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CBN Repays $1.1 Billion Worth Of T-bills

CBN Repays $1.1 Billion Worth Of T-bills

The Central Bank of Nigeria (CBN) has repaid a total of 340 billion naira ($1.1 bln) worth of treasury bills on Thursday instead of rolling them over, in a move to lower government borrowing costs, traders said. They included 131.4 billion naira worth of treasury bills issued by the Debt Management Office (DMO), while the […]

Zenith Bank, UBA, Others Pay N499bn On Income Tax Expenses

Zenith Bank, UBA, Others Pay N499bn On Income Tax Expenses

Seven Systematicaly Important Banks (SIBs) of the Central Bank of Nigeria (CBN) have paid N499 billion on income tax expenses between 2011 and 2016 Financial institutions under the category of SIB include Zenith Bank Plc, Access Bank Plc, Guaranty Trust Bank Plc (GTBank), parent company of FBN Limited, FBN Holdings, United Bank For Africa Plc […]

CBN Mulls Reducing CRR For SME-friendly Banks

CBN Mulls Reducing CRR For SME-friendly Banks

The CRR is used to set the minimum deposits commercial banks must hold as reserves rather than lend out As part of efforts to encourage commercial banks to lend more to operators of micro, small and medium scale enterprises (MSMEs), the Central Bank of Nigeria (CBN) is considering lowering the cash reserve requirement (CRR) for […]

CBN Will Use BVN To Blacklist Loan Defaulters – Emefiele

CBN Will Use BVN To Blacklist Loan Defaulters – Emefiele

The Central Bank of Nigeria (CBN) under the auspices of the Bankers’ Committee has concluded plans to use the Bank Verification Number of customers to blacklist loan defaulters from accessing further loans in the nation’s banking system. The CBN Governor, Mr. Godwin Emefiele, made the disclosure at the end of a two-day annual retreat of […]

CBN Weakens Naira To 307 per Dollar For First Time

CBN Weakens Naira To 307 per Dollar For First Time

The Central Bank of Nigeria (CBN) on Monday weakened the naira marginally, selling dollars at 307 for the first time on the official interbank market. Foreign exchange traders said the development signalled a gradual move to merge the regulator’s multiple exchange rates. According to a Reuters report, the country’s convoluted exchange rate system has been […]

Essential Banking Tips For Entrepreneurs

Essential Banking Tips For Entrepreneurs

You can set yourself up for success by taking the time to get to know the people who work at your financial institution and helping them get to know you and your business As an entrepreneur, you can make the most of your relationship with your bank. There are many factors involved in being a […]

Foreign Reserves Increases To $34.8bn In November

Foreign Reserves Increases To $34.8bn In November

Nigeria’s foreign exchange reserves added at $991 million in November to close at $34.8 billion as of November 29, 2017, the Central Bank of Nigeria (CBN) said. In November, 2017, the nation’s foreign exchange reserves sustained its momentum with an opening figure of $33.8 billion in November 1, 2017. The nation’s foreign exchange buffer has […]

Emefiele Is Best CBN Governor Ever – Zenith Boss

Emefiele Is Best CBN Governor Ever – Zenith Boss

Mr. Jim Ovia, Chairman of Zenith Bank Plc, has described the University of Nigeria, Nsukka (UNN) as a training ground for capable and committed change agents, saying this was evident in the quality and capacity of the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, an alumni of the institution, whom he […]

Manufacturing Sector Expands Further To 55.9

The Manufacturing Purchasing Managers Index (PMI) stood at 55.9 index points in the month of November indicating expansion in the sector for the eight consecutive months, according to the Central Bank of Nigeria (CBN). The PMI report shows production level, new orders, supplier delivery time, employment level and inventories growing at a faster rate in […]

Factors To Watch On Dec 4 African Markets

Factors To Watch On Dec 4 African Markets

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday Dec 4. GLOBAL MARKETS The U.S. dollar bounced to a two-week top on Monday and S&P futures rallied as traders marked the passage of a Senate tax bill over the weekend, a move that […]

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