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Jump In Stock Price Seen As Endorsement For New Forex Window

The jump in equities at the Lagos Stock Exchange in the last two days is being seen as an initial endorsement of the new foreign exchange window created by the Central Bank of Nigeria (CBN) although patience will be needed to allow the market to build its own momentum, Bloomberg reports traders as saying. Last […]

CBN Suspends New Cashless Policy

CBN Suspends New Cashless Policy

Please note that the new withdrawal and deposit processing fee charges above the threshold, as contained in the circulars referenced above, are hereby suspended until further notice. 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 […]

Out Of $100m Offered By CBN, Banks Buy Only $68.51m

Out Of $100m Offered By CBN, Banks Buy Only $68.51m

This is coming after the CBN injected a total of $280 million into the Foreign Exchange Market on Tuesday, April 18, 2017. The Central Bank of Nigeria (CBN) again on Wednesday, April 19, 2017, carried out spot, wholesale interventions in the interbank FOREX market by offering a total sum of $100m to authorized dealers to […]

W’bank Says Nigeria’s Revenue Can’t Sustain Interest Payment On Debt

W’bank Says Nigeria’s Revenue Can’t Sustain Interest Payment On Debt

Nigeria’s debt to GDP ratio is relatively low Although Nigeria’s total current debt is relatively low compared to the Gross Domestic Product, the interest rate payment is not sustainable by current revenues, the World Bank has said. Senior Economist at World Bank office in Nigeria, Yue Man Lee, said this in Abuja on Wednesday on […]

Banks Run Out Of Naira To Buy Dollars As Overnight Interbank Rate Rises To 300%

Banks Run Out Of Naira To Buy Dollars As Overnight Interbank Rate Rises To 300%

The Nigerian interbank market offer rate spiked to 300 percent just before banks went on Easter break, as  the Central Bank’s Open Market Operations (OMO) and foreign exchange sales drained naira liquidity and pushed up the cost of money. Traders said that the inter bank plunged into a naira deficit of N160 billion, forcing some […]

Banks Boycott CBN Dollar Sale As Naira Shortage Continues

Banks Boycott CBN Dollar Sale As Naira Shortage Continues

The Nigerian interbank lending rates rose sharply by around 100 percentage points on Thursday Deposit Money Banks lacked naira liquidity to bid for the $100m offered for sale by the Central Bank of Nigeria on Thursday. Findings showed that banks were unable to buy over $39m out of the $100m offered for bid by the […]

CBN Says Some Banks Have Breached Forex Borrowing Limit

CBN Says Some Banks Have Breached Forex Borrowing Limit

The Central Bank of Nigeria said on Thursday some commercial lenders have breached its regulatory limit of foreign currency borrowings due to the recent fall in the value of the naira. In a remedial action, the regulator increased the foreign currency borrowing limit for lenders to 125 percent of their respective shareholders’ fund from 75 […]

FG Offers New Savings Bond With Interest Of 12.79, 13.79 Per Cent

FG Offers New Savings Bond With Interest Of 12.79, 13.79 Per Cent

The Debt Management Office (DMO), said subscribers will get an interest rate of 12.79 per cent on the two-year bond and 13.79 per cent on the three-year savings bonds. The circular which was released yesterday on the office’s official website showed that the two-year bond will be due in April 2019 while the three-year bond will […]

Transporters Condemn CBN’s New Charges On Cash Deposit, Calls For Review

Transporters Condemn CBN’s New Charges On Cash Deposit, Calls For Review

Dr Samuel Maduka Onyishi, Chairman of Peace Mass Transit Limited, has said that the road transporters are choking under the Central Bank of Nigeria (CBN) new cashless policy regime that attracts percentage charges for cash deposits above N3 million, and called on the federal government to review it. Addressing Journalists in Enugu to showcase the […]

CBN Shortens FX Settlement Period As Naira Falls

CBN Shortens FX Settlement Period As Naira Falls

The Central Bank of Nigeria is planning to sell shorter-dated dollar forwards to inject liquidity into the official market and try to support the naira, traders said on Monday. The local currency has weakened on both the official and black markets. The naira fell to 328.50 on the official market on Monday but later gained […]

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