Saturday, June 23, 2018

Tag "cbn"

    Senate confirms Nnanna as CBN deputy governor

Senate confirms Nnanna as CBN deputy governor

The senate has approved the nomination of Joseph Nnanna (pictured middle) as the deputy governor of Central Bank of Nigeria (CBN).Nnanna's confirmation followed consideration of the report on his screening by the senate's joint committee on banking, insurance and other financial institutions.The committee had in its report, described Nnanna as a vibrant economist, who convinced members of the screening committee [...]

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Naira appreciates to 187, 188 against the dollar

The naira appreciated against the dollar at both the official and parallel markets, a survey conducted by NAN in Lagos, revealed on Friday.At both segments, the naira gained three naira to trade at between N187 and N188, respectively from the N190 and N191 it traded on January 5.The naira also appreciated against the pound sterling at the Bureau De Change (BDC), [...]

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    Naira devaluation ‘will increase unemployment’

Naira devaluation ‘will increase unemployment’

Obida Wafure, a doctor of economics at the University of Abuja, believes that the recent devaluation of the naira by the Central Bank of Nigeria (CBN) would trigger unemployment and closure of industries.Speaking with NAN on Thursday in Gwagwalada, Abuja, Wafure said that the devaluation would have both negative and positive effects as it would encourage local industries while bringing about [...]

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    Devaluation sends dollar to N186 in black market

Devaluation sends dollar to N186 in black market

The exchange rate for the dollar in Abuja “black market” on Wednesday stood between N182 and N186,the news Agency of Nigeria revealed on Wednesday.This is against the new official exchange rate N168 announced by Godwin Emefiele, governor of Central Bank of Nigeria (CBN), on Tuesday.A correspondent of NAN who checked near the Sheraton hotel, Zone 4, Abuja, the rendezvous for most [...]

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    Reps oppose N50bn CBN bailout for distressed banks

Reps oppose N50bn CBN bailout for distressed banks

The federal house of representatives on Thursday stopped an amendment act of the Asset Management Corporation of Nigeria (AMCON) proposing a yearly payment of N50 billion by the Central Bank of Nigeria (CBN) into the resolution cost fund.The proposed bill provides that the N50 billion should be paid periodically as determined by the CBN board.The contributory fund, also known as a [...]

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CBN: We don’t launder funds for Boko Haram

The Central Bank of Nigeria (CBN) is denying allegations levelled against a member of its staff by Stephen Davis, an Australian negotiator, who tried to negotiate the release of the abducted Chibok schoolgirls.In an interview with TheCable, Davis had said that some commanders of the sect confided in him that an official of CBN was helping to fund the sect by making those [...]

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    B’Haram: SERAP begins legal battle against CBN

B’Haram: SERAP begins legal battle against CBN

The Socio-Economic Rights and Accountability Project (SERAP) has filed a court action against the Central Bank of Nigeria (CBN) over its failure to expose the staffer of the bank alleged to have ties with Boko Haram.In an interview with TheCable, Stephen Davis, the Australian cleric who tried to negotiate the release of the abducted Chibok schoolgirls, had alleged that Boko [...]

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    Emefiele: CBN won’t make life difficult for banks

Emefiele: CBN won’t make life difficult for banks

Central Bank of Nigeria (CBN) governor, Godwin Emefiele, says the apex bank would continue to make regulations that would strengthen the nation’s banking sector "but will not make life difficult for the banks".Emefiele said this in Washington DC when he briefed newsmen on the outcomes of the annual meetings of the World Bank and IMF in Washington DC."The banks are [...]

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    CBN’s retention of 12% interest rate ‘hawkish’

CBN’s retention of 12% interest rate ‘hawkish’

The Central Bank of Nigeria’s Monetary Policy Committee (MPC) was split in its decision to retain monetary interest rates at 12%, forcing an analyst to describe it as "hawkish".CBN Governor Godwin Emefiele (pictured) said the 12-member committee was divided in reaching a decision on the sustained interest rate.While six members voted to retain the current stance of the policy, five voted for an [...]

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    FG announces N213bn bailout for power sector

FG announces N213bn bailout for power sector

The federal government on Friday announced new measures to address financing related issues in the power sector, including a N213 billion bailout facility to settle legacy gas debts.The minister of petroleum resources, Mrs Diezani Alison-Madueke, made the fact known at a joint press conference at the Presidential Villa, Abuja.She was joined by the governor of the Central Bank of Nigeria [...]

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    CBN given seven days to explain ATM charges

CBN given seven days to explain ATM charges

In line with the provisions of the Freedom of Information Act (FOIA), which specifically gives access to information held by public authorities, a group united by common interest  has issued a seven-day ultimatum to the Central Bank of Nigeria (CBN) to release records and documents relating to the reintroduction of charges on ATM withdrawals in Nigeria.The group, which includes the [...]

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    Ramadan brings Jonathan, Sanusi to the table

Ramadan brings Jonathan, Sanusi to the table

President Goodluck Jonathan and the emir of Kano, Alhaji Muhammad Sanusi II, have buried the hatchet ─ even if for only one evening.On Wednesday evening, Sanusi ─ who was suspended by Jonathan as governor of the Central Bank of Nigeria (CBN) over his controversial letter ─ honoured a presidential invitation for the traditional breaking of fast during Ramadan.Other northern traditional [...]

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    Interest rates are unchanged, but 2015 polls cause for worry

Interest rates are unchanged, but 2015 polls cause for worry

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) ended its two-day meeting Tuesday leaving the key interest rate and banking ratios unchanged.It was satisfied with the stability in the economy within the period it reviewed (March 26-May 16), but warned of threats to price stability in the medium term. It last met in March.MPC, which has responsibility [...]

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    CBN, Sanusi oppose review of Intercontinental Bank’s sale

CBN, Sanusi oppose review of Intercontinental Bank’s sale

The Central Bank of Nigeria (CBN) and Mallam Sanusi Lamido Sanusi, the suspended governor, have faulted the move by some shareholders of the defunct Intercontinental Bank to reverse its sale to Access Bank Plc.The CBN and Sanusi, in separate notices of preliminary objection,  asked the court to dismiss the suit for want of jurisdiction.They said the shareholders lacked the locus [...]

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    2015 election registration materials ‘ready’

2015 election registration materials ‘ready’

The Independent National Electoral Commission (INEC) has assured Nigerians that all election materials would be deployed to all states of the federation in good time for the 2015 general election.The Resident Electoral Commissioner (REC) in Zamfara State, Alhaji Jibrin Zarewa, gave this assurance at a news conference in Gusau on Friday.Previous elections have been marred by shortage of materials, leading [...]

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Exchange Rates

June 21, 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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