The recent decision by the Central Bank of Nigeria (CBN) to exclude the textile sector from the forex market will put over ₦5 trillion worth of investments in jeopardy, the Lagos Chamber of Commerce and Industry (LCCI) has warned. Besides the threat posed on the ₦5 trillion investments the chamber equally raised the alarm that […]
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Access and Diamond Bank Plc announced that they have received the final approval of both the Central Bank of Nigeria (CBN), and the Securities and Exchange Commission (SEC), to the proposed scheme of merger between both financial institutions. The banks had recently obtained approval in principle from the regulatory bodies as they await the final […]
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President Muhammadu Buhari has not sacked Governor of Central Bank of Nigeria, CBN, Godwin Emefiele, according to online portal, TheCable. Reports had trended on social media that Emefiele reportedly received a letter from the Office of President Muhammadu Buhari, yesterday, to vacate his office. But a source within the Presidency, who said there was no […]
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The Central Bank of Nigeria (CBN) on Friday provided $340 million and 46.3 million Chinese Yuan (CNY) to customers seeking foreign exchange in the agricultural and raw materials sector. CBN Spokesperson, Isaac Okorafor, said the sales in the Chinese Yuan was done through a combination of spot and short-tenored forwards segment of the foreign exchange […]
Read More The currency in circulation at the end of December 2018 rose by 20.9 per cent to ₦2.329 trillion, compared with the growth of 1.4 per cent at the end of September 2018, the Central Bank of Nigeria disclosed this in its 2018 fourth quarter report. The development relative to the preceding quarter reflected mainly the […]
Read More The nation’s foreign exchange reserves have fallen to $42.86 billion, the lowest level in two months, the latest data from the Central Bank of Nigeria showed on Sunday. The reserves, which stood at $43.174 billion on January 31, dropped by $314 million in two weeks to $42.86 billion on February 14. The external reserves had […]
Read More The subject of the narrative, in this column, last week, was the $7bn which Festus Odoko, former CBN Corporate Affairs Director, confirmed had been deposited with 14 Nigerian banks in October 2006. It is not clear how many banks, actually, succeeded in raising the mandatory capital base of N25bn, and the additional N35bn steep threshold, […]
Read More A cumulative of 154,827 micro, small and medium scale enterprises (MSMEs) have used movable assets valued at ₦1.561 trillion to obtain loans from financial institutions since the National Collateral Register (NCR) was passed into law, THISDAY’s investigation has revealed. The latest NCR report obtained by THISDAY showed that a breakdown of the amount recorded between […]
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The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has disclosed the federal government’s resolve to ban the importation of tomato products into the country by 2021. He said the continued importation of tomato paste had resulted in massive job losses to foreign countries, a situation which had further impoverished local farmers and denied […]
Read More The Central Bank of Nigeria on Monday denied involvement in foreign exchange manipulation as alleged in one of the national dailies. The bank’s Director, Corporate Communications of the CBN, Mr Issac Okorafor made the denial on its website. The regulator noted that the story by BusinessDay Newspaper titled, “Exposed The Sleazy Face of ₦306/$1, inside […]
Read More Between the end of 2014 and the first quarter of 2017, the job of heading the Central Bank of Nigeria (CBN) was not an enviable one. Nigeria was faced with the harshest economic realities which culminated in its worst recession and the common man on the street could only ask – and reasonably so – […]
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The Association of Bureaux De Change Operators of Nigeria (ABCON) will tomorrow launch its live run automation portal in Lagos. The initiative is expected to automate all BDCs’ operations with the Nigeria Inter-bank Settlement System (NIBSS), Nigeria Financial Intelligence Unit (NFIU) and Central Bank of Nigeria (CBN). It is aimed at improving the level of […]
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