Friday, November 16, 2018

Tag "Isaac Okorafor"

    ALERT: You may be arrested, jailed for spraying naira notes at parties

ALERT: You may be arrested, jailed for spraying naira notes at parties

The Central Bank of Nigeria (CBN) and commercial banks have resolved to introduce mobile courts to arrest currency hawkers and people who spray at parties.Hamda Ambah, managing director, FSDH Merchant Bank, made this known on Thursday while briefing journalists on the resolutions of the Bankers' Committee."We are going to be disseminating information on the right way to handle the naira [...]

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    CBN: Why foreign reserves are dropping

CBN: Why foreign reserves are dropping

The Central Bank of Nigeria (CBN) says there is no cause for alarm over the country's dwindling foreign reserves.Speaking in Abuja on Thursday, Isaac Okorafor, CBN spokesman, said the fall in reserves is due to a hike in interest rates by US Federal Reserve and the bank's interventions in the forex market"It’s also on social media that our reserves dropped [...]

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    CBN ‘reviewing’ sanctions placed on MTN, four banks

CBN ‘reviewing’ sanctions placed on MTN, four banks

The Central Bank of Nigeria (CBN) says it is reviewing the recent sanctions placed on MTN and four commercial banks.In a statement released on Wednesday, the apex bank said the parties involved have submitted fresh documents in response to the sanctions.CBN had ordered MTN to refund $8.1 billion which it claimed the company repatriated using irregular certificates of capital importation.It [...]

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    CBN fines four banks N5.8bn, asks MTN to refund $8bn

CBN fines four banks N5.8bn, asks MTN to refund $8bn

The Central Bank of Nigeria (CBN) has ordered four banks to pay a total sum of N5.87 billion for allegedly issuing irregular certificates of capital importation (CCIs) on behalf of some offshore investors of MTN Nigeria Communications Limited.The apex bank has also written to MTN, asking it to refund $8 billion to the coffers of the central bank.The affected banks [...]

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    You can now bid for Yuan, says CBN

You can now bid for Yuan, says CBN

The Central Bank of Nigeria has begun auctioning the Chinese Yuan for the first time since the naira-yuan swap deal was signed in May.According to a statement by Isaac Okorafor, acting director, communications department, the apex bank received bids on Friday between 9am and 12 noon.Results from the bids will be announced on Monday, July 24.The Yuan sales will be [...]

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    HURRAY! CBN close to single rate as BDCs, banks get dollar at same price

HURRAY! CBN close to single rate as BDCs, banks get dollar at same price

The Central Bank of Nigeria (CBN) has approved that Bureaux de Change operators and commercial banks should get foreign exchange at the same rate.Isaac Okorafor, CBN acting director, corporate communications, made this known in a statement released on Monday.This means that banks and BDCs alike will buy the United States dollar at N357 per dollar to sell N360. He said [...]

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    Adelabu resigns as CBN deputy gov to pursue guber ambition

Adelabu resigns as CBN deputy gov to pursue guber ambition

Adebayo Adelabu, deputy governor in charge of operations at the Central Bank of Nigeria (CBN), will be addressed as former deputy governor from July 15.According to a statement released by Isaac Okorafor, CBN spokesman, on Thursday, President Muhammadu Buhari has accepted his resignation."While appreciating your services in the Central Bank of Nigeria since 9th April 2014, I wish you the [...]

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    BDCs reject CBN’s new dollar purchase order

BDCs reject CBN’s new dollar purchase order

Bureaux de Change Operators say they are not comfortable with the new forex purchase directive issued by the Central Bank of Nigeria.In a statement on Sunday, the CBN had said banks must now attend to customers' forex needs over the counter and BDCs must purchase forex three times a week.“All BDCs shall henceforth access dollars from the CBN on Mondays, [...]

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    CBN: 41 items still banned under Nigeria-China currency swap deal

CBN: 41 items still banned under Nigeria-China currency swap deal

The Central Bank of Nigeria (CBN) says the Nigeria-China currency swap deal will not cover the importation of the 41 items already blacklisted from the official foreign exchange.Isaac Okorafor, acting director, corporate communications, at the bank, made this known in an interview with NAN on Sunday.He said this will ensure the currency deal does not stifle local companies and make [...]

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    Foreign reserves decline for the first time in eight months

Foreign reserves decline for the first time in eight months

Data made available by the Central Bank of Nigeria show that the nation's foreign reserves dropped by $72 million between Thursday, May 10 and Monday, May 14.The reserves, which stood at $39.3 billion at the beginning of the year, has risen by $8.5 billion.In March, Isaac Okorafor, CBN spokesman, had attributed the continued growth to the bank’s effort to discourage unnecessary importation; inflow from oil [...]

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    CBN to bank customers: Reject dirty naira notes

CBN to bank customers: Reject dirty naira notes

The Central Bank of Nigeria (CBN) says customers should demand new naira notes from their respective banks and reject dirty ones.Speaking in an interview with NAN in Lagos on Thursday, Isaac Okorafor, CBN spokesman, said commercial banks are sabotaging its effort in replacing mutilated notes with new ones.The bank made similar claims in February.Okorafor said the apex bank is aware [...]

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    Foreign reserves hit ‘new high’ of $46bn

Foreign reserves hit ‘new high’ of $46bn

Data from the Central Bank of Nigeria (CBN) show that the foreign reserves grew by $6.7 billion between January and the beginning of March.Confirming the data on Sunday, Isaac Okorafor, acting director, corporate communications department, said the foreign reserves stood at $39.3 billion at the beginning of the year."The reserves at the beginning of 2018 stood at $39.3 billion, then rose [...]

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    Invest in Bitcoin at your risk, CBN warns

Invest in Bitcoin at your risk, CBN warns

The Central Bank of Nigeria (CBN) says people who invest in cryptocurrencies do so at their own risk because they are not protected by the law.The apex bank sounded the warning in a statement released on Wednesday by Isaac Okorafor, acting director in charge of corporate communications.The bank said virtual currencies like Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin are [...]

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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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    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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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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