Financial sector regulator, Central Bank of Nigeria, CBN on Friday said its intervention in the ongoing debt crisis between Etisalat Nigeria and a consortium of banks was to save the Nigerian financial system. CBN spokesperson, Isaac Okoroafor, said the two regulatory authorities intervened primarily to prevent job losses and asset stripping. “Although it should ordinarily […]
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The Central Bank of Nigeria is contemplating introducing a new FOREX retail option in Nigeria, just as it released another $195million into the market today. The bank last week released $800 million , making a total of $995million injection, in eight days. The bank hoped that the fund will adequately meet the requests of customers […]
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Nigeria’s troubled economy will record tremendous improvement by the third quarter of the year, the Central Bank of Nigeria (CBN), has predicted. The Director of Banking Supervision of CBN, Mr Ahmed Abdullahi, told newsmen that the prediction was the outcome of the 333rd Bankers’ Committee meeting in Lagos. According to him, this is because the […]
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Relentless to achieve convergence of rates between the interbank and Bureau de Change segments of the foreign exchange market (FOREX), the Central Bank of Nigeria (CBN) has injected another $190 million into the market. The acting director, Corporate Communications, CBN, Isaac Okorafor, in a statement on Monday in Abuja, said $100 million was offered as […]
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Senate President Bukola Saraki has promised that the Senate will look into the high interest rate charged by banks in the country. “It is likely that we will debate it this week,” Saraki said during an interactive session with journalists on Sunday in Ilorin. According to him, the high interest rate is not good for the […]
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The Central Bank of Nigeria (CBN) on Tuesday intervened in the inter-bank market to the tune of $482.6 million in the first trading day after the democracy day celebrations. This is coming at a time when the country’s reserves is experiencing a steady and gradual decline. A statement issued by Isaac Okorafor, acting director, CBN […]
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Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) met with President Muhammadu Buhari at the presidential villa in Abuja on Thursday. Speaking with state house correspondents after the meeting, Emefiele said he briefed the president on the stability in the foreign exchange market and other activities of the apex bank. He said Buhari […]
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The Central Bank of Nigeria (CBN), on Tuesday, barred First Bank, Guaranty Trust Bank and 12 others from dealing in the Small and Medium Entreprises (SME) wholesale Forex window. The other banks affected by the order are FCMB, Keystone Bank, Main Street Bank, Stanbic IBTC, Citi Bank, Enterprise Bank, Ecobank, and WEMA Bank. United Bank for […]
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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has assured Nigerians that the country would get out of economic recession latest by the end of June this year. This, according to him, is based on emerging positive economic indicators to that effect. Emefiele gave the assurance at the National Assembly Complex on […]
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The Central Bank of Nigeria (CBN) has directed Deposit Money Banks to suspend charges on over-the-counter or ATM withdrawals of above N500,000 or deposit of same amount. The apex bank’s Director, Banking and Payments System Department, Mr Dipo Fatokun, in a circular dated April 20, 2017, said all the charges introduced in February, and meant […]
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