Home / Tag Archives: Central Bank of Nigeria (CBN)

Tag Archives: Central Bank of Nigeria (CBN)

CBN’s Anchor Borrowers’ intervention boosts local rice output to 5m tones–Okoroafor

lake-rice

The Acting Director, Corporate Communications of the Central Bank of Nigeria (CBN), Mr. Isaac Okoroafor, has revealed that the national rice output has risen to about 5 million tonnes. Giving the insights in Awka, the Anambra State capital during a three-day sensitisation workshop for rice farmers said the progress is possible because of the bank’s sustained support using the Anchor ...

Read More »

Inclusion of rice, poultry products, beef, in forex restricted 41 items has boosted farming —CBN

Buhari CBN

For the first time in recent weeks after barrage of calls and criticisms on the Central bank of Nigeria (CBN) to review the list of 41 items barred from easy access to forex for imports, the bank has come up to defend the stay of the order, noting that the ban has encouraged Nigerians to go into massive farming. In ...

Read More »

Continued injection of forex by CBN stressing oil earnings, foreign reserves—Don

CBN Godwin-Emefiele

A senior lecturer at the Pubic Administration Department, of Nassarawa State University, Lafia, Professor Charles Nwaekeaku has raised fresh alarm on the continued intervention in the foreign exchange by the Central Bank of Nigeria (CBN), saying even though it is a temporary relief, it is stressing the rising capacity of foreign reserve on rising oil price. He said “That means ...

Read More »

How issued surrounding Etisalat’s $1.2bn loan crisis watered down Glo’s interest

Glo Etisa

More details emerged over the weekend indicating apparent loss of interest by Globacom in finalizing acquisition plans of the embattled Etisalat Nigeria. The key factors that botched the plan was traced to the unresolved debt crisis, the entire handling, information management, claims and counter claims by the management plus the Dubai group’s sudden quit at a time the Nigerian company ...

Read More »

Game over as 13 banks now part owners of Etisalat, new ownership structure underway

NCC Etisalat

After weeks of lifeless battle and semantics to maneuver 13 lion-eyed Nigerian banks, indication emerged Tuesday evening that the end game has been won and lost as struggling telecoms group, Etisalat Nigeria is now working out new ownership structure that will include the banks as part owners after all. This is coming after talks with the banks to restructure its ...

Read More »

Experts fault CBN’s claims of inflationary pressure for not cutting banks’ lending rates

CBn Emefiele

Nigerians have reacted to a recent comment by an official of the Central bank of Nigeria (CBN), saying that the apex bank may not reduce the benchmark lending rate anytime soon owing to the high inflationary pressure in the country. The official was quoted as saying that the general thinking within the bank was that loosening the current monetary policy ...

Read More »

Relief as CBN announce resumption of dollar sales to fuel marketers’, others

NNPC Headquarters

Return to business is imminent amongst the independent petroleum marketers as the Central Bank of Nigeria (CBN) has given strong signal to sell dollars to them and the airline operators. According to the apex bank, fuel importers, manufacturers, airlines and agriculture businesses will be able to buy dollars at a special market intervention to clear a backlog of foreign exchange ...

Read More »

Growth in manufacturing, CBN forex interventions can converge exchange rates

CBN Godwin-Emefiele

New report by the Central Bank of Nigeria (CBN) on the Purchasing Managers Index (PMI) for the manufacturing sector has shown that it rose to 52.5 points in May from 51.1 points recorded the previous month. In the first quarter of 2017, the PMI reading was below 50 points. This therefore means that the country’s manufacturing sector expanded for the ...

Read More »

No business, entrepreneur can make profit borrowing at 28 or 29 per cent—-Saraki

Bukola Saraki

More facts have emerged on why the Senate president, Dr. Bukola Saraki has began a move to lower banks’ interest rate to borrowers. The lawmaker and former Governor of Kwara State had weekend raised serious concerns on the high interest rates on loans, saying the Senate will this week discuss the issue with the Central Bank of Nigeria (CBN) and ...

Read More »

Electronic payment systems eroding significance of physical locations of banks—Emefiele

CBN Godwin-Emefiele

The Governor of Central Bank of Nigeria (CBN), Dr. Godwin Emefiele has agreed that in no distant time, physical locations of financial institutions may become mere buildings where little or no financial transaction is done. Speaking recently during the Nigeria Electronic Fraud Forum (NeFF) meeting to review the 2015 Cybercrime Act in Abuja, CBN said “There is no gainsaying the ...

Read More »