Thursday, November 15, 2018

Tag "central bank of nigeria"

    Here’s how to get a single-digit interest loan from your bank

Here’s how to get a single-digit interest loan from your bank

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 [...]

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    Bank loans to private sector declines by N600bn in 18 months

Bank loans to private sector declines by N600bn in 18 months

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 [...]

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    Tech companies, telcos may be included on forex priority list

Tech companies, telcos may be included on forex priority list

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 [...]

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    CBN may lend directly to companies via commercial papers

CBN may lend directly to companies via commercial papers

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 [...]

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    Naira stable as CBN holds rates

Naira stable as CBN holds rates

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 [...]

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    CBN MPC retains interest rate at 14% for 11th consecutive time

CBN MPC retains interest rate at 14% for 11th consecutive time

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 [...]

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    You can now bid for Yuan, says CBN

You can now bid for Yuan, says CBN

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 [...]

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    CBN extends tenure of Skye Bank’s directors

CBN extends tenure of Skye Bank’s directors

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 [...]

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    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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Exchange Rates

November 13, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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