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CBN Updates Lists Of MFBs And BDCs

CBN Updates Lists Of MFBs And BDCs

Nigeria’s Central Bank (CBN) on Wednesday updated the lists of Microfinance Banks (MFBs) and Bureau De Change (BDCs). The new list show additional 19 MFBs which makes a total of 999 microfinance banks. The number of BDCs rose to 3,389 from 3,147 in January 2017

CBN Forex Window Attracts $4bn In 3 Months

CBN Forex Window Attracts $4bn In 3 Months

The importers’ and exporters’ (I&E) foreign exchange (FX) window introduced about four months ago by the Central Bank of Nigeria (CBN) has attracted USD4 billion from foreign investors between April and now, the Bankers’ Committee disclosed Thursday. This is a $1.8 billion growth over the $2.2 billion recorded in June. The window also posted a […]

Nigeria’s Manufacturing Investment Hits N3.7 Trillion

Nigeria’s Manufacturing Investment Hits N3.7 Trillion

Nigerian Manufacturers under the auspice of Manufacturers Association of Nigeria (MAN) have disclosed that Nigeria’s cumulative manufacturing investment stood at N3.79 trillion in 2016. This is according to a survey conducted by MAN and made available to LEADERSHIP in Lagos. It indicated that in the second half of 2016, manufacturing investment increased to N448.94 billion […]

Nigeria To Sell Up To $3bn Eurobonds To Replace Bills

Nigeria To Sell Up To $3bn Eurobonds To Replace Bills

The Federal Government plans to sell as much as $3 billion of foreign-currency bonds to replace naira debt, the finance minister, Kemi Adeosun says. The government will issue the dollar securities once the National Assembly approves the sale, Kemi Adeosun told reporters Wednesday in Abuja, the capital. They will have three-year maturities and be used […]

FG Seeks Out-of-court Settlement Over $793 Bank Funds

FG Seeks Out-of-court Settlement Over $793 Bank Funds

The Federal Government has asked a court to withdraw its case against seven local banks over the non-remittance of $793 million due to the state, the government lawyer told the court on Tuesday. Yemi Akinseye-George told the court the government would seek an out-of-court settlement in the matter, on which the court was due to […]

Banks In Dilemma As Investors, Customers Shun Deposits For Treasury Bills

Nigerian banks are currently finding it extremely difficult to mobilise deposits from institutional investors such as Pension Fund Administrators and insurance companies as well as individuals due to the attractive treasury bills yields. The increasing awareness of the opportunities in the treasury bills market is seeing a lot of banks lose deposits to fixed income […]

Reserves Back To $31bn

Reserves Back To $31bn

The new reserves profile is coming on the heels of significant gains in the last two weeks The nation’s stock of foreign exchange reserves has recorded an upward swing to $31 billion, after declining to a near $30 billion mark two months ago due to market interventions, The development, which not only showed an understanding […]

CBN Gives OFIs New BVN Deadline

CBN Gives OFIs New BVN Deadline

The Central Bank of Nigeria (CBN) has extended the deadline for registration into the Bank Verification Number (BVN) project for Other Financial Institutions (OFIs) to December 31, 2017. Apex bank had turned its focus to capturing the biometrics of customers of OFIs, after completing the process in commercial banks, in continuation of efforts to unify […]

Forex: Zambia’s Kwacha To Firm On Dollar Inflows, Kenyan Shilling Steady, Others

Forex: Zambia’s Kwacha To Firm On Dollar Inflows, Kenyan Shilling Steady, Others

The Zambian kwacha is expected to firm next week on increasing hard currency inflows, while the Kenyan shilling is likely to remain steady as the central bank intervenes to smooth out price volatility. Zambia The Zambian kwacha is likely to firm versus the dollar next week due to increasing hard currency supply ahead of an […]

Nigeria’s Economy To Grow 2.2% This Year

Nigeria’s Economy To Grow 2.2% This Year

Nigeria’s economy is expected to grow 2.2 percent this year, the government said in a strategy document seen by Reuters on Thursday, after the country suffered its first recession in more than two decades in 2016. The 2018-2020 Medium Term Fiscal Framework and Strategy Paper, to form the basis for its 2018 budget, projects spending […]

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