Monday, September 24, 2018

Tag "cbn"

    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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    EXCLUSIVE: Ayeni pays Skye Bank $10m as management writes Osinbajo (updated)

EXCLUSIVE: Ayeni pays Skye Bank $10m as management writes Osinbajo (updated)

The management of Skye Bank Plc has written to Acting President Yemi Osinbajo detailing how Tunde Ayeni, chairman of the bank between 2010 and 2016, allegedly used his position to take huge loans from the bank.But TheCable understands that Ayeni has started repaying the loans -- insiders said he paid $10 million to Skye Bank last week and also pays $4.5 million [...]

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    With $462m, CBN committed to NAFEX, BDC rate convergence

With $462m, CBN committed to NAFEX, BDC rate convergence

The Central Bank of Nigeria (CBN) says it  remains committed to the convergence of rates between the bureau de change and Nigeria Autonomous Foreign Exchange (NAFEX).In line with its commitment to sustain and deepen flexibility in the foreign exchange market to further enhance foreign exchange flow in the economy,  the bank on Friday, intervened in the inter-bank Foreign Exchange Market with [...]

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    NSE loses N42.7bn — 3 days after CBN MPC noted a ‘seeming bubble’

NSE loses N42.7bn — 3 days after CBN MPC noted a ‘seeming bubble’

Nigerian Stock Exchange (NSE) lost its most recent bullish trend on Friday, three days after Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) said there is a seeming bubble at the capital market.On Friday, the Nigerian bourse lost N42.71 billion to close with a market capitalisation of N12,705,446,827,912.26 -- after gaining N577 billion only a day before, and [...]

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    Naira gains, NSE jumps by N577bn after CBN rate decision

Naira gains, NSE jumps by N577bn after CBN rate decision

The Nigerian Stock Exchange (NSE) continued its rally on Wednesday following the decision of the Central Bank of Nigeria (CBN) monetary policy committee (MPC) to hold key interest rate at 14 percent for 12 months running.On Tuesday, Godwin Emefiele, the governor of the bank, announced that the committee decided to "retain the MPR at 14 per cent, CRR at 22.5 [...]

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Exchange Rates

September 24, 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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