service debt

IMF: Over 50% of Nigeria’s revenue is used to service debt

Amine Mati, International Monetary Fund (IMF) senior resident representative for Nigeria, says more than 50 percent of Nigeria's revenue is used to service the country's debtHe made the remark during a presentation by the International Monetary Fund (IMF) on the economic outlook for sub-Saharan Africa, stating that Nigeria was diverting more resources toward interests payments.He said that although Nigeria’s debt to gross [...]

0 comment Read Full Article
    Emefiele: CBN working on non-interest development finance

Emefiele: CBN working on non-interest development finance

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the bank is working on a non-interest development finance to increase financial inclusion in the country. The governor said this while delivering the keynote address at the 10th-anniversary conference of Enhancing Financial Innovation and Access (EFInA) in Lagos on Tuesday.Emefiele, who spoke to the conference theme, “the Business Case for Financial Inclusion”, [...]

0 comment Read Full Article
    CBN: Rice importation reduced in 2018 despite ‘political demand’

CBN: Rice importation reduced in 2018 despite ‘political demand’

The Central Bank of Nigeria (CBN) says the volume of rice imported into the country has declined drastically in 2018, according to figures from official sources.NAN reports that Isaac Okorafor, director, corporate communications at CBN, made this known in a statement on Tuesday.Okorafor said by September, Nigeria had imported 5,161 metric tonnes of rice from Thailand and 426 metric tonnes [...]

0 comment Read Full Article
    Emefiele: Nigeria gets over 30% of remittances to Africa

Emefiele: Nigeria gets over 30% of remittances to Africa

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), says Nigeria tops other African countries in remittances inflows and is among the top five globally.He did not give a figure, but said African countries received $72billion in remittances in 2017.Checks by TheCable showed that the  World Bank report being quoted saw Nigeria receive $22 billion in remittances in 2017 [...]

0 comment Read Full Article
    Nigeria’s foreign reserves fall by $2.2bn in Oct — biggest monthly drop since 2015

Nigeria’s foreign reserves fall by $2.2bn in Oct — biggest monthly drop since 2015

Defending the naira has become more expensive as Nigeria's foreign reserves declined by $2.2 billion in October 2018 alone -- the largest monthly drop since 2015.Data from the Central Bank of Nigeria (CBN) has shown that the reserves shed $2,243,157,059 in October, moving from $44,305,099,104 on the last working day of September to $42,061,942,045 as at October 30, 2018.The country's foreign [...]

0 comment Read Full Article
    EXCLUSIVE: CBN does NOT have power to sanction us, MTN tells court

EXCLUSIVE: CBN does NOT have power to sanction us, MTN tells court

MTN Nigeria has told the federal high court sitting in Lagos that the Central Bank of Nigeria (CBN) does not have the power to impose sanctions on it, according to court papers sourced by TheCable.MTN also said it was not accused of any wrongdoing or invited to be a part of an investigation commissioned against it by the banking regulator.It [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

1 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    ‘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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
Advertisement

Advertisement

Advertisement

Exchange Rates

February 15, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement