Monday, November 12, 2018

Tag "cbn"

    Soludo: Now, Okonjo-Iweala will sit up

Soludo: Now, Okonjo-Iweala will sit up

Charles Soludo, a former governor of the Central Bank of Nigeria (CBN) and former Anambra state governorship aspirant, says his recent criticism of the economy under Ngozi Okonjo-Iweala, the minister of finance and coordinating minister of the economy, has brought about a change.Maintaining that he achieved his intended objective for opening cans of worm, Soludo expressed optimism that there would [...]

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    GEJ gets audit report on NNPC’s ‘missing $20bn’

GEJ gets audit report on NNPC’s ‘missing $20bn’

President Goodluck Jonathan has received the forensic audit report on the Nigerian National Petroleum Corporation (NNPC) from the internationally reputed auditing firm, PriceWaterHouseCoopers.The federal government had directed the firm to audit NNPC following allegations of Lamido Sanusi, immediate past governor of the Central Bank of Nigeria (CBN), that $20 billion was missing from the corporation's account.Speaking while receiving the report, [...]

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Naira rises to N202 per dollar

Following the Central Bank of Nigeria's (CBN) plan to upwardly review the weekly Forex cash sales to Bureau De Change (BDC) operators,the naira rebounded to gain N6 against the dollar on Monday.The appreciation was recorded at the parallel and black markets.Checks by NAN revealed that in Lagos, the naira sold for N202 at the two markets from the N208 it [...]

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Naira falls further to N208 to a dollar

The naira depreciated against the dollar on Friday, as it traded at N208 from the N191.50 it sold for on Monday, January 19.The new rate has made the naira to lose N16.50 within five days.However, on the website of the Central Bank of Nigeria (CBN), the naira stood against the dollar at N167.50, while the pound sold for N253.20 and [...]

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    Another Lagos market razed by fire

Another Lagos market razed by fire

Goods and property worth millions of naira were destroyed by fire on Friday at the popular Berlin Market, near Mandilas on Williams Street, off Marina in central Lagos.The incident occurred four days after five buildings were razed in the popular Balogun Market located also in central Lagos.The cause of the fire is yet to be ascertained but the people who [...]

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CBN reviews banks’ foreign currency trading positions

The Central Bank of Nigeria (CBN) has reviewed the daily foreign currency trading positions of banks.The apex bank directed that foreign exchange bought either from autonomous or interbank market should be returned if not utilised.This development was contained in a circular titled: 'Daily foreign currency trading positions of bank and period for utilisation of funds'.The circular was issued to all [...]

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    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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Exchange Rates

November 9, 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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