The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have got reprieve for Etisalat on the loan default crisis facing the company. In a statement on Saturday, Tony Ojobo, director of public affairs of NCC, said the reprieve came following a meeting convened by CBN and NCC to find a quick resolution […]
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The Central Bank of Nigeria (CBN) on Tuesday injected another sum of 100 million dollars into the interbank foreign exchange market, its acting Director, Corporate Communications, Isaac Okorafor has said. Okorafor said the measure became necessary as part of the initiatives to make Forex easily accessible, thereby crashing demand at the black market. The director […]
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The Central Bank of Nigeria (CBN) has directed commercial banks to henceforth process and meet the demand for dollars and other foreign currencies within 48 hours. In a circular made available to journalists, on Sunday in Abuja, the Director, Financial Markets Department,CBN, Dr Alvan Ikoku said the order would further make foreign currencies readily available […]
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The Naira on Friday depreciated against the dollar at the parallel market after posting days of appreciation. The nation’s currency lost N7 to exchange at N465 to a dollar after closing at N458 on Thursday, while the Pound Sterling and the Euro traded at N542 and N480. At the Bureau De Change (BDC) window, the […]
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The Central Bank of Nigeria (CBN) said the recent appreciation of the Naira against other currencies was the result of its market monitoring and intervention. The acting Director, Corporate Communications of the CBN, Mr Isaac Okorafor on Thursday in Sokoto refuted the claim that the allegations by Mr Babatunde Gbadamosi on the illegal sales of […]
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The Central Bank of Nigeria (CBN) says every Nigerian, 18 years or older, is entitled to $4,000 per quarter of $16,000 per year for personal travel allowance (PTA) under the guidelines for the adjusted foreign exchange policy. On Monday, CBN announced adjustments to its existing foreign exchange policy, directing banks to open sales point across […]
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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 ReadingThe News Agency of Nigeria, NAN reports that the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, said that importation of rice and wheat gulped over N1 trillion in foreign exchange annually.Emefiele said this on Thursday in Jibia, Katsina State, at the launch of CBN Anchor Borrowers Programme and 2016/2017 Dry Season […]
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 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 […]
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