Saturday, March 28, 2020

Tag "Central Bank of Nigeria (CBN)"

    Dollar crunch? Zenith Bank adopts 2015 strategy, sets withdrawal limit

Dollar crunch? Zenith Bank adopts 2015 strategy, sets withdrawal limit

Zenith Bank has sent a notice to its customers that their naira cards now have an international withdrawal limit of $1,000 a month. The bank also said daily limits for withdrawals outside Nigeria have been set at $300. This was the method adopted by banks in 2015 at the onset of the dollar crunch which was caused by a drop in crude [...]

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    CBN: Our interventions have created 2.5 million jobs in agric

CBN: Our interventions have created 2.5 million jobs in agric

The Central Bank of Nigeria (CBN) says its intervention in the agricultural sector has created 2.5 million jobs across the entire value chain. Adamu Lamatek, the deputy governor for corporate services, was speaking on Tuesday at the ongoing 28th seminar for finance correspondents and business editors in Owerri. "The CBN increased its lending to the agricultural and manufacturing sectors, through targeted intervention [...]

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    Bank CEOs: We have no hand in N4 USSD charge

Bank CEOs: We have no hand in N4 USSD charge

The chief executive officers of deposit money banks in the country have denied directing MTN Nigeria to charge customers for using unstructured supplementary service data (USSD) channels. In a joint statement released on Tuesday, the bankers said the charges on financial transactions have not been changed. "Our attention has been drawn to SMS sent on Saturday 19th October by MTN Nigeria Communications [...]

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    CBN: Sept. 2 deadline for returning bad naira notes not for customers

CBN: Sept. 2 deadline for returning bad naira notes not for customers

The Central Bank of Nigeria (CBN) says the general public should continue to return mutilated banknotes to their banks after the earlier announced September 2 deadline. Isaac Okoroafor, CBN's director of corporate communications, made this known in a telephone interview with NAN on Saturday. Okoroafor said that people had been misinterpreting the story to say that the banks would stop the collection [...]

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    ‘Forex cut for milk importation not political’ — CBN kicks amid RUGA link

‘Forex cut for milk importation not political’ — CBN kicks amid RUGA link

The Central Bank of Nigeria (CBN) says its decision to restrict forex for the importation of milk has no political undertone. In a statement released in Abuja on Friday, the apex bank said it offered milk importers low-interest loans to begin local production since 2016 but the offer was treated with "imperial contempt". In a statement signed by Isaac Okorafor, its director of [...]

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    CBN: We have not barred banks from investing in treasury bills

CBN: We have not barred banks from investing in treasury bills

The Central Bank of Nigeria (CBN) says it has not barred commercial banks in the country from investing in treasury bills. At its May meeting, the monetary policy committee of the bank had agreed that it would release a regulatory framework that would limit the access of banks to bonds and treasury bills. The bank had also directed deposit money institutions to [...]

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    FG cancels ALL foreign printing contracts for Nigerian passports

FG cancels ALL foreign printing contracts for Nigerian passports

President Muhammadu Buhari has cancelled all e-passport printing contracts abroad, saying that it will now be the sole responsibility of the Nigerian Security Printing & Minting Company (NSPMC). Femi Adesina, special adviser to the president on media and publicity, made this known in a statement released on Thursday. This new directive means all existing contracts concerning printing passports and other documents will [...]

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    CBN says banks will no longer get interests for deposits above N2bn

CBN says banks will no longer get interests for deposits above N2bn

The Central Bank of Nigeria says banks will no longer get interests on deposits above N2 billion. In a circular released by the financial markets department, the apex bank said the monetary policy committee will determine the interest for standing deposit facility of N2 billion. "With reference to the circular to all banks and discount houses, Re: Guidelines on accessing the CBN [...]

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    CBN directs banks to provide funding for producers of cashew, palm oil

CBN directs banks to provide funding for producers of cashew, palm oil

The Central Bank of Nigeria (CBN) has directed banks to commence funding for small holder farmers and companies producing five products under its export facilitation initiative (EFI). The five products are palm oil, cashew, cocoa, sesame see and shea. In a circular, the apex bank said EFI was part of government’s efforts to develop the non-oil sector of the economy and to [...]

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    CBN to limit banks’ access to bonds, treasury bills

CBN to limit banks’ access to bonds, treasury bills

The monetary policy committee of the Central Bank of Nigeria (CBN) has directed that a regulatory framework that will limit the access of banks to bonds and treasury bills be put in place. Godwin Emefiele, CBN governor, made this known in Abuja on Tuesday while addressing the press at the end of the committee's meeting. "Unfortunately, we have observed that rather than [...]

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    CBN MPC reduces interest rate — two years after retaining 14%

CBN MPC reduces interest rate — two years after retaining 14%

The monetary policy committee of the Central Bank of Nigeria (CBN) has reduced the monetary policy rate by 50 basis points. This means that the MPR, which is put at 14%, was eased to 13.5%. Announcing the decision of the committee on Tuesday at the apex bank's headquarters, Godwin Emefiele, the CBN governor, said there is a need to signal a new [...]

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    Merger: Access, Diamond Banks get final approval from CBN

Merger: Access, Diamond Banks get final approval from CBN

Access Bank and Diamond Bank saythe Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have given them the final approval to merger. The two financial institutions announced this in separate corporate disclosures issued on the Nigerian Stock Exchange (NSE) over the weekend. “Access Bank Plc is pleased to announce that the bank has received the final approval of [...]

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    CBN to raise N1.8trn from sale of treasury bills in Q1 2019

CBN to raise N1.8trn from sale of treasury bills in Q1 2019

The Central Bank of Nigeria (CBN) plans to raise a total of N1.809 trillion from the debt market, in the first quarter (Q1) of 2019. This is according to data contained in the Nigerian Treasury Bills Issue Programme for the first quarter of 2019, posted on the bank’s website on Tuesday. The apex bank said it would raise N823.43 billion from rollover [...]

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    Airtel discloses plan to set up ‘payment service bank’ in Nigeria

Airtel discloses plan to set up ‘payment service bank’ in Nigeria

Airtel Nigeria has announced plans to set up a payment service bank (PSB) in Nigeria Segun Ogunsanya, managing director, Airtel Nigeria, made the disclosure on Tuesday, saying  it would help to deliver mobile banking services to its teeming customers. According to him, Airtel will apply for the PSB license through a subsidiary which is in line with guidelines to establishing a PSB, issued [...]

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    Emefiele: Forex ban on 41 items lifted Nigeria out of recession

Emefiele: Forex ban on 41 items lifted Nigeria out of recession

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the restriction of forex supply on 41 items including rice and toothpicks helped in lifting the economy out of recession. Addressing journalists on Wednesday at the opening ceremony of a seminar for finance correspondents and business editors in Lokoja, he said the policy helped in reversing the multiple challenges of [...]

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    FG sells N12.4bn minting company’s shares to CBN

FG sells N12.4bn minting company’s shares to CBN

The Central Bank of Nigeria (CBN) has acquired shares worth N12.4 billion in the Nigeria Security Printing and Minting Company (NSPMC). This accounts for 21% of the shares in the company. NSPMC is responsible for printing currency, visas, passports, electoral materials and security documents for the federal government and the private sector. The formal signing of the instrument for the transfer was witnessed [...]

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Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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