Lukman Otunuga, FXTM research analyst, says the Central Bank of Nigeria (CBN) may find it hard to defend the naira against an appreciating dollar, regardless of its resilience.The naira has maintained stability in the foreign exchange (forex) market owing to a series of interventions by the apex bank.In October, Godwin Emefiele, CBN governor had said the central bank prefers to save [...]
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Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the bank is working on a non-interest development finance to increase financial inclusion in the country. The governor said this while delivering the keynote address at the 10th-anniversary conference of Enhancing Financial Innovation and Access (EFInA) in Lagos on Tuesday.Emefiele, who spoke to the conference theme, “the Business Case for Financial Inclusion”, [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the restriction of forex supply on 41 items including rice and toothpicks helped in lifting the economy out of recession.Addressing journalists on Wednesday at the opening ceremony of a seminar for finance correspondents and business editors in Lokoja, he said the policy helped in reversing the multiple challenges of [...]
First Bank of Nigeria FC defeated Securities and Exchange Commission FC to emerge champions of the All Financial Institutions Football Competition (AFIFC).FBN FC won the 32nd edition of the tournament via penalties at the Lekan Salami Stadium, Oyo, after the scoreline stood at 1-1 at the end of regulation time.In the third-place match, Azabe Zinariya MFB FC spanked Balogun Fulani [...]
Nigeria's foreign exchange reserves have declined by $2.15 billion in the last 30 days, as the Central Bank of Nigeria (CBN) position itself in defence of the naira.Since the United States Federal Reserves raised interest rates on September 26, 2018, the Nigerian reserves have dropped by $1,541,891,539, as investors continue voting their monies out of the Nigerian economy.The reserves moved [...]
Godwin Emefiele, governor of the Central Bank of Nigeria, says the Buhari-led administration chose to save the naira instead of building reserves.Emefiele, who made this known to journalists on Sunday in Bali, Indonesia, said it is difficult to talk about building reserves at the moment."We are going to need to build buffers but unfortunately I must say that we are [...]
Participants at the ongoing annual meetings of the International Monetary Fund and World Bank Group in Bali, Indonesia, were awakened by vibrations in the early hours of Thursday.Bali, a popular tourist destination in Indonesia is seven hours ahead of Nigeria.In a statement released few hours after the vibrations, the IMF assured participants that the earthquake has not disrupted the meetings."A [...]
After echoes from the 2018 Spring meeting of the International Monetary Fund and the World Bank Group advising countries to invest in human capital, world leaders and economic experts have gathered again to discuss ways of helping countries build a forte.Countries across the world are looking to build forte against natural disasters and financial crisis.The business and finance world will [...]
The monetary policy committee of the Central Bank of Nigeria says the economy's exit from recession may be under threat.While reading out the outcome of the two-day meeting of the committee to reporters on Tuesday, Godwin Emefiele, CBN governor, said: "The Committee was concerned that the exit from recession may be under threat as the economy slowed to 1.95 and [...]
The Central Bank of Nigeria has withdrawn the operating licence of Skye Bank.Umaru Ibrahim, chairman of the Nigeria Deposit Insurance Corporation (NDIC), made this known to journalists on Friday.Umaru said the NDIC in collaboration with the Central Bank of Nigeria (CBN) has approved that a bridge bank will be established.Addressing journalists, Godwin Emefiele, CBN governor, said the bridge bank, Polaris Bank, [...]
The Central Bank of Nigeria (CBN) recently called out MTN, Nigeria’s largest telecommunications company, over repatriation of dividends, asking the telco to refund the $8.1 billion.Four banks were fined N5.8 billion for allegedly issuing irregular certificates of capital importation (CCI) to the company which made the repatriation possible.There seems to be some form of resolution in sight as the CBN is now reviewing [...]
Nigeria and five other West African countries have been unable to meet the criteria for the proposed single currency for countries in the zone.Ngozi Egbuna, West African Monetary Institute (WAMI) director general made this known on Thursday in Abuja at the 37th meeting of the Committee of Governors of the Central Banks of the West African Monetary Zone.The West African [...]
Godwin Emefiele, governor of the Central Bank of Nigeria, says MTN was investigated over three allegations by the bank's committee of governors.In an interview with TheCable from China -- where he is attending the Forum on China-Africa Cooperation with President Muhammadu Buhari -- on Monday, the governor said the "painstaking investigation" into MTN's forex repatriation lasted 30 months.Emefiele told TheCable: “Our [...]
Data made available by the National Bureau of Statistics (NBS) show that year-on-year inflation dropped to 11.14% in July; 1.28% points beneath the federal government's projection.In the 2018-2020 Medium Expenditure Framework and Fiscal Strategy paper, the federal government had projected that inflation would moderate at 12.42%.According to the bureau, the figure is 0.09% points less than the 11.23% recorded in [...]
The Central Bank of Nigeria might start lending to companies directly by buying their commercial papers.Speaking on Tuesday while announcing the decision of monetary policy committee of the apex bank, Godwin Emefiele, CBN governor, said the bank will be willing to buy if the papers are issued at single digits."The committee believes that the Bank should continue to encourage deposit [...]
The monetary policy committee of the Central Bank of Nigeria has retained monetary policy rate at 14% for the 11th consecutive time.The rates were first raised in July 2016 to combat rising inflation.Briefing journalists on Tuesday at the end of the committee's two-day meeting, Godwin Emefiele, governor of the apex bank, said seven of the nine committee members voted in [...]
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