Tag Archives: CBN

The Central Bank of Nigeria has introduced “Form X” for the Small and Medium-scale Enterprises seeking to purchase foreign exchange from the apex bank. The CBN said the decision was part of its commitment to increase forex liquidity and improve access by the SMEs and retail businesses to forex. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, who confirmed …

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The Central Bank of Nigeria (CBN) has washed its hands of the controversial N15 billion Osborne Towers, Ikoyi, Lagos cash haul. CBN spokesman Isaac Okorafor told The Nation that the apex bank did not know the source of the money. Okorafor said the CBN issues serial currencies to banks which are at liberty to give such currencies to their clients. …

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The challenging economic situation in the country made the banking industry’s non-performing loans ratio to rise from N1.678bn in June to N2.084tn in December 2016, the latest Central Bank of Nigeria’s Financial System Stability Report revealed on Wednesday. The financial soundness indicators used to appraise the stability of the financial system included asset quality, capital and income-expense, the report stated. …

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Bismarck Rewane, chief executive officer (CEO) of Financial Derivatives, says the Central Bank of Nigeria (CBN)  can intervene in the foreign exchange market, but must resist price fixing. He said the bank should also allow the naira depreciate to “maybe 340, maybe 350″ to reflect a real effective exchange rate. Speaking to Channels Television on Monday, Rewane said the CBN …

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Barely three days after the naira weakened against the United States dollar, the Central Bank of Nigeria is set to boost the local unit with the injection of more dollars into the foreign exchange market this week. The CBN, it was learnt, was planning to increase dollar supply with a view to ensuring liquidity in the interbank market. This came …

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The country’s external reserves fell to a two-week low and the naira eased on the black market on Friday after the Central Bank of Nigeria pledged to step up dollar sales. This came just as the CBN said it would announce a new exchange rate for Bureau De Change Operators next week, Reuters reported. The central bank had on Tuesday …

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The Central Bank of Nigeria has made moves to strengthen the naira currency to boost domestic manufacturing and lift the economy out of the recession caused by the slump in global oil prices. But analysts said the measures do not go far enough and foreign investment would only return to Africa’s most populous nation once the market determines the currency’s …

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Photo Caption: Scramble for Forex at the Central Bank of Nigeria (CBN) Lagos office this morning as early as 7am.

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The Central Bank of Nigeria has directed all Deposit Money Banks to provide foreign exchange for customers requesting it for Personal or Business Travel Allowance, and payment of school fees and medicals at a rate of N360 per dollar. It also directed banks to immediately post the new rate on electronic display boards in the banking halls of their branches, …

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The Central Bank of Nigeria on Monday introduced new Forex rates and would no longer trade the naira at N375 per dollar for invisibles, such as school fees, medical bills and travel allowances. The regulator said Nigerians can now get the dollar at N360 across all commercial banks within the country. “The CBN [is] to sell forex to banks at …

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