Tuesday, November 13, 2018

Tag "central bank of nigeria"

    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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    IMF says Nigerians getting poorer, calls for ‘urgent and coherent’ economic policies

IMF says Nigerians getting poorer, calls for ‘urgent and coherent’ economic policies

The International Monetary Fund (IMF) says Nigerians are getting poorer and that "coherent and comprehensive" economic reforms are urgently needed in the country.The gross domestic product report released by the National Bureau of Statistics (NBS) on Tuesday showed that the economy recorded a growth of 0.83 percent in 2017.The Bretton Wood institution said it expects the government to “muddle through” [...]

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    Invest in Bitcoin at your risk, CBN warns

Invest in Bitcoin at your risk, CBN warns

The Central Bank of Nigeria (CBN) says people who invest in cryptocurrencies do so at their own risk because they are not protected by the law.The apex bank sounded the warning in a statement released on Wednesday by Isaac Okorafor, acting director in charge of corporate communications.The bank said virtual currencies like Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin are [...]

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    CBN orders banks to resolve customers’ complaints in two weeks

CBN orders banks to resolve customers’ complaints in two weeks

The Central Bank of Nigeria says commercial banks and other financial institutions must settle customers' complaints within two weeks.NAN reports that Tajudeen Ahmed, CBN head of complaints management division, gave this directive on Tuesday in Abuja.He said the apex bank is committed to eradicating short payment of interests and end the culture of excess and arbitrary charges.According to him, any charge [...]

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    CBN: Blame banks for bad naira notes in circulation

CBN: Blame banks for bad naira notes in circulation

The Central Bank of Nigeria (CBN) says commercial banks are to be blame for the bad naira notes in circulation.While answering questions on Twitter about the activities of the bank on Monday, Isaac Okorafor, CBN's spokesman, said the apex bank will announce a more permanent solution soon.CBN had earlier reduced the cost of replacing mutilated notes for lower denominations to [...]

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    Naira hits year-high amid CBN’s $210m intervention

Naira hits year-high amid CBN’s $210m intervention

The naira on Monday depreciated to N360 against the dollar at the interbank window, the highest level recorded in 2018.This is despite the $210 million provided by the Central Bank of Nigeria for various segments of the market.The naira had previously exchanged for N359.95 at the interbank window.According to figures made available by the CBN, the apex bank offered $100million [...]

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    PwC says naira may fall to N386/$

PwC says naira may fall to N386/$

PricewaterhouseCoopers Limited says the naira may exchange at N386 in the second half of 2018.In its 2018 economic outlook released on Tuesday, PwC said lowered oil prices, disruptions to crude oil productions and political instability are the major near-term risks to economic stability."In H2'18, we estimate a 7% exchange rate depreciation in the I&E window to N386/USD, as FX demand [...]

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    Banks will no longer charge commission on retail forex transactions

Banks will no longer charge commission on retail forex transactions

The bankers' committee says commercial banks will no longer charge customers commission on retail foreign exchange transactions.Retail forex transactions include purchase of forex for personal travel allowance (PTA), business travel allowance (BTA), school fees and medicals.Hamda Ambah, chief executive officer of the FSDH Merchant Bank Limited, told journalists that the decision was reached after the committee's meeting on Tuesday.The Central Bank of [...]

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    CBN retains monetary policy rates — in spite of quorum crisis

CBN retains monetary policy rates — in spite of quorum crisis

The Central Bank of Nigeria (CBN) says it will retain all monetary policy rates after its monetary policy committee could not hold its first meeting in 2018.The meeting, which was scheduled to hold on January 22 and 23, could not hold after the senate refused to approve members appointed to replace retired members of the committee.The committee, which comprises of [...]

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Exchange Rates

November 9, 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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