Thursday, November 15, 2018

Tag "central bank of nigeria"

    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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    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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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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