Monday, June 18, 2018

Tag "cbn"

    We’re ready to help Nigeria achieve financial inclusion, says Netherlands queen

We’re ready to help Nigeria achieve financial inclusion, says Netherlands queen

Queen Máxima of the Netherlands says her country is ready to help Nigeria combat challenges in its way of achieving financial inclusion.Maxima, who is the UN secretary-general's advocate for financial inclusion for development, said this on Wednesday during her working visit to the Nigerian Communications Commission (NCC).Maintaining that the potentials in achieving financial inclusion are enormous, she said it is [...]

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    External reserves ‘surge to $34b’

External reserves ‘surge to $34b’

Joseph Nnanna, deputy governor, financial system stability, Central Bank of Nigeria (CBN), says external reserves have hit $34 billion from $33.6 billion.Nanna said the figure has been rising quickly, based on a 30-day moving average, since hitting the $32 billion mark on September 18.At an event organised by the Chartered Institute of Bankers of Nigeria (CIBN), Nnanna said the exchange [...]

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    ‘We’re ready for business’ — Emefiele woos foreign investors

‘We’re ready for business’ — Emefiele woos foreign investors

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has urged investors to come to Nigeria.Speaking to money market players at the London Stock Exchange, Emefiele said the nation's return on investment (ROI) in all sectors are among the best in the world.The forum was organised in collaboration with the Nigerian Stock Exchange.The governor, who drew intermittent applause from [...]

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    The Emefiele CBN: Is it harvest time yet?

The Emefiele CBN: Is it harvest time yet?

Anytime the Governor of Central Bank of Nigeria (CBN) retained benchmark interest rate at 14 per cent, and he has done it for many months, he received a mix of cheers and boos, some of them very harsh.A popular economist who usually reviewed the decisions on television called the rates retention a “do-nothing” decision, which was taken by some people [...]

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    Nigerian banks have been investing heavily in T-bills, says Fitch

Nigerian banks have been investing heavily in T-bills, says Fitch

Global credit rating agency, Fitch, says Nigerian banks averaged a 7.5% margin on treasury bill (T-bills) yields in the first half of 2017 (1H17).According to a statement released by the rating agency on Friday, banks have been investing heavily in T-bills since second half of 2016 (2H16), improving interest income and maintaining margins. WHAT IS T-BILL?T-Bill is a short-term debt [...]

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    Inflation rate will drop to single digit by 2018, says Emefiele

Inflation rate will drop to single digit by 2018, says Emefiele

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says inflation rates are projected to drop and record high single-digit rates mid-2018.Emefiele made this known to Journalists on Friday while attending an investment conference at the London Stock Exchange.While annual inflation in Nigeria eased down to 15.98 percent on rising food prices in September, Emefiele said that an inflation [...]

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    CBN sustains naira with $195m forex intervention

CBN sustains naira with $195m forex intervention

The Central Bank of Nigeria (CBN) on Monday boosted the inter-bank foreign exchange market with an additional $195m, even as the naira maintains stability.Exchanging at an average of N360 to $1 in the bureau de change segments (BDC) of the market, the apex bank says it is committed to sustaining liquidity and achieving convergence of rates in the interbank and [...]

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    NFF/CBN football tournament to kick off Saturday

NFF/CBN football tournament to kick off Saturday

The 2017 edition of the NFF/CBN All-Financial Institutions football competition will kick off on Saturday and end on October 28.This was disclosed on Wednesday at a press briefing by both organisations at the NFF's Glass House.The apex bank pledged its continued commitment to the sponsorship of the competition that is now in its 31st year.“It is worthy of note that [...]

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    CBN injects $195m into forex market as naira maintains stability

CBN injects $195m into forex market as naira maintains stability

The Central Bank of Nigeria (CBN) has injected $195 million into the inter-bank of the foreign exchange (forex) market.This comes on the back of the apex bank’s monetary policy aimed at uplifting the naira exchange rate.Figures made available on Monday showed that the bank had sold an initial $100 million in the wholesale segment of the inter-bank.The small and medium enterprises [...]

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    We don’t have hidden accounts, says NNPC

We don’t have hidden accounts, says NNPC

The Nigerian National Petroleum Corporation (NNPC) has denied the report that it colluded with some banks to prevent the remittance of some funds into the treasury single accounts (TSA) as directed by the federal government.In a statement by Ndu Ughamadu, its group general manager, group public affairs division, the corporation described the allegation as not only “misplaced but equally misleading”.Ughamadu [...]

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    Osinbajo: It’s absurd to say CBN is printing money to support FG

Osinbajo: It’s absurd to say CBN is printing money to support FG

Vice-President Yemi Osinbajo has described as "absurd" allegations that the Central Bank of Nigeria (CBN) is printing money to support the federal government.He was responding to a question from civil society organisations at the Nigeria Civil Society Situation Room Dialogue held in Abuja on Tuesday.CBN "claims" on the federal government have reportedly gone from N678 billion in December 2013 to N6.5 trillion [...]

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    Investors confidence soars as FX window records $1.323bn transactions

Investors confidence soars as FX window records $1.323bn transactions

Trading results from the FMDQ OTC Securities Exchange, has shown that foreign exchange trading at the investors' and exporters' (I & E) window recorded an unprecedented high.The total market turnover rose to $1.323 billion from $803.1million in just one week.The surge in activities at the I & E window was linked to offshore investor interest in treasury bills and the primary [...]

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    Recession over! Will this reduce the price of garri? No, here is what will happen

Recession over! Will this reduce the price of garri? No, here is what will happen

It has been almost three weeks since Nigeria, Africa's largest economy, was said to have found its way out of the nation's worst economic recession in 29 years. And as I predicted the day we exited recession, a number of political sycophancy has followed the exit from recession.Literacy is important, but education is much more important than literacy. It is heart-breaking for me to [...]

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    Falling inflation rate ‘won’t change’ CBN’s monetary policy

Falling inflation rate ‘won’t change’ CBN’s monetary policy

Jameel Ahmad,  FXTM vice-president of market research, says the fall in inflation rate recorded in Nigeria will not change the decision of the Central Bank of Nigeria (CBN) monetary policy committee to keep interest rate at 14 percent.Commenting on the National Bureau of Statistics (NBS) inflation report released on Monday, Ahmad said the drop has shown a fall in excessive inflation [...]

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    CBN injects $250m into forex market

CBN injects $250m into forex market

The Central Bank of Nigeria (CBN) has again intervened in the Inter-Bank Foreign exchange Market to the tune of 250 million dollars.Isaac Okorafor, acting director, corporate communications department of CBN, said the apex bank also sold $100 million and uplifted the small and medium enterprises (SMEs) and invisible segments, with $85 million and $65 million respectively.Okorafor said the apex bank [...]

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    First Bank: We want to reposition 9mobile before sale

First Bank: We want to reposition 9mobile before sale

First Bank of Nigeria (FBN) says the Nigerian banks which took over 9mobile -- formerly known as Etisalat Nigeria -- are stabilising the telecommunication company before looking for new investors to buy into the company. Quoting First Bank, Reuters reported that the country's fourth largest telecoms group will keep stability until they can find new investors, adding that there is no need to [...]

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Exchange Rates

June 18, 2018USDGBPEUR
INTERBANK360.45492.18420.32
LAGOS362495425
KANO363495423
PH365494423
ABUJA364495423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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