Tag Archives: CBN

  The Manufacturing Purchasing Managers’ Index (PMI) stood at 52.5 index points in May 2017, indicating expansion in the manufacturing sector for the second consecutive month. According to the PMI report for May released by the Central Bank of Nigeria (CBN) Thursday, 10 of the 16 sub-sectors reported growth in the review month in the following order: primary metal; petroleum …

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The Central Bank of Nigeria on Tuesday said that Deposit Money Banks in the country lost a total of N2.19bn to fraudsters in the 2016 fiscal period. The figure was contained in the Nigeria Electronic Fraud Forum Annual Report, which was unveiled by the CBN Governor, Mr. Godwin Emefiele, during the NEFF stakeholders’ workshop on cybercrime. The conference with the …

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The Central Bank of Nigeria is planning to sell an undisclosed amount of dollars to settle a backlog of foreign exchange demand for airlines, fuel and raw material importers. Foreign exchange traders said the CBN had asked commercial banks to submit bids for dollars to cover the previously unmet demand for hard currency for specific sectors as it tried to …

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The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) decided to hold key interest rate at record 14 percent, while seeking convergence in foreign exchange market. Godwin Emefiele, governor of the apex bank disclosed this at the end of the meeting in Abuja on Tuesday, said all members of the committee voted to hold interest rate at …

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The Central Bank of Nigeria (CBN) plans to sell $100 million on today (Monday) at a special wholesale spot and forwards auction in its bid to improve dollar liquidity in the foreign exchange market and narrow the spread between official and black market rates. According to Reuters, traders, citing a notice from the regulator, said the dollar auction would be …

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Contrary to insinuations about the willingness of farmers to pay up their loans, the Central Bank of Nigeria (CBN) says farmers who accessed credit under its Anchor Borrowers’ Programme (ABP) have started repaying the loans. According to the apex bank, as at the end of March , a total of N33.34 billion had been released through 12 participating finance institutions …

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The Central Bank on Nigeria released a new set of guidelines to charges for banks and other financial institutions last week. The new charges are effective tomorow (May 1 2017). Here are the key things you need to know about these charges. (You can download the guidelines by following the link above, and then read through with the explanations below.) Interest on deposits …

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The Central Bank of Nigeria (CBN), Director of banking  supervision, Ahmed Abdullah on Thursday disclosed that the bankers committee of the apex bank at the end of its 32nd meeting in Lagos resolved to be contributing 5 percent of their profit after tax toward supporting the agricultural sector. Addressing pressmen, Abdullah, who spoke alongside, the managing director of Access Bank …

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The Central Bank of Nigeria on Sunday said it would continue to introduce measures to stabilise the foreign exchange market. It also said that various forex initiatives it had introduced in recent weeks were beginning to yield results with stability recorded in the naira exchange rate. The central bank had opened various windows to meet the demand for forex by …

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The Central Bank of Nigeria (CBN) has suspended its earlier directive on the implementation of cashless policy. In a circular released on Friday, the apex bank instructed banks to revert to old charges and refund customers who had been debited. CBN had earlier announced new charges on deposit and withdrawals above a threshold of N500,000. The apex bank had directed …

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