Sunday , 24 September 2017

Tag Archives: cbn

CBN injects $195m into foreign exchange market

The Central Bank of Nigeria has injected 195 million dollars into the foreign exchange market, just days after, the apex bank injected 800 million dollars into  the Interbank Foreign Exchange (FOREX) Market last week, the aim of these injections, is to help meet the requests of customers in the various …

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CBN to support Micro finance banks

The Central Bank of Nigeria has promised to invest in some microfinance banks across the country and build their capacity to provide housing finance to aspiring homeowners. According to the CBN, the initiative, which falls under the ‘My Own Home’ campaign of the Federal Government, is aimed at addressing the …

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Value of Naira rises as CBN injects $418 million into forex market

The Central Bank of Nigeria, CBN’s has injected  $418 million into various segments of the inter-bank Foreign Exchange market, this injection has increased the value of the Naira. This is coming on the heels of a cumulative $2.2bn boost in the transactions at the Investors’ & Exporters’ (I&E) segment of …

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Charles Soludo insists CBN should scrap extra interest rates

Former Governor of the Central Bank of Nigeria, Prof. Chukwuma Soludo, on Monday has said the Central Bank of Nigeria needed to return the country out of the biting economic challenges and get back on the path of growth. Soludo said policymakers must get the country out of the current …

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CBN suspends charges on withdrawals above N500,000

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks to suspend charges on over-the-counter or ATM withdrawals of above N500,000 or deposit of same amount. The apex bank’s Director, Banking and Payments System Department, Mr Dipo Fatokun, in a circular dated April 20, 2017, said all the charges …

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CBN injects $100 million into forex

The Central Bank of Nigeria (CBN) again offered 100 million dollars to authorised dealers to meet the 7 to 15-day forwards requests of customers just days after the apex bank invested $280 million into the Foreign Exchange Market. This was disclosed by the acting Director, Corporate Communications Department, CBN, Mr …

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Naira Watch: CBN Increases Dollar Supply to BDCs By 100%

naira to dollar naira dollar

The Central Bank of Nigeria (CBN) has increased weekly dollar sale to bureaux de change (BDCs) operators by 100 per cent to $40,000 per week per BDC effective from next week. The apex bank also disclosed that demand for dollars by banks fell   by 65 per cent during its last …

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CBN Raises Banks’ Forex Loan Limits To Resolve Breaches

The Central Bank of Nige­ria (CBN) has increased the limit on banks’ for­eign currency borrowings to 125 percent of sharehold­ers’ fund after some lenders breached its regulatory lim­it due to the recent fall in the naira, according to a circular seen by Reuters. The new regulation replac­es a 2014 rule …

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CBN releases $250m to major sectors in Nigeria

The Central Bank of Nigeria (CBN) has released $250m to four sectors in the country on Wednesday, it was  released on seven to 30-day forwards for agriculture, airlines, petroleum products and raw materials The apex bank also called for bids for wholesale spot for $100m for Basic/Personal Travel Allowances, medicals …

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Small and Medium Enterprises, SMEs, recieves a boost of $141 million from CBN

The Small and Medium Enterprises, SMEs on Monday has recieved a boost of $141 million from the Central Bank of Nigeria, CBN as a special foreign exchange. This was confirmed by the CBN spokesperson, Isaac Okorafor, he said the new supply window would enable SMEs import eligible finished and semi-finished …

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FITCH SINGLES OUT ZENITH BANK

The stress test conducted by the Central Bank of Nigeria (CBN) has confirmed the resilience of large banks to withstand stresses over smaller banks, even as it singled out Zenith Bank Plc for its strength in comparison to others Citing a Financial Stability Report for December 2016, published recently, rating …

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CBN Asks Banks to Report Cyber Crimes

Meanwhile, following a recent report that North Korean hacking operations were growing and getting bolder and increasingly targeting financial institutions in Nigeria and 17 other countries, the central bank has advised financial institutions under its regulation to always report incidents of cybercrime to the CBN. The CBN Director, Banking and …

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CBN injects $100m, to raise Naira valuevalue

In the quest to boost the value of Naira, the Central Bank of Nigeria on Thursday offered $100m in currency forwards, to be settled within 60 days, currency traders said, quoting a notice from the CBN. The central bank has been selling dollars to try to narrow the spread between …

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Three Banks In Trouble As CBN Releases Stress Test Result

The Capital Adequacy Ratios (CARs) of three big banks have fallen below regulatory capital requirement, the result of stress test conducted by the Central Bank of Nigeria (CBN) on the status of the banking system has shown. Overall, the result of the solvency stress test indicated the potential for high …

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CBN injects $240 million into forex

 $240 million has been injected  into the country’s foreign exchange by the  has been injectedinto the nation’s foreign exchange market by the Central Bank of Nigeria (CBN), Monday, to sustain Naira’s gains against the Dollar and other hard currencies. Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele said that, …

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CBN to begin the sale of forex to Bureau de change operators twice a week

The Central Bank of Nigeria has announced on Thursday that it will from next Monday begin the sale of foreign exchange to Bureau De Change operators twice weekly. The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, who confirmed this, stated that the move was part of the apex …

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EFCC arrests 2 CBN directors for forex manipulation

Two directors of the Central Bank of Nigeria have been apprehended by the Economic and Financial Crimes Commission for allegedly manipulating forex and economic sabotage. According to sources at the EFCC,  one of our correspondents on Wednesday that the directors were still in custody as of press time at 7.30pm. …

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N455 to a dollar, despite CBN intervension

The Naira value has not reduced despite liquidity boost in the Bureau de Change and parallel market segments, the conversion rate is still N455 to a dollar It also appreciated against the Pound Sterling and Euro as it traded at N545 and N470 to the pound sterling and Euro respectively. …

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Meet forex demand for school fees within 48hrs, CBN orders banks

The Central Bank of Nigeria has directed Deposit Money Banks to process and meet demands for school fees including allowances and medical bills with 48 notes of such applications. The apex bank gave the directive in a circular dated March 3 with reference number FMD/DIR/CIR/GEN/08/005. The circular which was signed …

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Presidency disagrees with Soludo over current Economic crisis

The office of the  Presidency on Thursday replied the former Central Bank of Nigeria, CBN, who accused the Buhari administration of worsening the state of Nigeria’s economy since it took over almost two years ago. Mr. Soludo said the government had not shown sufficient seriousness in address the terrible economic …

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