Wednesday, September 19, 2018

Tag "cbn"

    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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    Devaluation of naira ‘unlikely in medium term’

Devaluation of naira ‘unlikely in medium term’

A devaluation of the naira is "not likely" to take place in the medium term as this policy will not have any positive impact on Nigeria’s earnings power, Standard Bank has said.Weakening the naira will not yield any benefits in the short run because both output and exports will fail to respond to such a measure due to rigidities in [...]

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    Insecurity treathening to Nigeria’s economic growth, IMF warns

Insecurity treathening to Nigeria’s economic growth, IMF warns

The International Monetary Fund (IMF) has warned Nigeria of the negative consequences of insecurity for its economic growth.The IMF made the prediction in its 2013 Article IV Consultation and Staff Report on Nigeria, presented in Washington DC, United States on Wednesday.In the report, the IMF listed Key downside risks, which include persistently lower oil revenue from changing global dynamics and [...]

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Naira holds firm on Dollar supply as CBN auctions N200bn

The Naira held firmed against the United States dollar on Wednesday as Chevron Nigeria supplied the U.S. currency while offshore funds bought local debt. The Naira was trading 0.34 per cent higher at N161.60 to the dollar at 1116 GMT, from Tuesday’s close of N162.15. Chevron Nigeria, the local unit of U.S. oil firm, Chevron, sold about $18 million to banks, while [...]

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Exchange Rates

September 18, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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