Thursday, September 20, 2018

Tag "central bank of nigeria"

    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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    CBN: Our programmes have created 7 million jobs

CBN: Our programmes have created 7 million jobs

Isaac Okorafor, acting director, communications at the Central Bank of Nigeria, says the bank's development finance interventions has created seven million jobs.Okorafor, who made this statement on Thursday at the Lagos International Trade Fair, said the bank had created five million jobs through its Agriculture Guarantee Credit Scheme and over one million through its Commercial Agriculture Credit Scheme.Other programmes which [...]

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    Senate clears MTN of $13bn illegal repatriation allegation

Senate clears MTN of $13bn illegal repatriation allegation

The senate says it did not find proof that MTN contravened any foreign exchange law by taking a large sum of money outside the country.In 2016, Dino Melaye, senator representing Kogi West district, had accused the telecommunications company of illegally taking $13.9 billion to its parent company in South Africa over a period of 10 years.Melaye had said MTN transferred [...]

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    Silence as deadline for freezing of funds in accounts without BVN draws near

Silence as deadline for freezing of funds in accounts without BVN draws near

By Monday, the 14-day ultimatum given to banks to publish accounts without banks verification number (BVN), would have elapsed.On October 17, Nnamdi Dimgba, a judge of the federal court, Abuja, issued an order that funds in accounts without BVN would be transferred to the federal government.Owners of such accounts were given a grace of two weeks to show cause why the money should [...]

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    External reserves ‘surge to $34b’

External reserves ‘surge to $34b’

Joseph Nnanna, deputy governor, financial system stability, Central Bank of Nigeria (CBN), says external reserves have hit $34 billion from $33.6 billion.Nanna said the figure has been rising quickly, based on a 30-day moving average, since hitting the $32 billion mark on September 18.At an event organised by the Chartered Institute of Bankers of Nigeria (CIBN), Nnanna said the exchange [...]

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    BVN registration: Give Nigerians in diaspora more time, Dabiri-Erewa pleads

BVN registration: Give Nigerians in diaspora more time, Dabiri-Erewa pleads

Abike Dabiri-Erewa, senior special assistant to the president on foreign affairs and diaspora, says more time should be given to Nigerians in the diaspora to register for the bank verification number (BVN).The aide made this plea in response to the move of the federal government to seize monies in accounts without BVN.In December, TheCable reported that 46 million accounts had [...]

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    FRAUD WATCH: Banks to start monitoring customers’ accounts

FRAUD WATCH: Banks to start monitoring customers’ accounts

The Central Bank of Nigeria (CBN) has directed deposit money banks and other financial institutions to monitor accounts of customers where fraudulent activities are suspected.According to a regulatory framework for BVN operations and watch-list for the banking industry released on Thursday, banks have the right to bar a watch-listed customer from opening an account or using its electronic service."This framework [...]

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    CBN sustains naira stability with $195m forex intervention

CBN sustains naira stability with $195m forex intervention

In continued efforts to sustain forex liquidity in the country, the Central Bank of Nigeria (CBN) has intervened in the inter-bank foreign exchange market with $195 million.Data released by the bank shows that the apex bank offered $100 million to the wholesale segment while the small and medium enterprises (SMEs) segment received the sum of $50 million.The invisibles segment, comprising [...]

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    Emefiele: We can only do little with current monetary policy

Emefiele: We can only do little with current monetary policy

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) says little can be done to tackle the current economic challenges using the tools offered by the monetary policy.The governor made this statement while delivering a lecture titled 'The Dilemma of Monetary Policy During a Recession: Potential Options for Nigeria' at the 2017 annual conference of Nigerian Bar Association (NBA) [...]

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    Naira strengthens as CBN MPC meets

Naira strengthens as CBN MPC meets

The naira appreciated against the dollar on Monday, coinciding with the 257th meeting of the monetary policy committee (MPC) of the Central Bank of Nigeria (CBN).The naira had previously traded at N320.50 to a dollar and N415.20 and N369.05 to the pound and euro respectively.At the parallel market, the Nigerian currency traded at N367 to the dollar while the pound [...]

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    Senate recommends N200/$ exchange rate for pilgrims

Senate recommends N200/$ exchange rate for pilgrims

The senate has asked the federal government to give dollar to the National Hajj Commission of Nigeria (NAHCON) and Nigeria Christian Pilgrims Commission (NCPC) at an exchange rate of N200 to a dollar.This recommendation was made by the committee on foreign affairs.The committee said the concession will bring pilgrimage cost to a bearable level for interested parties. In a motion [...]

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    $50m for SMEs, $45m for BTA… CBN eases forex market

$50m for SMEs, $45m for BTA… CBN eases forex market

The Central Bank of Nigeria (CBN) says it has provided additional $195 million to the inter-bank foreign exchange market in continuation of its forex supply drive.In a statement released on Monday, the apex bank said it offered $100million to the wholesale segment, while the small and medium enterprises (SMEs) segment received $50 million.The invisible segment, comprising tuition fees, medical [...]

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    Trouble for dollar hoarders as CBN plans more forex injection

Trouble for dollar hoarders as CBN plans more forex injection

The Central Bank of Nigeria (CBN) has disclosed its plan to commence announce round of forex injections into the invisible segment of the market.The planned action is expected to lead to a depreciation of the dollar against the naira.Isaac Okorafor, CBN acting director of corporate communications, told journalists that the proposed action to inject forex in the interbank segment of the market [...]

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    Naira falls to 390, foreign reserves on a downward streak

Naira falls to 390, foreign reserves on a downward streak

The naira has continued its downward trend, falling further to 390 to a dollar as against its 385 stand at the close of business on Thursday.Also, the nation's foreign reserves took a break from its upward journey, losing about $52 million to stand $30.296 billion from $30.348 billion.The liquid amount in the reserves is about $29.6 billion and about $674 million [...]

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Demand for Nigerian treasury bills falls

The Central Bank of Nigeria (CBN) on Thursday revealed it sold only N62.43bn in treasury bills of maturities ranging between three months and six months at mixed returns.According to CBN, this was due to poor demand for the note by investors requesting for higher yields.Total bids for the notes stood at N63.55bn, down from N77.02bn at the last auction on [...]

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    Foreign investors worry over delay in naira devaluation

Foreign investors worry over delay in naira devaluation

Foreign investors, dismayed by Nigeria's decision to delay devaluation of the naira which they see as long overdue, have begun to shun Nigeria’s bonds and equities market.Fund managers who spoke with Reuters believe that a devaluation to restore the economy to competitiveness is a matter of time and they are unlikely to bring back cash they pulled out before the [...]

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Exchange Rates

September 20, 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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