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Tag Archives: Central Bank of Nigeria

NIPOST outlets to offer banking services, Int’l passport issuance from May this year—Minister

NIPOST Boss

Though efforts to get official confirmation from the Central Bank of Nigeria (CBN) on Thursday proved abortive, the Minister of Communications, Adebayo Shittu has claimed that all is set for all the 1,500 Nigeria Postal Service outlets across the country to offer banking service from May 1, 2017. Another service the nearly moribund agency will equally offer include processing and ...

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GTB, Zenith Bank, others await second tranche of Etisalat’s negotiated loan payment

Etisalat nigeria

Indications have emerged, showing that the dusts raised by $1.2 billion, about N30bn loan jointly pulled by a consortium of banks in 2013 for Etisalat are yet to settle. Earlier last month, banks involved in the deal opened up to the media threatening to take over the telecoms group on grounds of breaches to the loan repayment deal, but the ...

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Momentary weakening of Naira shows it cannot be stable by only CBN’s intervention–Expert

economy issues

Ever since the Central Bank of Nigeria (CBN) started its almost daily intervention in forex liquidity, many pundits have continued to argue that the practice remained cosmetic and may not do the magic of forex stability. The naira weakened to 410 per dollar against the United States currency on Tuesday, down from 405/dollar recorded on Monday. This was despite the ...

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Zenith Bank Plc is stronger than them all, rock solid— Fitch Report

Zenith bank HQ

Whereas three banks (names with held) were said to vulnerable by the latest result of the stress test conducted by the Central Bank of Nigeria (CBN), the report however, singled out Zenith bank and declared it rock solid even in the face of recession. According to the report, Zenith Bank is leading other big lenders in standing tall in all ...

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CBN’s new special forex window for SMEs’ll drive cut forex settlement period

CBN emefiele 2

Analysts have hailed the tactics used by the Central Bank of Nigeria (CBN) to open a special foreign exchange window for the Small and Medium Enterprises (SMEs), saying it would help in growing the sector faster. Before now, many SMEs had gone under due to paucity of forex, but some other experts say the idea came very late as several ...

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CBN begins tightening of liquidity with seven to 30-day maturity Forwards sale

CBN MPC meeting

Indications have emerged that the combination of foreign exchange (forex) and Treasury Bills (T-Bills) auctions by the Central Bank of Nigeria (CBN) last week, calmed the quantity of money in circulation making investors to scout for naira to pay for their transactions. CBN had on Friday, ended the weekly transactions with a $418 million at the retail-SMIS at a marginal ...

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CBN deepens forex rates convergence drive, crashes BDC rate to N360 to sell at N362 only

CBN MPC meeting

All most 24 hours after the Central Bank of Nigeria (CBN) directed Deposit Money Banks (DMBs) in the country to sell foreign exchange obtained from it to retail end-users at not more than N360/$1 for invisibles, the apex bank on Tuesday, March 28, 2017 crashed the rate at which it sells forex to Bureaux De Change (BDCs) in Nigeria to ...

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Banks abusing CBN’s forex guidelines in trouble as apex bank plans examination visit

CBn Emefiele

Out of fears and suspicion of infractions by some commercial banks in the disbursement of forex allocations, the Central Bank of Nigeria (CBN) will this week send examiners to banks for an oversight function on the administration of all dollar injections. The CBN had been selling dollars to banks at N357/$1, while banks will sell to their customers at N360/$1 ...

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Recession receding as Nigeria’s inflation falls to 17.78% in February – NBS

Udoma, Buhari, Adeosun

Respite on recession seems underway as latest report on the nation’s presented by the National Bureau of Statistics (NBS) on Tuesday showed that Nigeria’s inflation rate has begun reversal trend as February figure showed drop to 17.78 percent from January figure of 18.72 percent. The new figure can be said to be the lowest level in 15 months as signals ...

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Naira not as weak, unstable as speculated at parallel market, Emefiele insists

CBn Emefiele

The Governor of the Central Bank of Nigeria (CBN), Dr. Godwin Emefiele has revealed that contrary to the permutations of currency speculators at the parallel market, the Nigerian naira is never as weak as they place it, rather the only logical explanation to the high rates in that market therefore is that a lot of illegal and criminal activities are ...

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