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Tag Archives: Central Bank of Nigeria (CBN)

Experts give reasons why CBN interventions fail are not saving naira

soludo

After several months of routine injection of forex by the Central Bank of Nigeria (CBN) with negligible results in salvaging naira, financial experts have opened up, saying the reasons behind the steady depreciation of the nation’s currency are beyond the powers of what the apex bank is doing. In separate interviews on Wednesday in Lagos, pundits averred that a single ...

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Forex: CBN’s signals show relevance of BDC as business gone

BDC outlet

First of all, no country in the world legalizes the exchange of its currency along the streets, rather in banks through a managed exchange structure driven and monitored by the nation’s central bank. Against this background, there are indications that even though the current executives at the Central Bank of Nigeria (CBN) met the Bureau De Change (BDC) structure on ...

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Oil marketers may begin importation soon as CBN eases forex, port charges

Naira exchange

After months of out of business by oil marketing companies due to harsh access to forex, the Central Bank of Nigeria (CBN), on Tuesday, eased issued bordering on payment for port charges to the Nigerian Ports Authority (NPA). This it did by approving that marketing companies can now be accommodated by the Bank using Form ‘A’. A circular endorsed by ...

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Why 13 creditor banks suddenly seized fire on 9mobile, formally Etisalat

9Mobile shop

Two weeks of undercover investigations by Business Hilights Economic Research Team (BHERT) on why the rush and aggression deployed by the consortium of 13 banks fighting for their trapped $1.2bn at Etisalat Nigeria, now 9Mobile suddenly eased has paid off. Result; They have noticed that efforts of the combined team of telecoms regulator, Nigerian Communications Commission (NCC) and the Central ...

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MDAs not leading in use of local products like PCs, cars bad for EO3—BH survey

Onu 3

Latest report by the Business Hilights Economic Research team (BHERT) has show that contrary to the ongoing campaign by the federal government through the issuance of the Executive Order (EO) 3 of May 18th , 2017 to drive local contents and patronization of locally made products, many of the Personal Computers in use by the Ministries, Departments and Agencies (MDAs) ...

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Current board at 9mobile has only 90 to 180 days to sell it– CBN

Nnanna Etisalat

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has given more insights on the real time frame and duties of the new management of 9Mobile led by Dr. Joseph Nnanna, former deputy governor of the apex bank. According to itinerary handed down to the ad-hoc management team, they are to stabilize the company and technically position it ...

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LCCI kicks as CBN retains monetary policy rate at 14%, others unchanged

CBn Emefiele

The Lagos Chamber of Commerce and Industry (LCCI) has frowned at the retention of Monetary Policy Rate at 14 per cent, saying “The retention of the rates is only good for portfolio investors and this economy is tired of such investors because they are not coming to stay but to reap and run away while real sector investors continue to ...

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41 Forex restricted items, deadly drainpipe to country’s reserves—-CBN

CBn Emefiele

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has once again, restated the resolve of the bank to maintain its stand in the prevailing restriction imposed on 41 items from its flexible access to foreign exchange window. Speaking at the Univeristy of Nsukka in a lecture titled: “The Dilemma of Monetary Policy and Exchange Rate Management in ...

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CBN mulls finance studies in schools’ to drive literacy, knowledge economy

CBN Godwin-Emefiele

Considering the observed weak penetration of knowledge economy, financial inclusion and literacy, the Central bank of Nigeria (CBN) is proposing stand-alone Financial Education Curriculum (FEC) and its guide, effective 2017/2018 curricular. This was revealed by the Director, Consumer Protection Department, CBN, Umma Dutse who spoke at the critique and editorial workshop for the development of teachers’ guide held in Lagos ...

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Telecoms items may be the first to be delisted from 41 items on CBN’s forex ban

CBN Godwin-Emefiele

Barring any last minute change of plans, strong indication emerged on Thursday that the Central Bank of Nigeria (CBN) is considering delisting all telecoms items which fall under plants and machinery in the 41 items barred from flexible forex access of the apex banks window. A credible source at the bank confided in Business Hilights in an exclusive interview in ...

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