The Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, has described the naira as being misaligned, saying Ghana and South Africa had already moved closer to equilibrium. Rewane, who was quoted by Bloomberg as stating this, said, “The concerns are that the currency is under pressure, that the currency is misaligned. “Ghana and […]
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BANK customers are to pay a maintenance fee on current account transactions, the Central Bank of Nigeria (CBN) announced at the weekend. The new fee is a negotiable current account maintenance fee not exceeding N1 per mille (N1 per N1,000,000) may be charged in respect of all customer-induced debit transactions. CBN’s Financial Policy and Regulation […]
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Although experts have clamoured for the devaluation of the Nigeria Naira in the light of the nation’s depleting foreign exchange reserves, the Central Bank of Nigeria’s Monetary Policy Committee may not do so during its first bi-monthly meeting for this year, it has been learnt. Sources close to the CBN and members of the committee […]
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A group of manufacturers in Ogun State have declared their support for the Central Bank of Nigeria, (CBN)’s restrictions on foreign exchange dealings. The manufacturers stated this on Thursday at a press conference held at the Obasanjo Farm in Ota town of Ogun State. The deputy managing director of Tempo Paper Pulp and Packaging Limited, […]
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The Federal Government is targeting fresh $2bn (N394bn) as non-oil export earnings in the 2016 fiscal period. The Managing Director, Nigerian Export-Import Bank, Mr. Robert Orya, disclosed this in Abuja in an interview with our correspondent on the sidelines of a conference on how to stimulate non-oil exports. The conference, organised by the Central Bank […]
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MR. Godwin Emefiele, the Governor of the Central Bank of Nigeria, explained to the Senate on Tuesday that some harsh monetary decisions taken by the United States and Nigeria’s over dependence on foreign goods were responsible for the continuous fall in the value of the Nigeria Naira against major foreign currencies. The Chairman of the […]
Read More The Central Bank of Nigeria on Tuesday unveiled a N300bn special intervention fund to boost non-oil exports in the country. The announcement was contained in a communique issued at the end of a non-oil export conference conveyed by the CBN and the Nigerian Export-Import Bank. The central bank stated in the communique that the intervention […]
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THE Peoples Democratic Party has called on the National Assembly to impeach President Muhammadu Buhari for what it described as various constitutional breaches, especially the submission of two versions of the 2016 budget proposal. Punch reporter The National Working Committee of the Peoples Democratic Party made the call on Thursday in a statement by its […]
Read More NIGERIA Naira has depreciated further against the United States Dollar on Wednesday, falling to 302 at the parallel market, down from 300 on Tuesday. The currency had sunk to a record low of 300 per dollar at the parallel market on Tuesday, a day after the Central Bank of Nigeria stopped dollar sales to Bureau […]
Read More THE nation’s foreign reserves fell by $288m in eleven days, as revealed yesterday by the latest data obtained from the Central Bank of Nigeria. The reserves stood at $28.782bn on Monday, January 11, 2016, down from $28.895bn on January 8 and $28.931bn on January 7, according to the CBN data. On December 31, 2015, the […]
Read More MONDAY’S stoppage of foreign exchange sales to Bureau De Change operators by the Central Bank of Nigeria failed to lift the Nigeria Naira on Tuesday as the currency exchanged for 300 against the United States dollar in Kano, 290 in Lagos and 292 in Abuja. Financial experts said the naira would decline further, while private […]
Read More The Central Bank of Nigeria (CBN), has ordered money deposit banks in the country to begin the collection of cash deposits of foreign exchange from customers, following the the cancellation of the policy that hitherto bar them from such. This followed the announcement of the stoppage of the policy by the Central Bank of Nigeria […]
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