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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 […]

CBN Offers Smes $20,000 In Fx Per Quarter

CBN Offers Smes $20,000 In Fx Per Quarter

The Central Bank of Nigeria is offering small and medium-size enterprises (SMEs) up to $20,000 per quarter, in an effort to prop up businesses whose access to foreign currencies has been overshadowed by larger companies, it said on Monday. Nigeria is battling a currency crisis brought on by low oil prices, which has tipped its […]

Banks’ Non-performing Loans Rise To N2tn, CBN Says

Banks’ Non-performing Loans Rise To N2tn, CBN Says

The challenging economic situation in Nigeria has 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 […]

CBN’s Stress Test Shows Three Nigeria Banks In Trouble

CBN’s Stress Test Shows Three Nigeria Banks In Trouble

The Capital Adequacy Ratios of three big banks have fallen below regulatory capital requirement, the result of stress test conducted by the Central Bank of Nigeria on the status of the banking system has shown. Overall, the result of the solvency stress test indicated the potential for high contagion risk through unsecured interbank exposure as […]

Pay Forex Users In Cash, CBN Tells Banks

Pay Forex Users In Cash, CBN Tells Banks

The Central Bank of Nigeria had on Monday, directed all banks to pay cash over-the-counter to desiring foreign exchange customers. The directive, according to the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, was issued to further ease the access of customers to foreign exchange. He said that the apex bank had also released […]

Nigeria Banks Avoid Fresh Eurobonds As Appetite For Dollar Debts Fizzle Out

Nigeria banks have lost interest in fresh issues or refinancing of Eurobonds because firms no longer have appetite for dollar denominated debts in the country. The volatility in the naira-dollar exchange rate in the last one year, has killed the appetite for dollar loans by Nigerian firms who before now, had preferred such loans due […]

Banks’ Forex Trading Turnover Falls By 40.19%

Banks’ Forex Trading Turnover Falls By 40.19%

Deposit money banks recorded total turnover of $58.54 million with an average daily turnover of $11.71 million at the spot foreign exchange market last week. This represented a 40.19 percent decline compared with $97.89 million with an average daily turnover of $19.58 million reported the previous week, according to the FMDQ. Also in the same […]

Anxiety As Bank Withdrawal, Deposit Charges Begin

Anxiety As Bank Withdrawal, Deposit Charges Begin

There are concerns over the fate of the nation’s financial inclusion project as the first phase of planned full implementation of the accompanying cash-less projects take full course today. Although slated for April 1, which falls on the weekend, the full take off of the policy will begin today as financial institutions, markets and all […]

Report Any Bank That Fails To Give FOREX, CBN Tells Nigerians

Report Any Bank That Fails To Give FOREX, CBN Tells Nigerians

The Central Bank of Nigeria CBN, in a statement released on its website today, has asked Nigerians seeking to buy forex for BTA, PTA, medical and school fees but are being frustrated by any bank, to call this number 07002255226 to report such bank. According to the statement, some Bank customers have complained that since […]

Nigeria To Consolidate $500m Eurobond With $1bn Issue

Nigeria To Consolidate $500m Eurobond With $1bn Issue

The Federal Government of Nigeria on Wednesday disclosed that its $500 million notes under the $1.5 billion Global Medium Term Note programme will be consolidated to form a single series with the existing $1 billion notes, which the country issued in February and will mature by 2032. The federal government therefore announced that it has […]

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