Business Money

CBN tightens liquidity through sales of Tbills worth N98bn

Ihesiulo Grace 19 October 2017 0

.As Naira stabilises at FX markets Motolani Oseni There are indications that the Federal Government of Nigeria, through the Central Bank of Nigeria (CBN) has tightened liquidity to support the nation’s currency, Naira, through the sales of fresh N98 billion worth in Treasury Bills (TB)

Business

FOREX: CBN maintains market liquidity with $195m

Ihesiulo Grace 17 October 2017 0

Mathew Dadiya, Abuja The Central Bank of Nigeria (CBN), on Monday continued to maintain liquidity in the Foreign Exchange (FOREX) market by injecting $195 million in the the Nigerian inter-bank foreign exchange market. Figures released by the Bank show that it offered a total sum of $100million to the wholesale segment, while the Small and […]

Business Capital Market News Top Stories

NPLs: How banks violate CBN’s 5% threshold- Investigation

Ihesiulo Grace 14 September 2017 0

High-interest rate deter loans’ repayment Non-performing loans impact investors’ worth ‘Banks must keep bad loans at minimum to succeed’ Nigeria’s commercial banks’ ability to provide capital and stimulate investment for economic growth may be threatened, as the harsh economic conditions in the country may have forced the lenders to continue to violate

Business Economy

Nigeria reforms capital importation to attract foreign investors

Ihesiulo Grace 11 September 2017 0

Nigeria’s central bank Monday will start issuing electronic certificates for capital imported into the country, in a bid to improve its currency transfer process, it said. The new certificate will replace a hard copy now issued when capital is imported, according to a circular from the central bank. The bank said the move would enhance […]

Business Economy

Nigeria was faced with depression, says ex-CBN Director

Ihesiulo Grace 6 September 2017 0

Titus Okunronmu, a former Director, Budgetary Department, Central Bank of Nigeria (CBN), said on Wednesday that Nigeria’s economy had been experiencing depression rather than recession since 2015. According to NAN, Okunronmu, while responding to questions concerning the country’s economy in Ota, Ogun state, said that a recession could only last for a quarter or two,

Business

Eid-el-Kabir: CBN injects $547m into Forex market this week

Ihesiulo Grace 31 August 2017 0

Central Bank of Nigeria, (CBN), has given the Nigerian currency, the Naira, another big boost on Thursday, through the injection of $297m into the Retail Secondary Market Intervention Sales (SMIS) segment of the Foreign Exchange (Forex) market. This has, therefore, raised the total intervention for the week to the sum of $547m in view of […]

Business

Naira extends gain at parallel market, strengthened at NAFEX

Ihesiulo Grace 31 August 2017 0

After trading between 368 and 370 for over a week, the Nigerian currency, Naira, on Wednesday, extended gains recorded at the parallel market, while it strengthened at the Nigeria Autonomous Foreign Exchange Fixing (NAFEX) window. At the close of yesterday’s trading activities, the naira, at the unofficial market, appreciated by two points to close at […]

Economy Nigeria

Apprehension as CBN fails to update external reserves figures for two weeks

Ihesiulo Grace 28 August 2017 0

All eyes are on the Central Bank of Nigeria (CBN) for the release of the latest foreign exchange reserve figures. The apex bank is yet to update the most recent figures on its website for over two weeks, the last being August 18 2017. The external reserves data is updated nearly every day. The most […]

Business

Naira relapsed, down at official market, NAFEX window

Ihesiulo Grace 28 August 2017 0

.As turnover at I&E FX window gains $67.12m After recording a rebounded rate at the Nigeria Autonomous Foreign Exchange Fixing (NAFEX) window a day before the closure of the official forex market, the Nigerian currency, Naira, on Friday, relapsed against the US Dollar, as well as shedding 0.02 per cent at the Central Bank official […]

Business

Unity bank enhances rural economy with NIRSAL savings’ account

Ihesiulo Grace 28 August 2017 0

There is no gainsaying that the creation of several intervention schemes by the Central Bank of Nigeria will boost economic diversification and reduce over dependency on Crude oil. In view of this, Unity Bank has developed a product called NIRSAL Farmers Savings’ Account specifically designed to drive its strategic business focus on rural economy. The […]

