Saturday, September 22, 2018

Tag "central bank of nigeria"

    CBN to businesses: Use Yuan instead of dollar for imports

CBN to businesses: Use Yuan instead of dollar for imports

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 [...]

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    CBN directs banks to resolve USSD disputes in three days

CBN directs banks to resolve USSD disputes in three days

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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    CBN: Electronic fraud is on the rise

CBN: Electronic fraud is on the rise

Dipo Fatokun, director of banking and payment system, at the Central Bank of Nigeria, says fraud carried out through automated teller machines (ATM) and mobile banking is on the increase.Speaking on Thursday at the unveiling of the 2017 Nigerian Electronic Fraud Forum annual report in Lagos, he said the value of electronic banking fraud cases between 2015 and 2017 at [...]

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    Nigeria inflation declines further in May ECB in focus

Nigeria inflation declines further in May ECB in focus

In an encouraging development, Nigeria’s inflation has eased to 11.6% in May, the lowest level seen in more than two years.With consumer prices slowly edging closer to the Central Bank of Nigeria’s target band of 6%-9%, an interest rate cut seems likely before year-end.The combination of easing inflationary pressures, improving economic fundamentals and ongoing foreign exchange stability could [...]

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    HURRAY! CBN close to single rate as BDCs, banks get dollar at same price

HURRAY! CBN close to single rate as BDCs, banks get dollar at same price

The Central Bank of Nigeria (CBN) has approved that Bureaux de Change operators and commercial banks should get foreign exchange at the same rate.Isaac Okorafor, CBN acting director, corporate communications, made this known in a statement released on Monday.This means that banks and BDCs alike will buy the United States dollar at N357 per dollar to sell N360. He said [...]

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    Nigeria’s economy under Buhari… for better or worse?

Nigeria’s economy under Buhari… for better or worse?

It is quite thought-provoking how this month marks just over three years since President Muhammadu Buhari secured a historic victory in Nigeria’s state elections.There was a high degree of optimism over Buhari changing Nigeria for the better by reviving economic growth and fighting corruption and insecurity. Much has happened over the past few years under the Buhari regime, with the [...]

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    AMCON to release list of debtors in July, says 5,000 have gone into hiding

AMCON to release list of debtors in July, says 5,000 have gone into hiding

Ahmed Kuru, managing director of the Asset Management Corporation of Nigeria (AMCON), says it will release the list of all the debtors in July.While addressing journalists on Friday, Kuru said 5,000 debtors have gone into hiding.He said the corporation has already engaged the services of lawyers and asset tracers to go after them."Some of them have decided to change their [...]

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    Adelabu resigns as CBN deputy gov to pursue guber ambition

Adelabu resigns as CBN deputy gov to pursue guber ambition

Adebayo Adelabu, deputy governor in charge of operations at the Central Bank of Nigeria (CBN), will be addressed as former deputy governor from July 15.According to a statement released by Isaac Okorafor, CBN spokesman, on Thursday, President Muhammadu Buhari has accepted his resignation."While appreciating your services in the Central Bank of Nigeria since 9th April 2014, I wish you the [...]

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    Court orders CBN officials to steer clear of microfinance bank audit

Court orders CBN officials to steer clear of microfinance bank audit

The federal high court in Abuja has ordered two officials of the Central Bank of Nigeria (CBN) to forfeit their supervisory role in a forensic audit involving Hasal Microfinance Bank.The court said both officials frustrated the implementation of a forensic audit declared by the CBN governor after a petition by the owners of the bank.The officials named are Okwu Nnanna, [...]

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    Fitch says Nigeria’s imports ‘will return to historical levels’

Fitch says Nigeria’s imports ‘will return to historical levels’

Fitch, a credit rating agency, says it expects that Nigeria's import figures will return to its previous record now that increased oil prices have resulted in high foreign reserve figures.In a statement released on Thursday to affirm Nigeria's long-term foreign-currency issuer default rating at 'B+' with a negative outlook, the agency said the negative outlook reflects the uncertainty about the [...]

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    Foreign reserves decline for the first time in eight months

Foreign reserves decline for the first time in eight months

Data made available by the Central Bank of Nigeria show that the nation's foreign reserves dropped by $72 million between Thursday, May 10 and Monday, May 14.The reserves, which stood at $39.3 billion at the beginning of the year, has risen by $8.5 billion.In March, Isaac Okorafor, CBN spokesman, had attributed the continued growth to the bank’s effort to discourage unnecessary importation; inflow from oil [...]

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    Aishah Ahmad: 2019 election spending may increase inflation

Aishah Ahmad: 2019 election spending may increase inflation

Aishah Ahmad, deputy governor at the Central Bank of Nigeria (CBN), says the anticipated spending for the 2019 election may have inflationary effects on the economy.Speaking at the April monetary policy committee meeting, Ahmad said there is a need for urgent passage of the 2018 budget to boost investment and economic output."The anticipated huge fiscal spending for the proposed 2018 [...]

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    12 manufacturing sub-sectors record growth as PMI expands for 13th consecutive month

12 manufacturing sub-sectors record growth as PMI expands for 13th consecutive month

A report released by the Central Bank of Nigeria on Monday has shown that 12 of the 15 sub-sectors of the manufacturing sector recorded a growth in April.According to the report, which is called the Purchasing Mangers' Index for April 2018, the index grew at a faster rate than its March growth.The sub-sectors that recorded growth are: Petroleum and coal products, [...]

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    CBN targets cashless policy with new NCC agreement

CBN targets cashless policy with new NCC agreement

The Nigerian Communication Commission (NCC) and the Central Bank of Nigeria (CBN) on Tuesday signed a memorandum of understanding (MoU) on mobile money payment system.Speaking at the ceremony in Abuja, Umar Danbatta, NCC's executive vice chairman, said the signing of the MoU is a landmark in the digital transformation process that the commission is mandated to do by the act [...]

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    CBN: Banks demanding more collateral for corporate loans

CBN: Banks demanding more collateral for corporate loans

The Central Bank of Nigeria says commercial banks have increased the collateral requirements demanded from all business sizes on new loan applications.In its Credit Conditions Survey report for the first quarter of 2018, CBN said banks will demand more collateral in the next quarter."More collateral requirements were demanded from all firm sizes on approved new loan application in Q1 2018. [...]

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    FACT CHECK: How correct is Melaye’s claim that APC borrowed N11tr in three years?

FACT CHECK: How correct is Melaye’s claim that APC borrowed N11tr in three years?

Dino Melaye, the senator representing Kogi west, recently said the APC administration has incurred N11 trillion debt in three years as against N6 trillion borrowed by the PDP in 16 years."About $5.5bn was borrowed from euro bond; what part of it will the youths of this country benefit from? About $1bn is to be spent on security and how does [...]

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Exchange Rates

September 21, 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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