Wednesday, September 19, 2018

Tag "central bank of nigeria"

    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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    Emefiele ‘optimistic’ MPC members will be confirmed by senate

Emefiele ‘optimistic’ MPC members will be confirmed by senate

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the issue with the confirmation of members that would make up the monetary policy committee (MPC) is being dealt with.The governor made this known in an interview with Bloomberg on Thursday.TheCable had reported that the committee might not be able to meet in January as a result of the [...]

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    Exempt us from VAT, bank charges… BDCs list how to make naira stronger

Exempt us from VAT, bank charges… BDCs list how to make naira stronger

The Association of Bureaux De Change Operators of Nigeria (ABCON) says exemption from value added tax (VAT) and removing or reducing minimum bank charges on their operations will help improve the forex market.Aminu Gwadabe, ABCON president, made these recommendations on Wednesday after meeting other operators to chart how to stabilise the market and make the naira stronger.In addition, he asked [...]

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    Beware! Emefiele is NOT on Twitter

Beware! Emefiele is NOT on Twitter

The Central Bank of Nigeria (CBN) says Godwin Emefiele, governor of the apex bank, does not have a Twitter account.In a statement signed by Isaac Okorafor, acting director, corporate communications of the bank, CBN said that the existing Twitter handles in the governor's name are fake."The attention of the Central Bank of Nigeria (CBN) has been drawn to the existence [...]

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    DMO to roll over N1trn treasury bills in Q1 2018

DMO to roll over N1trn treasury bills in Q1 2018

The Debt Management Office (DMO) will roll over treasury bills worth N1 trillion in the first quarter of 2018, data made available by the Central Bank of Nigeria has shown.This represents 85 percent of the total bills that would mature in the first quarter.This comes after the Debt Management Office redeemed N198 billion worth of treasury bills with proceeds from [...]

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    Foreign reserves peak at $40bn — highest since October 2014

Foreign reserves peak at $40bn — highest since October 2014

The nation's external reserves currently stand at $40.4 billion - its highest level since October 2014.This represents an increase of about $1 billion between December 2017 and January 2018.Isaac Okorafor, spokesman of the Central Bank of Nigeria (CBN), disclosed this in a statement sent to TheCable on Monday.He said the new figure makes true, the projection which Godwin Emefiele, CBN [...]

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    Naira falls to N307 at CBN rate — lowest ever

Naira falls to N307 at CBN rate — lowest ever

The naira traded at N307 to the dollar on Monday for the first time ever, information made available on the Central Bank of Nigeria's website has shown.Before now, the CBN kept the naira stable at N305 and provided forex for various sectors of the economy to ease the pressure on the naira.A year ago, the CBN rate was N197.At present, [...]

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    9mobile: Barclays has not resigned as financial adviser

9mobile: Barclays has not resigned as financial adviser

The management of 9mobile says Barclays Bank has not withdrawn as financial adviser of the 9mobile investment process.According to a statement released on its website, the company said the bank is committed to a speedy conclusion of the process."Following recent press reports relating to Barclays Africa’s role as financial advisor on the sale of 9Mobile, the board of directors of [...]

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    In 10 months, CBN ‘has pumped $3.6bn’ into forex market

In 10 months, CBN ‘has pumped $3.6bn’ into forex market

The Central Bank of Nigeria (CBN) has reportedly injected $3.6bn into the forex market since February.NAN reports that the naira has appreciated by 30.3 percent since the Central Bank of Nigeria (CBN) began its interventions at the foreign exchange market.The naira had reached a peak at N520 earlier in the year before the CBN stated intervening.The CBN provides forex twice [...]

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    Soon, biometrics will replace ATM pin, says CBN director

Soon, biometrics will replace ATM pin, says CBN director

The Central Bank of Nigeria (CBN) says biometrics will soon be used for transactions on the automated teller machine (ATM).Pin codes are currently being used.Dipo Fatokun, chairman, Nigeria Electronic Fraud Forum (NeFF) and CBN director of banking and payment system, made this statement at 2017 annual retreat of the Nigeria Electronic Fraud Forum (NeFF) in Ibadan during the weekend.Fatokun said [...]

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    Emefiele: Interest rate may drop in 2018

Emefiele: Interest rate may drop in 2018

Godwin Emefiele, governor of the Central Bank of Nigeria, says the monetary policy committee may lower interest rate in 2018 if the pace of disinflation becomes adequate.Emefiele made this known on Friday while speaking on the theme 'Policy Options for Sustaining Nigeria’s Economic Upturn' at the 2017 annual bankers' dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN).However, [...]

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Exchange Rates

September 18, 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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