Saturday, June 23, 2018

Tag "cbn"

    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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    Nigeria may stay longer in recession, says Emefiele

Nigeria may stay longer in recession, says Emefiele

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) says the country may stay longer in recession if bold bold policies are not activated to support the current fragile growth.Speaking after the monetary policy meeting on Tuesday, Emefiele said forecast available to the committee shows that Nigeria's recovery from recession remains very fragile and must be supported to avoided [...]

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    CBN keeps same interest rate through 12 months of recession

CBN keeps same interest rate through 12 months of recession

The monetary policy committee of the Central Bank of Nigeria (CBN) has retained monetary policy rate (MPR) at 14 percent and all other parameters at their current levels for 12 months running.On July 26, 2016, the committee voted to raise MPR from 12 percent in May, 2016 to 14 percent — the highest in at least 10 years.It also decided that [...]

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    Emefiele: How Nigeria missed the opportunity of being a great economy

Emefiele: How Nigeria missed the opportunity of being a great economy

Godwin Emefiele, governor of Central Bank of Nigeria (CBN), on Saturday said Nigeria missed the opportunity of being a great economy when it saw oil and abandoned agriculture.Speaking while delivering a lecture at the University of Nigeria Nsukka (UNN), the apex bank governor said CBN would constantly review its policies to ensure the best for the economy.He said the impact of the aggressive [...]

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    We’ve remitted all NNPC/NLNG dollar deposits, says UBA

We’ve remitted all NNPC/NLNG dollar deposits, says UBA

The United Bank of Africa (UBA) has denied withholding any money against the federal government’s treasury single account (TSA) policy.The bank said this while reacting to the court directive asking seven commercial banks, including UBA, to remit $793.2 million allegedly withheld.In a statement issued on Friday by Bola Atta, group head, marketing & corporate communications, UBA, said none of such [...]

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    ‘Inflation rate drop may hand CBN opportunity to cut rates’

‘Inflation rate drop may hand CBN opportunity to cut rates’

Lukman Otunuga, a reasearch analyst at FXTM, says the continued drop in inflation rate may hand the Central Bank of Nigeria (CBN) the opportunity to cut interest rates. Reacting to the fifth consecutive drop in inflation rate, Otunuga said sentiment towards business in Nigeria got better on Monday following the annoucement of the country's inflation figures."Sentiment towards the largest economy in [...]

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    Nigeria to complete issuance of Africa’s first sovereign green bonds ‘in a few months’

Nigeria to complete issuance of Africa’s first sovereign green bonds ‘in a few months’

The federal ministry of environment as led by Ibrahim Jibril, minister of state for environment, is working with some other ministries, department and agencies on completing Africa's first sovereign green bonds.Green bonds are like regular bonds, with a slight difference – they can only be used to fund projects that have been identified to have environmental benefits and their contribution [...]

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    Emefiele: 41 items review still on my table, but why should we import toothpick, rice?

Emefiele: 41 items review still on my table, but why should we import toothpick, rice?

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the issue about the review of 41 items not eligible for foreign exchange is still on his table but he can find no justification for importing rice, toothpick, palm oil.Speaking on Arise TV, Emefiele said scarce foreign exchange should set aside for items that cannot be produced in Nigeria.“The [...]

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    CBN deputy governor, former KPMG senior partner… meet the new board at Etisalat Nigeria

CBN deputy governor, former KPMG senior partner… meet the new board at Etisalat Nigeria

Following the resignation of its chairman and chief executive officer (CEO), Etisalat Nigeria on Tuesday named a new board of directors, with former deputy CEO of Econet as its new CEO. TheCable takes a closer look at the members of the new board, which includes the deputy governor of the Central Bank of Nigeria (CBN) and chairman of African Finance Corporation [...]

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    ‘Seamless transition’ at Etisalat as CEO, CFO quit

‘Seamless transition’ at Etisalat as CEO, CFO quit

Troubled  Etisalat Nigeria underwent a "seamless transition" to an interim management on Monday following an agreement with the consortium of its creditors, TheCable understands.The telcom, with 21 million subscribers, owes the banks N541 billion, leading to a take-over attempt.Mubadala Group, the major investor from the United Arab Emirates, has pulled out of Nigeria's fourth largest mobile operator while its chairman, Keem [...]

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    Etisalat Takeover: CBN steps in to secure over 4,000 jobs

Etisalat Takeover: CBN steps in to secure over 4,000 jobs

The Central Bank of Nigeria (CBN) and the Nigeria Communications Commission (NCC) have declared their decision to intervene in the Etisalat Nigeria debt crisis in order to prevent job losses and asset stripping. The move was as a result of the deepening crisis between Etisalat and a consortium of 13 Nigerian banks over a syndicated loan of about US$1.2 billion granted [...]

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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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