Business

CBN debunks been queried by AGF over forex allocation, transactions

Ihesiulo Grace 17 February 2017 0

Following the allegation that the Attorney General of the Federation (AGF), Mr. Abubakar Malami, had queried the Central Bank of Nigeria (CBN) foreign exchange allocation and transactions, the apex bank on Thursday debunked the claim saying that it had yet to receive any query from the office

Business

Bankers Committee to support economic diversification with N25bn

Ihesiulo Grace 10 February 2017 0

That Bankers Committee said it has concluded arrangement to support federal government’s effort at diversifying the economy by introducing a new initiative that will fund agricultural business and Small and Medium Enterprises (SMEs), even as the Central Bank of Nigeria (CBN) reintroduced the cashless policy to other states of the federation. According to the committee,

Business Money

LCCI thrashes CBN for inflation fixation

Ihesiulo Grace 30 January 2017 0

The Lagos Chamber of Commerce and Industry (LCCI) has trashed the outcome of last week’s Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) as no more than a fixation on inflation at the expense of stimulating growth and investment. The Director-General, Lagos Chamber of Commerce and Industry (LCCI), Mr Muda Yusuf, made the observation […]

Money

CBN to sell dollars to manufacturers, airlines, others in special auction

Ihesiulo Grace 26 January 2017 0

In order to clear the backlog of dollar obligations that businesses owe, the Central Bank of Nigeria (CBN) has asked Deposit Money Banks (DMBs) to bid in a special currency auction, forex traders disclosed. In view of this development, commercial banks are expected to submit backlog of dollar demand from fuel importers, airlines, raw-materials producers, […]

Business News

CBN Governor, Peterside disagree on way out of nation’s economic woes

Ihesiulo Grace 19 January 2017 0

The Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, Thursday sharply disagreed with an investment banker and Chairman of the Stanbic IBTC Bank, Mr. Peterside Atedo, over some recommendations by the latter on how the nation’s economy could be moved out of its present economic doldrums. This is even as the Minister […]

Business Money

CBN, NSE sanction Stanbic IBTC N20.3m

Ihesiulo Grace 11 January 2017 0

The Central Bank of Nigeria (CBN) and Nigerian Stock Exchange (NSE) sanctioned Stanbic IBTC Holdings N20.3 million for eight different offences in 2015.   The recently released 2015 financial result of the lender showed that a penalty of N10 million by CBN was imposed for AML/CFT related issues arising from the AML/CFT spot check in […]

Business Money

FG sells N173bn Treasury bills at steady yield

Ihesiulo Grace 6 January 2017 0

The Central Bank of Nigeria (CBN) sold N172.85 billion ($550 million) treasury bills on Wednesday with yields unchanged from the previous auction, held in the third week of the last month in 2016.   The apex bank sold N115.85 billion of one-year debt at a rate of 18.68 percent, the same as the previous auction, traders said. […]

Business Money

CBN directs PFIs to disburse N220b agric funds at 9%

Ihesiulo Grace 6 January 2017 0

The Central Bank of Nigeria (CBN) has directed Participating Financial Institutions (PFIs) including commercial banks, microfinance banks (MfBs) and Development Finance Institutions (DFIs) to disburse N220 billion targeted at the Anchor Borrowers’ Programme (ABP) at nine percent interest rate.   The apex bank recently released guidelines for the implementation of ABP

Money

CBN, Katsina to boost rice production in Nigeria

Ihesiulo Grace 3 January 2017 0

Katsina State Government has keyed into the Central Bank of Nigeria (CBN) Anchor Borrowers Programme (ABP) to boost local rice production in Nigeria.   Highlighting the state’s plan to tackle challenges currently facing the agricultural sector, the state governor, Aminu Bello, said that there was the need for adequate food security for the ever increasing […]

Capital Market

SEC, CBN outline guidelines for securities settlement

Ihesiulo Grace 1 January 2017 0

The Securities and Exchange Commission (SEC) and the Central Bank of Nigeria have introduced guidelines on securities settlements in Nigeria. According to the regulators, the guidelines are outlined to promote competitive, efficient, safe and sound post trading arrangements in the Nigerian financial market. The guidelines set to promote and facilitate the development of

