Forex: We will sustain intervention – CBN

The Central Bank Nigeria (CBN) has said it will continue to make foreign exchange supply available. This assurance was given in a statement issued by the bank’s Acting-Director for Corporate Communications, Isaac Okorafor, on Monday According to him, the apex bank will sell short tenured forwards of 7-30-day maturity to meet demand of manufacturers and…

Buhari queries EFCC, CBN, DSS, others over assets recovered from corrupt Nigerians

President Muhammadu Buhari has queried the Ibrahim Magu-led Economic and Financial Crimes Commission, EFCC, over recoveries of looted funds from Nigerians and organisations. President Buhari also queried the Central Bank of Nigeria, CBN, Independent Corrupt Practices and Other Related Offences Commission, ICPC, Ministry of Finance, Department of State Services, DSS, among others. Buhari asked the…

SMEs: ECCIMA urges CBN to intervene in high interest rate by commercial banks

The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has appealed to the Central Bank Nigeria (CBN) to intervene in the high interest rate charged by the commercial banks. The President of ECCIMA, Rev. Ugochukwu Chime, made the appeal on Saturday while speaking with the News Agency of Nigeria (NAN) at the 28th edition……

Anchor Borrowers Scheme: CBN urges Enugu State farmers to form co-operatives

The Central Bank of Nigeria (CBN) has advised farmers in Enugu State to form cooperatives in order to benefit enormously from the apex bank’s Anchor Borrowers Scheme. The Anchor Borrowers Scheme is a CBN initiative to empower farmers in cooperative societies to get loans at single-digit interest rate from the apex bank to produce, package,……

NDIC Warns Nigerians Against Investing Money Online

NDIC Warns Nigerians Against Investing Money Online The Nigeria Deposit Insurance Corporation (NDIC) has warned Nigerians against  investing their money in online and block-chain currencies schemes. Its Managing Director, Alhaji Umaru Ibrahim, gave the warning at a special day of the corporation at the ongoing 2007 Enugu International Trade Fair on Thursday. Umaru, who was…

CBN to inject another $10,000 to BDCs to check speculation

The Central Bank of Nigeria (CBN) will inject additional 10,000 dollars proceeds of International Money Transfer Services Operators (IMTSO) to 3135 Bureau De Change Operators nationwide, Alhaji Aminu Gwadabe says. Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON) said this in an interview with the News Agency of Nigeria (NAN) on……

​Forex: CBN Makes Special Intervention in BDCs

CBN Boosts BDCs…Makes $10,000 Midweek Intervention ABUJA – The Central Bank of Nigeria (CBN) in its bid to sustain supply of liquidity to the foreign exchange market, has decided to make a special intervention in the Bureau de Change (BDC) segment of the market on Thursday, April 6, 2017. Disclosing this in Abuja, the Acting…

CBN to create special dollar reserve for manufacturers, airliners, fuel importers

The Central Bank of Nigeria (CBN) says it will offer dollar equivalent to address the backlog of matured foreign exchange obligations to critical sectors, mainly manufacturers, airline operators, fuel importers and those in agriculture businesses. According to the apex bank :”Authorised dealers’ accounts with the CBN will be debited in full for the naira equivalent…

Financial Expert Predicts Further Appreciation Of The Naira

Prof. Uche Uwaleke, a financial expert, has predicted a further decrease in the rate of inflation and appreciation of the Naira for March 2017 as it was the case in February. Uwaleke , the Head of Banking and Finance, Nasarawa State University, Lafia, made the prediction in an interview with the News Agency of Nigeria…

Naira falls further to N395/$

The naira on Monday depreciated further at the black market in spite of the commitment of the CBN to boost liquidity in the market, the News Agency of Nigeria (NAN) reports. The naira lost two points to exchange at N395 to the dollar from N393 recorded on Friday, while the pound sterling and the Euro……