Wednesday, September 26, 2018

Tag "central bank of nigeria"

    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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    Emefiele urges Buhari to sell NNPC oil joint ventures

Emefiele urges Buhari to sell NNPC oil joint ventures

Godwin Emefiele, governor of Central Bank of Nigeria (CBN), has urged the incoming government to consider selling down its majority stakes in joint ventures with multinational oil companies in order to shore up state finances and raise funding for infrastructure development.“If you sell down a 30 per cent stake you could raise something substantial. It is an option they need to [...]

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    Naira devaluation ‘will increase unemployment’

Naira devaluation ‘will increase unemployment’

Obida Wafure, a doctor of economics at the University of Abuja, believes that the recent devaluation of the naira by the Central Bank of Nigeria (CBN) would trigger unemployment and closure of industries.Speaking with NAN on Thursday in Gwagwalada, Abuja, Wafure said that the devaluation would have both negative and positive effects as it would encourage local industries while bringing about [...]

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    Jonathan unveils new N100 ‘centenary note’

Jonathan unveils new N100 ‘centenary note’

President Goodluck Jonathan has unveiled the commemorative N100 banknote at the presidential villa, Abuja.The ceremony was earlier scheduled for last Wednesday but was postponed because of the president’s trip to Burkina Faso.Vice-President Namadi Sambo and Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), joined the president to unveil the note during the weekly federal executive council meeting.Emefiele said the [...]

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    Naira records mixed trading at official market, BDCs

Naira records mixed trading at official market, BDCs

The Naira closed trading on Friday on a stable terrain against the dollar at the official market.It was traded at N155 against the dollar.At the Bureau De Change (BDCs), the naira traded at N169 to the dollar at the close of the week, compared with the value of N166 on Wednesday.It also maintained the status quo at N250.51 it recorded against the [...]

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    CBN sells N114.4bn in treasury bills

CBN sells N114.4bn in treasury bills

The Central Bank of Nigeria (CBN) on Friday revealed that it sold N114.39bn in treasury bills of maturities ranging between three months and one year at a primary market auction.According to CBN, a combined N200bn worth of bills were also sold this week to manage liquidity.It also sold N33.78 billion in 6-month notes at 10.10 percent, 13 basis points lower [...]

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    CBN gets 14 days to name Boko Haram agent

CBN gets 14 days to name Boko Haram agent

The Socio-Economic Rights and Accountability Project (SERAP) has issued a 14-day ultimatum to Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), to provide information on the staffer of the apex bank alleged to have links with the Boko Haram sect.Stephen Davis, an Australian cleric who tried to negotiate the release of the abducted Chibok girls, had alleged that [...]

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    ATM charge reintroduced to improve services, says CBN

ATM charge reintroduced to improve services, says CBN

The Central Bank of Nigeria has justified its decision to introduce N65 charge on remote-on-us Automated Teller Machines (ATMs) transactions in the country, saying that the policy would create competition among banks and lead to improvement of services to customers.CBN cancelled N100 on any remote-on-us withdrawal in 2012, citing the need to encourage people to use the ATM of other banks.However, [...]

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    Central Bank reintroduces ATM bank charges

Central Bank reintroduces ATM bank charges

The Central Bank of Nigeria (CBN) has directed that Automated Teller Machines (ATM) withdrawals would attract N65 per transaction to cover remuneration for the switches, beginning from September 1.Dipo Fatokun, director, banking and payment system department, stated this in Abuja on Thursday."The reintroduction of 'Remote-On-Us' ATM cash withdrawal transactions fee, which will be now N65 per transaction to cover the remuneration [...]

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    Rice imports gulp $4bn annually from Nigeria’s economy

Rice imports gulp $4bn annually from Nigeria’s economy

Dr Sarah Alade, acting governor of the Central Bank of Nigeria (CBN), has revealed that Nigeria spends an average of $4bn annually on importing rice.Speaking at a conference on ‘Africa Rising’ in Maputo, capital of Mozambique, with the theme, Structural Transformation and Private Sector Development in Sub-Saharan Africa, Alade described agriculture as a key to economic development in Africa."The continent would be [...]

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    Your bank can’t issue you unsolicited cards again

Your bank can’t issue you unsolicited cards again

The Central Bank of Nigeria has released a set of guidelines for card issuance and usage in Nigeria for Deposit Money Banks.The directives were contained in a 14-page document released by the Banking and Payment System Department of the CBN on Tuesday.The guideline stipulates that unsolicited cards should not be issued and issuers shall not levy any charge that was [...]

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    External reserves drop by $4.72b in four months

External reserves drop by $4.72b in four months

The country’s external reserves have witnessed a massive decline of $4.72b in the last four months, dropping to $38.13b as of April 30, 2014.Figures obtained from the Central Bank of Nigeria revealed that the external reserves, which amounted to $42.85b, at the end of December 2013, have been drawn down by 11 per cent.The decrease in the reserves was [...]

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    2015 election registration materials ‘ready’

2015 election registration materials ‘ready’

The Independent National Electoral Commission (INEC) has assured Nigerians that all election materials would be deployed to all states of the federation in good time for the 2015 general election.The Resident Electoral Commissioner (REC) in Zamfara State, Alhaji Jibrin Zarewa, gave this assurance at a news conference in Gusau on Friday.Previous elections have been marred by shortage of materials, leading [...]

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Exchange Rates

September 24, 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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