The Central Bank of Nigeria (CBN) says banks will pay a fine of N10,000 for every money transfer that exceeds four minutes.The apex bank made this known in a circular, 'Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria' issued to all deposit money banks, microfinance banks, other financial institutions, mobile money operators, development finance institutions, [...]
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The monetary policy committee of the Central Bank of Nigeria has kept interest rate at 14% for two years.Analysts and businesses alike have expected that the committee to cut rates and reduce the cost of borrowing.In this interview with TheCable, Lukman Otunuga, an economic analyst with FXTM, explains why the committee cannot reduce interest rates yet.TheCable: Do you think the [...]
It has certainly been an explosively volatile trading quarter thus far as investors juggled with global trade tensions, dollar strength and chaos across emerging markets.The simmering trade dispute between the world’s two largest economies fuelled global risk aversion while a brutal sell-off in the EM space rattled investor confidence.Fears remain elevated over the turmoil in Turkey and Argentina spreading like [...]
The Nigerian Communications Commission (NCC) says it hopes that there will be an amicable resolution between the Central Bank of Nigeria and MTN.The financial regulator had ordered MTN to refund the $8.1 billion it repatriated from the country, saying the funds were allegedly taken out of the country using irregular certificates of capital importation.Speaking on Tuesday at the ongoing ITU [...]
Shares belonging to MTN have taken a big knock after sanctions by the Central Bank of Nigeria on allegations that the company illegally repatriated $8.1 billion.Early trading on the Johannesburg Stock Exchange saw the shares dip to 86.99 rand, a drop of 18% and its lowest level since March 2009.At the time of filing this report, the telecommunications company's shares [...]
The Central Bank of Nigeria (CBN) has ordered four banks to pay a total sum of N5.87 billion for allegedly issuing irregular certificates of capital importation (CCIs) on behalf of some offshore investors of MTN Nigeria Communications Limited.The apex bank has also written to MTN, asking it to refund $8 billion to the coffers of the central bank.The affected banks [...]
The Central Bank of Nigeria, on Monday, released the guidelines for its new credit policy, which is aimed at providing funds to the agriculture and manufacturing sector at a single digit interest rate.According to the guidelines, the maximum amount accessible by a party is N10 billion.The loans can be received from any bank which has contributory cash reserve ratio with [...]
The total loans granted by banks to the private sector declined by N600.60 billion, from N16 trillion in the first quarter of 2017 to N15.34 trillion, in the second quarter of 2018.A report by the National Bureau of Statistics (NBS) on Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2018), showed that credit to [...]
Technology and telecommunications companies may become the latest addition to the forex priority list of the Central Bank of Nigeria (CBN).Speaking on Wednesday while inaugurating the ICT, Computers/Devices Service Centre in Abuja, Adebayo Shittu, minister of communications, said there are ongoing talks with the CBN to achieve this.During 2016 recession, the CBN had created a forex priority list to conserve [...]
The Central Bank of Nigeria might start lending to companies directly by buying their commercial papers.Speaking on Tuesday while announcing the decision of monetary policy committee of the apex bank, Godwin Emefiele, CBN governor, said the bank will be willing to buy if the papers are issued at single digits."The committee believes that the Bank should continue to encourage deposit [...]
It is interesting how the Naira has witnessed stability against the Dollar after the Nigerian Central Bank kept its monetary policy rate (MPR) unchanged at 14% in July.Signs of easing inflationary pressures in Nigeria present a solid argument for an interest rate cut. However, a rate cut could accelerate capital outflows, especially when considering how the Federal Reserve is expected [...]
The monetary policy committee of the Central Bank of Nigeria has retained monetary policy rate at 14% for the 11th consecutive time.The rates were first raised in July 2016 to combat rising inflation.Briefing journalists on Tuesday at the end of the committee's two-day meeting, Godwin Emefiele, governor of the apex bank, said seven of the nine committee members voted in [...]
The Central Bank of Nigeria has begun auctioning the Chinese Yuan for the first time since the naira-yuan swap deal was signed in May.According to a statement by Isaac Okorafor, acting director, communications department, the apex bank received bids on Friday between 9am and 12 noon.Results from the bids will be announced on Monday, July 24.The Yuan sales will be [...]
The Central Bank of Nigeria (CBN) has extended the tenure of Skye Bank directors for an additional two-year term till June 30, 2020.In 2016, the CBN had intervened in the bank's management crisis and appointed new directors, relieving Tunde Ayeni of his chairmanship position.At the time, CBN approved the appointment of M.K Ahmad as the chairman of the board, Tokunbo [...]
The Central Bank of Nigeria (CBN) says local businesses importing from China should use Yuan for imports instead of using dollars.However, payments for crude oil sold to China would be made in dollars.Reuters reports that officials of the apex bank made this known on Wednesday at a town hall meeting with importers in Lagos.CBN officials have been holding town hall [...]
The Central Bank of Nigeria (CBN) says all commercial banks must resolve disputes arising from the use of Unstructured Supplementary Service Data (USSD) channels within three days.Dipo Fatokun, CBN’s director, banking and payment systems department, made this known at the Meet The Executive forum organised by Finance Correspondents Association of Nigeria (FICAN) in Lagos.Fatokun, who was represented by Taiwo Oladimeji, [...]
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