Business

Overnight lending rate drops as new banking instruments debut

Ihesiulo Grace 28 August 2017 0

Following the spike to almost 100 per cent at the mid of last week, the nation’s overnight lending rate on Friday, dropped to 12 per cent, due to a liquidity squeeze, as lenders paid for hard currency and treasury bills purchased from the Central Bank of Nigeria (CBN), traders have disclosed. This is just as […]

Money

CBN lifts Forex market with $195m

Ihesiulo Grace 21 August 2017 0

The Central Bank of Nigeria (CBN) on Monday, boosted the Foreign Exchange (FOREX) market by offering a total of $195 million in three segments of the market. In the wholesale segment of the inter-bank forex market, it auctioned $100m; and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments with $50m and […]

Money

CBN may mop-up N230bn from money market this week

Ihesiulo Grace 15 August 2017 0

As part of continued effort in ensuring system stability in the country, indications are rife that the Central Bank of Nigeria (CBN), may dry up to N230 billion from the money market this werek. This is because there Open Market operations (OMO) operations that are due to mature this week, and financial analysts believed that […]

Business Top Stories

CBN to spend $500,000 on 1st bio- diesel refinery

Ihesiulo Grace 14 August 2017 0

*Project to be completed in Kogi by 2018 *Jatropha farmers’ cooperatives to get N1m The Central Bank of Nigeria (CBN), through the Bank of Industry (BOI), is poised to enhance in bio-diesel refining in the continent with the establishment of the first bio-diesel refinery in Kogi, which will gulp $500,000. The project is expected to […]

Business News

CBN strengthens FOREX market with $195m

Ihesiulo Grace 8 August 2017 0

The Central Bank of Nigeria (CBN) on Monday, boosted the FOREX market by offering a total of $195m in the three segments of the market. In the wholesale segment of the inter-bank Foreign Exchange market, it auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of […]

Capital Market

CBN lauds SEC on dividend payment’s simplification

Ihesiulo Grace 8 August 2017 0

The Central Bank of Nigeria (CBN) has lauded the contributions and achievement of the Securities and Exchange Commission (SEC) in simplifying dividend payments and reducing unclaimed dividend fraud in the country. Mr. Dipo Fatokun, CBN’s Director, Banking& payment systems Department who gave the commendation recently in Lagos, said that just as the country is still

Business

NECA urges Central Bank to lower borrowing costs

Ihesiulo Grace 20 July 2017 0

The Nigerian Employers Consultative Association (NECA) have implored monetary authorities to take measures in re-inflating the economy through monetary easing and reduction of the high-interest rate otherwise known as borrowing costs, which they said are currently stifling Economic growth. Speaking on Behalf of the Association, following a quarterly meeting of its

News Nigeria

Naira strengthens to 305.95/$1 CBN’s rate, 368 unofficial rates

Ihesiulo Grace 13 July 2017 0

The Naira on Wednesday, strengthened to 305.95 to a dollar at a Central Bank of Nigeria (CBN’s) rate, which stood at 306 on Tuesday, but remained stable at 368 per dollar at the unofficial foreign exchange market. This is even as the Central Bank of Nigeria (CBN) on behalf of the Federal Government set to […]

News Technology

NCC, CBN secures reprieve for Etisalat on debt crisis

Ihesiulo Grace 11 March 2017 0

The Central Bank of Nigeria (CBN) and telecom regulator, Nigerian Communications Commission (NCC) has been able to get reprieve for Mobile Network Operator, Etisalat after the meeting convened to find a quick resolution to the loan default crisis between the company and some banks. The meeting held at the CBN Office in Lagos, recently had […]

Business Top Stories

BREAKING: CBN to Give Banks $20million FOREX Weekly

Ihesiulo Grace 18 February 2017 Post a comment

In apparent response to recent outcry over the hardships encountered by the business community in sourcing foreign exchange for transactions, the Central Bank of Nigeria CBN has agreed to release $20 million weekly to selected 20 banks. The body has also fixed Monday, the 20th of February for the effective takeoff of the new policy […]