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CBN Sells N310b Treasury Bills

CBN Sells N310b Treasury Bills

The Central Bank of Nigeria (CBN) has raised N310.14 billion (about $985 million) at an auction of treasury bills at yields lower than the inflation rate The bank sold N222 billion of one-year treasury bills at a yield of 18.49 per cent, lower than inflation at 18.72 per cent and compared with 18.44 per cent […]

BDCs Demand $30,000 Weekly Allocation

BDCs Demand $30,000 Weekly Allocation

Bureaux De Change (BDC) operators yesterday called on the Central Bank of Nigeria (CBN) to review their $8,000 weekly allocations upwards to $30,000 as dollar liquidity in the economy continues to improve.   The operators also urged the apex bank to harmonise the rate at which the dollars are sold to BDCs with the rates […]

Why Naira Is Appreciating

Why Naira Is Appreciating

The Central Bank of Nigeria (CBN) said yesterday that the currency’s appreciation against others  was the result of its market monitoring and intervention.   Its spokesman  Isaac Okorafor refuted the claim that illegal sale of foreign currencies at ridiculous rates was responsible for the change in Forex policy. Okorafor, who spoke in Sokoto, also explained […]

NDIC Urges Depositors To Report Banks Indulging In Sharp Practices

NDIC Urges Depositors To Report Banks Indulging In Sharp Practices

The Nigerian Deposit Insurance Corporation (NDIC) has urged depositors to report any sharp practices by commercial banks. It also called on Nigerians to shun dubious financial schemes and wonder banks which have continued to defraud unsuspecting members of the public. Speaking at the NDIC Day at the ongoing 38th Kaduna International Trade Fair on Thursday, […]

GTBank Wins Six EPIS Awards

GTBank Wins Six EPIS Awards

Guaranty Trust Bank Plc (GTBank) said it reaffirmed its position as Nigeria’s leading financial institution on e-payments with its emergence as a multiple award winner during the 2017 Electronic Payment Incentive Scheme (EPIS) awards organised by the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS) recently. With six awards, GTBank took […]

Nigeria Central Bank To Clear Backlog Of Dollar Demand For Importers

Nigeria Central Bank To Clear Backlog Of Dollar Demand For Importers

Nigeria’s central bank said on Thursday it will sell dollars via a book-building process to clear a backlog of dollar demand for companies importing machinery, airline equipment and petroleum products. Companies would be required to pay the naira equivalent for their dollar bids on the spot market on Thursday, while the dollars will be delivered […]

CBN’s Reports On PMI Indicates Decline In Economic Activities

CBN’s Reports On  PMI Indicates Decline In Economic Activities

THE Central Bank of Nigeria, CBN, yesterday, released its Purchasing Managers Index (PMI) report for February, 2017 which indicated continued decline in economic activities, coming against the backdrop of the bottoming-out of recessionary trend as reported earlier in the week by the National Bureau of Statistics, NBS. The PMI is based on survey of purchasing […]

Devt Bank’ll Catalyse SMEs’ Growth

Devt Bank’ll Catalyse SMEs’ Growth

MINISTER of Finance, Mrs. Kemi Adeosun has stated that the Development Bank of Nigeria (DBN) is being positioned to galvanise the Small and Medium Scale Enterprises, SMEs, sector for the overall development of the nation’s economy. According to her, the present administration is aware of the role of SMEs in national economy, hence the resolve […]

CBN Releases Corporate Governance Code For Other Financial Institutions

CBN Releases Corporate Governance Code For Other Financial Institutions

The Central Bank of Nigeria (CBN) has developed distinct governance codes of corporate governance for Other Financial Institutions (OFIs) under its supervision. These OFIs include primary mortgage institutions, microfinance banks, mortgage refinance companies, development finance institutions, bureau de change and finance companies. The central bank also explained in draft guidelines for the OFIs on its […]

Bank Of Industry Move To Deepen MSMEs’ Credit Delivery

Bank Of Industry Move To Deepen MSMEs’ Credit Delivery

The Kwara State Government has extolled the Bank of Industry’s (BoI) resilience in driving Micro Small and Medium Enterprise (MSME) development in the country, noting that the Development Finance Institution’s (DFI) effort in ensuring that entrepreneurs get equal access to credit facilities, reflects its strong commitment towards entrepreneurship development in Nigeria. The Governor, Kwara State, […]

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