As part of efforts to alleviate the hardship experienced by Nigerians in need of forex for school fees, traveling allowance and medical treatment, the Central Bank of Nigeria (CBN) has provided additional forex to financial institutions across the country. Isaac Okorafor, the acting director, corporate communications of the Central Bank of Nigeria, made this disclosure […]
Continue ReadingA 50kg bag of rice is now selling for N8,000 in Ebonyi state, Eastern Nigeria, a reality that is in sharp contrast with the over N20,000 price tag for imported rice. The cheering news was reported by spokesman of Central Bank of Nigeria, Isaac Okoroafor in Yenagoa, Bayelsa state on Tuesday. Okoroafor is the Acting […]
Continue ReadingBad loans in Nigeria’s banking system soared to more than double the limit set by the regulator as the industry struggles with an economic downturn. The ratio of non-performing loans to total credit rose to 11.7 percent at the end of June from 5.3 percent at the end of 2015, the Abuja-based Central Bank of […]
Continue ReadingThe Central Bank of Nigeria (CBN) has issued licence to more International Money Transfer Operators (IMTOs) to operate in Nigeria.This is contained in a statement issued by Mr Isaac Okoroafor, the Acting Director, Corporate Communications of the apex bank, in Abuja on Tuesday. Okoroafor said that the licensing was in furtherance of efforts to liberalise […]
Continue ReadingThe Central Bank of Nigeria (CBN) has deleted the United Bank for Africa (UBA) from the list of nine deposit money banks (DMBs) banned from the foreign exchange market, for hiding over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA). CBN has re-admitted UBA Plc into the Foreign […]
Continue ReadingThe Central Bank of Nigeria (CBN) has defended the liquidity position of Skye Bank Plc, saying the lender is neither distressed nor liquidated. In a statement, its Acting Director, Corporate Communications, Isaac Okorafor, said the regulator was drawn to the content of a message urging customers of Skye Bank to withdraw their deposits or transfer […]
Continue ReadingNigeria’s Apex bank, the Central Bank of Nigeria, CBN, has issued a statement affirming that contrary to ongoing rumours, the Nigerian banking industry remains very healthy with none of the player in the sector distressed.The CBN made this public in a statement issued on Wednesday in reaction to rumours and speculations that some of banks […]
Continue ReadingFollowing the decision of the Central Bank of Nigeria (CBN), to dissolve the existing boards of Skye Bank, Timothy Oguntayo, chief executive officer (CEO) of the troubled bank has resigned, with top management of the bank, including non-executive directors, resigning as well.The sack of top executives of Skye Bank is said to be due capital […]
Continue ReadingThe Central Bank of Nigeria (CBN), has introduced a new forex regime, one purely determined by market forces. Bellow is the full speech of the CBN governor, introducing Nigeria’s Flexible Exchange Rate Market. Re-introducing and Operationalizing Nigeria’s Flexible […]
Continue ReadingThe Central Bank of Nigeria (CBN) is suggesting that the new band for the naira, pending the direction of market forces, will be between 260 and 270 to the dollar. Godwin Emefiele, the CBN governor, had said the position of the naira will be driven by market forces, but in a new document uploaded by […]
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