Nigeria’s FOREX Reserves Hit $30b

NAN: Nigeria’s foreign exchange (FOREX) reserves rose above $30 billion as of March 8 to its highest level since October 2015, central bank data showed on Friday. Nigeria’s dollar reserves have increased by 15.02 percent since the start of the year, data showed, but were far off their peak of $64 billion hit in August 2008….

Nigeria’s Central Bank and NCC Steps In Over Etisalat Loan

Tony Ojobo, Abuja: After a meeting Thursday afternoon in Abuja between the Executive Vice Chairman of the Nigerian Communications Commission, NCC, Prof. Umar Danbatta and the Central Bank Governor and his team, a decision was reached to intervene in the loan issue between Etisalat Nigeria and a consortium of commercial banks. The meeting which held…

CBN Revealed The Secret Behind Nigeria Naira Waxing Stronger

By Racheal Ishaya (NAN): The Central Bank of Nigeria (CBN) said the recent appreciation of the Naira against other currencies was the result of its market monitoring and intervention. The acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor on Thursday in Sokoto refuted the claim that the allegations by Mr. Babatunde Gbadamosi on the…

FG Packaging Urgent Relief For Poultry Industry, Says AG. President

Acting President Yemi Osinbajo On Poultry Farmers Laolu Akande, Abuja; In his second meeting with representatives of the poultry industry in a week, Acting President Yemi Osinbajo, SAN, is leading an urgent effort by the Federal Government to address challenges in the agricultural sub-sector and thereby offer relief measures to the ailing industry. The poultry…

Top Central bank officials charged to court

The former head of Spain’s central bank, a market regulator, and five other banking officials have been charged to court over a failed bank leading to the loss of millions of Euros for smaller investors. This, of course, markedly departs from the mammoth taxpayer giveaway — commonly referred to as the bailout — approved by……

Senate Committee on Banking Commends CBN Policies

CBN Logo Senate committee on banking, insurance, and other financial institutions has commended the monetary policies initiated by the central bank to reposition the economy saying it will no doubt impact on the economy in the medium to long term. Committee chairman Rafiu Ibrahim stated during an oversight visit to the CBN’s headquarters. The central…

Only Central Bank can salvage Nigeria from economic recession – Hon. Egwu

The member representing Idah/Igalamela-Odolu/Ofu/Ibajifederal Constituency of Kogi State, Hon. Emmanuel Makoji Egwu has explained that economic recession can only be tackled through targeted policies. This is also as he declared that the Central Bank of Nigeria was partly responsible for Nigeria’s economic woes. Speaking with DAILY POST in Abuja, he stated that resolving the crisis…

CBN to extend BVN registration to cover micro finance, mortgage banks

The Central Bank of Nigeria, CBN, has said that customers of Microfinance Banks, MFBs and Primary Mortgage institutions, PMIs, would be required to undergo Bank Verification Number, BVN, registration. The CBN also said it would henceforth monitor banks to ensure that dispense errors arising from electronic transactions are authomatically reversed. This, according to the CBN…

Nigerian Economy: Moody’s predicts further rise in inflation

Moody’s, the global rating agency, has predicted a further rise in the already historic high in the nation’s inflationary rate to 18 per cent. According to a Global Credit Research report released by the rating agency in Dubai, Moody’s said the depreciation implies a material loss in purchasing power given import-price inflation, adding that it…

Soludo and Sanusi

The statistics as regards the health of the Nigerian economy are grim.But there was absolutely nothing new or novel in the figures and facts reeled out by Professor Charles Soludo, former Governor of the Central Bank of Nigeria (CBN) at a lecture this week at the fourth Progressives Governors lecture series in Kaduna. According to…

Moody’s says CBN naira devaluation will help the economy

Moody’s, one of the big-three credit rating agencies in the world, says the Central Bank of Nigeria (CBN) devaluation of the naira is a positive step in building the economy. The post Moody’s says CBN naira devaluation will help the economy appeared first on TheCable.

Banks To Now Accept Moveable Assets As Collateral – CBAN

The Credit Bureau Association of Nigeria (CBAN), Central Bank of Nigeria (CBN) and International Finance Corporation (IFC) are working towards improving access to loan facilities using movable assets as collateral. The News Agency of Nigeria (NAN) reports that the institutions held a one-day workshop in Kaduna, on Wednesday, to create the needed awareness on the…