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High Dollar Rate Delays Petrol Importation –Marketers

High Dollar Rate Delays Petrol Importation –Marketers

The country may experience another round of petrol scarcity soon if the naira continues to depreciate in value, particularly against the United States dollar, oil marketers have said. The marketers noted that sourcing for dollars to import the product was becoming increasingly difficult, with most them turning to the parallel market for foreign exchange. The […]

MPC Meets Over Naira Devaluation

MPC Meets Over Naira Devaluation

Although experts have clamoured for the devaluation of the naira in the light of the nation’s depleting foreign exchange reserves, the Central Bank of Nigeria’s Monetary Policy Committee may not do so during its first bi-monthly meeting for this year, it has been learnt. Sources close to the CBN and members of the committee said […]

MPC Meets To Discuss Naira Devaluation

MPC Meets To Discuss Naira Devaluation

The Monetary Policy Committee will meet next Tuesday, the first this year, to deliberate on a number of issues, including whether to favour devaluation of the local currency or not. Sources at the Central Bank of Nigeria gave the hint even as currency traders said cautious trading had persisted on the parallel market in the […]

LCCI Advises CBN On Interest Rate

LCCI Advises CBN On Interest Rate

The Lagos Chamber of Commerce and Industry (LCCI) has advised the Central Bank of Nigeria (CBN) to formulate a framework on the Monetary Policy Rates (MPR), that would be beneficial to players in the economic sector. LCCI’s Director-General, Mr Muda Yusuf, told the News Agency of Nigeria (NAN) on Thursday in Lagos that such a […]

Experts Urges CBN To Review Foreign Exchange Polices

Experts Urges CBN To Review Foreign Exchange Polices

The persistent weakness of the naira, occasioned by low oil price in the international market, calls for devaluation of the currency sooner than later, industry experts have said, urging the Central Bank of Nigeria to review its restrictive foreign exchange polices. The price of crude oil, the nation’s biggest source of foreign exchange, dropped below […]

Interbank Rate Expected To Rise On Treasury Bill Sales

Interbank Rate Expected To Rise On Treasury Bill Sales

With the consistent issuance of open market operation bills by the Central Bank of Nigeria, the nation’s interbank overnight lending rate is expected to gradually inch up, traders have said. The interbank rate had closed at one percent on Friday, the same level in the previous week, but down from 2.5 per cent seen on […]

CBN Sells N136.24bn In Treasury Bills

CBN Sells N136.24bn In Treasury Bills

The Central Bank of Nigeria, CBN, has sold N136.24 billion in Treasury Bills with maturities from three months to one year at its first auction of 2016. T-bills are marketable money market securities used to raise money for the government and also help in monetary policy management of the Central Bank. T-bills are short-term. The […]

Naira Rises To 278 As Dollar Supply Drops

Naira Rises To 278 As Dollar Supply Drops

The naira took further beating on Thursday at the parallel market, trading near its 2015 high of 280 against the United States dollar. The dollar was sold for N278 at the parallel market on Thursday, as against 273 on Wednesday and 267.5 on Tuesday. The naira had on Monday closed at 265 against the dollar, […]

Ecobank Commences Agency Banking Services

Ecobank Commences Agency Banking Services

Ecobank Nigeria has commenced Agency Banking Services, enabling its appointed agent partners carry out banking services on its behalf. Agency banking services is designed to increases the bank’s retail distribution network allowing it provide basic banking services to its customers as well as offer payment services such as bank transfers, bill payments and airtime top […]

Dollar Demand Rises To $1.5bn – FG

Dollar Demand Rises To $1.5bn – FG

The demand for United States dollar for the importation of goods into Nigeria has increased to $1.5bn per week, the Federal Government has disclosed. This is coming as the African Development Bank has expressed willingness to support Nigeria’s youth agribusiness initiative with $300m (N60bn). According to the government, the increase in demand for foreign exchange […]

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