Tag Archives: CBN

The Central Bank of Nigeria (CBN) monetary policy committee (MPC) on Tuesday, sustained all monetary policies parameters, in a bid to keep up the battle against inflation. MPC said inflation was down, year-on-year, but the food index rose in February from figures recorded in January, mounting pressure on consumers. Godwin Emefiele, governor of the bank, announced that the committee decided …

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The Central Bank of Nigeria onThursday said it would on Friday release the sum of $100m to authorised dealersto meet the requests of genuine customers in the interbank segment of theforeign exchange market. The release ofthe forex, according to the apex bank, followed bids from authorised dealersfor the amount. The CBN Director, CorporateCommunications Department, Mr Isaac Okoroafor, while confirming the …

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The Central Bank ofNigeria (CBN) has disclosed plans of positioning the Nigerian insuranceindustry among the 15 largest in the world come year 2020. The apex bank said a lot of transformation was going on in the sector, as enshrined in itsFinancial System Stability 2020 (FSS 2020) aimed at revamping the sector,adding that it was working with the National Insurance Commission to achieve this  …

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The Central Bank of Nigeria (CBN) has directed Money Deposit Banks to henceforth process and meet the demand for dollars and other foreign currencies within 48 hours. In a circular made available to journalists, on Sunday in Abuja, the Director, Financial Markets Department, CBN, Dr Alvan Ikoku said the order would further make foreign currencies readily available to end users. …

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The Central Bank of Nigeria 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 Okoroafor, on Thursday in Sokoto refuted the claim that the allegations by Mr Babatunde Gbadamosi on the illegal sales of foreign currencies at ridiculous rates were …

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The Central of Bank of Nigeria (CBN) said on Monday it will auction $100 million in forward contracts after selling the U.S. currency last week to boost dollar liquidity and help close the gap between the official and black market exchange rates. The bank sold $370 million in 60-day contracts last Monday while the result of another $230 million forward …

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The Central Bank of Nigeria (CBN) has been consistently criticised for the manner in which it has managed Nigeria’s foreign exchange (forex) market. One of the complaints is the directive by the CBN to commercial banks to allocate 60 per cent of their forex sales to the manufacturing sector and at the rate advised by the CBN.  The second major complaint …

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The Central Bank of Nigeria, CBN, on Monday unveiled new foreign exchange, forex, policy, and directing “all banks to open FX retail outlets at major airports as soon as logistics permit”. A statement by the Bank’s acting Director, Corporate Communications, Isaac Okorafor noted that the new policy is part of the efforts “to ease the difficulties encountered by Nigerians in obtaining funds …

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Amidst wide allegations of unwholesome practices in disbursement of foreign exchange, Central Bank of Nigeria (CBN) has said that it disbursed the sum of $2.83 billion for utilisation in the critical sectors of the economy between December 2016 and January 2017. In a release Thursday by the acting director, corporate communications department, Mr Isaac Okorafor stated that manufacturing, raw material …

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The attention of the Central Bank of Nigeria (CBN) has been drawn to a media report suggesting that the Office of the Attorney General of the Federation and Minister of Justice has issued a query to the Central Bank of Nigeria (CBN) over issues relating to the sale of foreign exchange. While it is perfectly normal for any agency of …

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