Wednesday, April 10, 2019

Tag "Central Bank of Nigeria (CBN)"

    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 NigeriaSegun 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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    N1.8bn deduction from Stanbic IBTC in national interest, says CBN official

N1.8bn deduction from Stanbic IBTC in national interest, says CBN official

The Central Bank of Nigeria (CBN) says the alleged deduction of N1.886 billion fine from Stanbic IBTC Bank’s account was in done in national interest.An official of CBN, who pleaded anonymity while confirming this to NAN in Lagos, said he could not immediately give details, but the apex bank would issue a statement on the matter later.The CBN had, on [...]

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    Stanbic IBTC Ventures surrenders operating licence

Stanbic IBTC Ventures surrenders operating licence

Stanbic IBTC Ventures Limited says it has surrendered its licence as a ventures capital manager.In a notice sent to the Nigerian Stock Exchange on Friday, the company said it surrendered the licence voluntarily.A ventures capital manager invests in early-stage companies, which are termed as risky, in exchange for equity in the companies they invest in."This is to inform The Nigerian [...]

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    Banks suspend BDCs’ accounts over tax remittance

Banks suspend BDCs’ accounts over tax remittance

Banks have placed a 'Post no Debit' notice on the accounts of some Bureaux de Change operators, demanding that they remit taxes on their transaction turnover.TheCable had earlier reported that the Federal Inland Revenue Service had ordered banks to freeze the accounts of tax defaulters.Commenting on the development, Aminu Gwadabe, president of the Association of Bureau De Change Operators of [...]

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    HURRAY! CBN directs banks to give loans to agricultural, manufacturing companies at 9%

HURRAY! CBN directs banks to give loans to agricultural, manufacturing companies at 9%

The Central Bank of Nigeria (CBN) says it will support banks to enable them to give loans to players in the agricultural and manufacturing sector at a single digit interest rate.Addressing journalists on Thursday after the CBN Bankers' Committee meeting, Ahmed Abdullahi, CBN director, banking supervision, said the loans will only be available for job creation and expansion plans."The idea [...]

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    CBN MPC maintains rates to ‘get more clarity’

CBN MPC maintains rates to ‘get more clarity’

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has again retained interest rate at 14 percent, the country's highest in 10 years.The committee has maintained this decision for 22 consecutive months. In July 2016, the committee hiked interest rates to combat rising inflation at that time.Announcing the committee's decision on Tuesday, Godwin Emefiele, CBN governor, said [...]

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    REVEALED: FG spent $36.3bn on fuel importation in five years

REVEALED: FG spent $36.3bn on fuel importation in five years

The Central Bank of Nigeria (CBN) says Nigeria spent $36.3 billion on the importation of petroleum products between 2013 and 2017.Speaking on Monday at a public hearing organised by a house of representatives committee, the apex bank said the figure is part of the $119.4 billion spent on importing commodities during the same period.The committee is investigating the state of [...]

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    Governors set up committee to investigate ‘unremitted’ N20trn stamp duty

Governors set up committee to investigate ‘unremitted’ N20trn stamp duty

The Nigerian Governors Forum (NGF) has set up a three-man committee to investigate the alleged N20 trillion unremitted stamp duty funds to the federation account.The committee, which is chaired by Ibikunle Amosun, Ogun state governor, has Emmanuel Udom and Abubakar Bello, governors of Akwa Ibom and Niger as members.Abdulaziz Yari, the chairman of the NGF and Zamfara state governor, who [...]

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    CBN gives banks four weeks to open forex sales point

CBN gives banks four weeks to open forex sales point

The Central Bank of Nigeria (CBN) has given a four-week ultimatum to deposit money banks which have not complied with its directive to open teller points for retail forex transactions.In a statement sent to TheCable on Monday, the apex bank said banks that fail to comply within four weeks would be punished.According to the statement which was signed by Ahmad [...]

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    No more withdrawals from Jan 1, CBN tells microfinance bank customers without BVN

No more withdrawals from Jan 1, CBN tells microfinance bank customers without BVN

The Central Bank of Nigeria says from January 1, customers of microfinance banks and other financial institutions (OFIs) without the bank verification number (BVN) will be unable to make withdrawals from their accounts.In a statement on Friday, the apex bank announced an extension in the deadline for the verification, which was initially set for July 31."As you are aware, the [...]

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    CBN: We’ve returned N51.9bn to bank customers for illegal deductions

CBN: We’ve returned N51.9bn to bank customers for illegal deductions

The Central Bank of Nigeria says it has recovered N51.9 billion illegally deducted by commercial banks in the past five years and returned it to customers.Isaac Okorafor, acting director, corporate communications of the apex bank, made this known while speaking at an interactive session with stakeholders in the south-south zone in Port Harcourt.Okoroafor, who was represented by John Attah, an [...]

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Exchange Rates

April 8, 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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