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Tag Archives: CBN

Why CBN approved Roosevelt Ogbonna as Access Bank Deputy Managing Director

Access Bank

Following the resignation of former Deputy Managing Director of Access Bank Plc, Mr. Obinna Nwosu who left to pursue his personal endevours and the approval of Mr. Roosevelt Ogbonna as the new Group Deputy Managing Director by the board of the bank, the Central Bank of Nigeria (CBN) has given nod for the appointment. A statement by the bank revealed ...

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Access Bank crosses risky limit as Capital Adequacy Ratio hits 21 per cent

access-wigwe

With liquidity ratio at 43 per cent after the implementation of risk management framework, Access Bank Capital Adequacy Ratio (CAR) currently stands at 21 per cent. The CAR for banks in Nigeria stands at 10 percent and 15 percent for national or regional banks with international banking licence respectively. According to the stress test conducted by the Central Bank of ...

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3 factors that compelled 3 commercial banks to fail latest CBN’s solvency test

CBN emefiele 2

Three banks, two among them highly rated (names with held) have failed stress test conducted by the Central Bank of Nigeria (CBN). Three major factors that collapsed the asset quality and strength of the banks include negative Gross Domestic Product (GDP) growth, rising inflationary trend, and the depreciation of the naira. Analysts say the listed factors are very critical in ...

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CBN moves more steps forward, announces sale of dollars to MAN, fuel importers, airlines

Buhari CBN

In a strategic drive to offset backlog of matured foreign exchange obligations the Central Bank of Nigeria (CBN), has announced plans to begin the sales of dollars to fuel importers, airlines and manufacturers. New position of the apex bank is to offer dollar forwards to be delivered within two months while the “Authorised dealers’ accounts with the CBN will be ...

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Naira over-valued by 10 to 20 percent, IMF mocks CBN, presidential economic team

imf hqs

In what can be easily interpreted as reactions to the rebuffing of its advice by the Central Bank of Nigeria (CBN), the International Monetary Fund (IMF) on Wednesday fired back, claiming that Nigeria’s naira is over-valued by around 10 to 20 percent. A newly released critical report on government efforts to boost growth in Nigeria, IMF said “We do find ...

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CBN set to inject additional $240 million forex to BDCs, others this week

CBN emefiele 2

The Central Bank of Nigeria (CBN) will from today, Tuesday, continue its ongoing foreign exchange market intervention. The bank is expected to disburse $240 million to commercial banks and operators of Bureau D Change (BDC). Details of the disbursement show that out of the facility, $90 million is for invisibles – business/personal travel allowances, medical, school fees, among others, while ...

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CBN remains unstoppable in sustaining foreign exchange liquidity—Okoroafor

CBN MPC meeting

Contrary to the advice of the International Monetary Fund (IMF), the Central Bank of Nigeria (CBN) on Sunday reiterated its determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users. Experts had expected the apex bank to effect two of the key reformist ideas ...

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CBN report indicates dropping propensity to save in banks as recession bites harder

MPC Synergy

Latest Depository Corporation Survey (DCS) for the month of February 2017 recently published by the Central Bank of Nigeria (CBN) has shown sharp drop in current accounts deposits, an indication that commercial banks are experiencing lull in volume of deposits by customers. The report show that total current account deposits fell by N1tn within the period under review. Other aspects ...

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NCC opens link for stakeholders’ views on Internet Industry Code of Conduct

NCC Ojobo

Ahead of growing use of internet and emerging rise in broadband penetration, the Nigerian Communications Commission (NCC) is set to develop what it described as Internet Industry Code of Conduct (IICC). While explaining that the establishment of internet industry code of practice is part of its Internet Governance function, the agency said in keeping with its stakeholder-driven model of engagement, ...

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MPC meets today as experts expect lowering of lending rate, CBN thinks otherwise

CBN MPC meeting

The Monetary Policy Committee (MPC) of Central Bank of Nigeria (CBN) will today, Monday begin its second meeting on review of monetary policy activities in Abuja. The meeting is expected to end Tuesday with a communiqué which will roll out new rates including lending rate and others. Some economists who spoke to Business Hilights correspondent said considering the recent inflation ...

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