Business

CBN fails to print small denomination notes -NAN

Ihesiulo Grace 29 December 2016 0

The Central Bank of Nigeria (CBN) has not printed the small naira denominations for about a year, causing the scarcity of the notes in the economy, the News Agency of Nigeria (NAN) reports. Sources at the CBN hinted that for a year now, the apex bank did not award contract for the printing of the […]

Business Capital Market

Stanbic IBTC declares 5 kobo dividend for 2015 financial year

Ihesiulo Grace 29 December 2016 0

Stanbic IBTC Holdings is proposing a dividend of 5 kobo to its shareholders for the fiscal year ended 31st December 2015. The group in a notice to the Nigerian Stock Exchange (NSE) disclosed that the dividend is to be approved by shareholders at its annual general meeting on a date to be announced, while the […]

Business

CBN: Dilemma of bridging inter-bank, parallel market rate

Ihesiulo Grace 28 December 2016 0

The year has been a tough one for the Central Bank of Nigeria (CBN) in regulating the foreign exchange market, especially the Bureau de Change, parallel market segment of the financial sector, which experts believe is full of speculators and round-trippers. The ban on the 41 items by the Federal Government in 2015 has made […]

Business

Revive Naira to revitalize economy, expert urges CBN

Ihesiulo Grace 27 December 2016 0

An Economist, Prof. Sheriffadeen Tella, on Tuesday, said that the Central Bank of Nigeria (CBN) must pursue monetary or quantitative easing approach in 2017 to revitalize the economy and solve the country’s lingering foreign exchange crisis. Tella, a Professor of Economics in the Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, made the

Editorial

CBN and combating terrorism financing

Ihesiulo Grace 27 December 2016 0

Recently, the Nigeria Central Bank (CBN) Governor, Mr. Godwin Emefiele called on banking institutions, security agencies and other relevant stakeholders in the financial system to redouble efforts at combating Money Laundering and Terrorist Financing (ML/TF). Emefiele who spoke in Abuja at a regional workshop, noted that money laundering and terrorist financing are twin

Business Money

CBN floats N40bn TBs, as interbank rate hits 50%

Ihesiulo Grace 26 December 2016 0

The Central Bank of Nigeria (CBN) raised N39.72 billion naira ($130.57 million) for the federal government at a treasury bill (TB) sale last week, with yields unchanged on the previous auction, the apex bank said on its website on Friday.   This is just as the overnight lending rate rose sharply to around 50 percent on Friday, from […]

Business News Top Stories

CBN may retain MPR at 14% till 2017 –Emefiele

Ihesiulo Grace 21 November 2016 0

….Final decision to be taken by MPC’s 11-member committee ….MAN, LCCI, financial experts clamour for interest reduction …Inflation rate currently at 18.3% ….MPC meets for the last time in 2016 Ahead of the sixth and last Monetary Policy Meeting (MPC) for the year holding today and tomorrow, indications have emerge that the Monetary Policy Rate (MPR)

News

CBN And Health Of Banks

Ihesiulo Grace 19 October 2016 0

The Central Bank of Nigeria (CBN) has continued to reassure Nigerians that the banking sector is healthy. The apex financial institution insisted that no deposit money bank (DMB) was on the verge of going under. It also said that like in every other business engagement, negative profit can and do happen and is rarely a […]

Capital Market

CBN approves liquid asset status for Sukuk instruments

Ihesiulo Grace 8 October 2016 0

The Central Bank of Nigeria (CBN) has approved “Guidelines for Granting Liquid Asset Status to Sukuk Instruments Issued by State Governments” to enhance the diversification of sources of funding for development at the sub-national levels. The CBN said the approval is in view of the need to foster financial system and economic growth and development, […]

Business

CBN readmits UBA into FX Market

Ihesiulo Grace 24 August 2016 0

The United Bank for Africa (UBA) has said it has been readmitted by the Central Bank of Nigeria into the Foreign Exchange Market following its remittance of all NNPC/NLNG dollar deposits. An emailed statement from UBA reads “we are pleased to inform our valued customers, stakeholders and business partners as well as the general public that the CBN has […]