Monday, April 22, 2019

Tag "cbn"

    No more devaluation of the naira, says Buhari

No more devaluation of the naira, says Buhari

President Muhamadu Buhari has assured Nigerians and the international community that the country’s official currency, naira, will not be further devalued.The naira, which was devalued in November 2015 to 168 against the dollar, has in less than a year seen devaluation to N197 on the official interbank market.With falling oil prices, investors fear that the currency may be further devalued to a [...]

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    CBN advises state govts to adopt TSA

CBN advises state govts to adopt TSA

The Central Bank of Nigeria (CBN) has advised state governments to adopt the federal government’s system of using a single account for all its revenue deposits.Kure Abubakar, head, client services at the apex bank, gave the advise on Wednesday while presenting a paper entitled: `Understanding Treasury Single Account (TSA)’at the close of a two day workshop on the fiscal responsibility [...]

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    CBN: Nigerian banks ‘averse to taking risk’

CBN: Nigerian banks ‘averse to taking risk’

The Central Bank of Nigeria has said Nigerian banks do not like to take risks, but rather play safe while the economy collapse.Jonathan Tobin, the assistant director, development fund department, Central Bank of Nigeria (CBN) said this on Tuesday, while revealing that the Nigerian economy needs N9.6t to adequately fund micro, small and medium enterprises (MSMEs).Speaking at the workshop [...]

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    Nigeria’s foreign reserves rise by $350 million

Nigeria’s foreign reserves rise by $350 million

Latest data from the Central Bank of Nigeria (CBN) indicates that foreign exchange reserves rose by $350 million to $31.43 billion as at August 27.Though the forex reserves of Africa’s largest economy were down 20.65 percent year-on-year from $39.61 billion in 2014, the reserves rose by 1.12 percent from $31.08 billion July, 2015.Experts believe the reserves could have a better [...]

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    More worries for Nigeria as oil dips to 6-year low

More worries for Nigeria as oil dips to 6-year low

Nigeria’s principal source of foreign exchange hit a 6-year-low on Thursday as it fell by 4% on the international market to $41 per barrel.The black gold dipped to $40.46 a barrel for the first time since early 2009, as the meltdown in oil sector sent energy-related stocks plunging.According to CNNMoney, the falling oil prices has long favoured the American market, as the [...]

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    Naira rises to 215/$1 after dramatic fall

Naira rises to 215/$1 after dramatic fall

The unusual trading of the Nigerian naira continued on Wednesday, as the currency recovered from a dramatic fall to 235 on Tuesday, trading at 215 to US$1 in the parallel market.The naira closed at N209 to $1 on Monday evening, as banks continued to reject dollar deposits in customers’ domiciliary accounts.Tuesday had a rather unexpected turn as it fell to N235 [...]

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    Nigeria’s foreign reserves rise to $30bn

Nigeria’s foreign reserves rise to $30bn

Latest data from the Central Bank of Nigeria indicates that foreign exchange reserves rose to $30.69 billion in July, an increment of 5.6 percent from $29.03 billion in June.However, the forex reserves were down by 20.9 percent from $$38.8 billion a year ago.The growth in reserves for the month was attributed to efforts of the effort of the present government [...]

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    Bailout: CBN demands debt profiles of states

Bailout: CBN demands debt profiles of states

The Central Bank of Nigeria (CBN) has has state governments to present details of their loan obligations before the end of Wednesday.The directive was contained in a statement issued by the ministry of finance.Godwin Emefiele, the CBN governor, issued the directive at an extra-ordinary meeting convened to share the revenue received from the Nigerian Liquefied Natural Gas (NLNG) to the three tiers [...]

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    Buhari okays N400bn bailout for unpaid salaries

Buhari okays N400bn bailout for unpaid salaries

President Muhammadu Buhari has approved more than N400 billion as an intervention fund to end the lingering crisis of unpaid workers’ salaries in about 18 states of the federation.According to Channels Television, the relief package also includes about N300 billion soft loan for states for the purpose of paying the backlog,About $2.1 billion of the money was said to be [...]

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    CBN extends BVN registration to October 31

CBN extends BVN registration to October 31

The Central Bank of Nigeria (CBN) has extended the deadline for the bank verification number (BVN) registration to October 31, 2015.The bank said the extension was meant to facilitate smooth completion of registration.Dipo Fatokun, CBN’s director for banking and payment system department, disclosed this in a statement issued in Abuja on Tuesday.“It has come to our notice that the BVN [...]

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    THE FILE: After one month, what does Nigeria look like under President Buhari?

THE FILE: After one month, what does Nigeria look like under President Buhari?

After 12 years of taking shots at the highest office in the country, President Muhammadu Buhari finally took over the reins of government exactly one month ago. The president rode to power on goodwill. Frustrated by endemic corruption, infrastructural decay, insecurity and unemployment in the country, Nigerians perceived Buhari as the messiah who would solve their problems.On his part, Buhari promised not [...]

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    N8bn currency scam: Court grants bail to five bankers

N8bn currency scam: Court grants bail to five bankers

Olayinka Faji, a judge of a federal high court in Ibadan, Oyo state, has granted bail to five employees of three commercial banks involved in the N8 billion mutilated currency scam.However, the court denied bail to 10 others, including three employees of the Central Bank of Nigeria (CBN).The five officials are Ademola Adewale of Wema Bank, Kehinde Fatokun, Olukunle Sijuade [...]

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    Naira depreciates against major currencies

Naira depreciates against major currencies

The naira at the parallel market depreciated against three international currencies at the close of trading for the week.A survey carried out by NAN in Lagos on Friday showed that the Nigerian currency depreciated by N1 or 0.45 per cent against the dollar due to high demand.It sold for N221 against the dollar from the N220, which was the rate [...]

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    CBN: Spend foreign currency in Nigeria and be jailed

CBN: Spend foreign currency in Nigeria and be jailed

The Central Bank of Nigeria (CBN) has warned against the use of foreign currencies such as dollar, euro, and pound sterling as mediums of exchange in the country, saying it is an offence punishable by a six-month prison term.Ibrahim Mu’ azu, director of corporate communications at CBN, expressed the apex bank's concerns with the increasing use of foreign currencies as mediums of payment by [...]

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    Watch Mayweather v Pacquiao live for…N25m!

Watch Mayweather v Pacquiao live for…N25m!

The Black Market is illegal, but that’s where you can get a ticket for the May 2 bout between Floyd Mayweather and Manny Pacquiao at the moment.And it doesn’t come cheap.The few tickets for the fight of the century were made available to the public and unsurprisingly snapped up in seconds after they went on sale Thursday night.Even less [...]

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    NNPC: Sanusi must apologise for false alarm

NNPC: Sanusi must apologise for false alarm

The Nigerian National Petroleum Corporation (NNPC) has alleged that Muhammadu Sanusi, emir of Kano and former governor of the Central Bank of Nigeria (CBN), is bent on spreading false allegations targeted at tarnishing the reputation of the organisation.Reacting to the claim of Sanusi that the government had not addressed the issues he raised concerning alleged missing $20 billion, the corporation [...]

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Exchange Rates

April 22, 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.
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