Latest News

CBN to intensify liquidity mop up as interbank receives N552bn inflow

External reserves record lowest weekly decline in 4months By Babajide Komolafe THE Central Bank of Nigeria (CBN) is expected to intensify efforts to mop up liquidity from the banking system this week in response to inflow of N552 billion from matured treasury bills (TBs). Last week, the apex bank issued secondary market (Open Market Operations, OMO) […]

Godwin Emefiele: FMDQ participation in Naira-settled OTC FX futures stem currency devaluation

Bloomberg The Central Bank of Nigeria said that the active participation of FMDQ OTC Securities Exchange in Naira-settled over-the-counter foreign exchange futures helped in stemming naira devaluation. Godwin Emefiele, CBN Governor, said this at the FMDQ OTC Securities Exchange Gold Awards in Lagos as part of activities to mark its fifth anniversary. Naira-settled OTC forex […]

Naira Appreciates Against Dollar Amid $210m Injection

By Modupe Gbadeyanka The local currency appreciated against the Dollar at the close of the trading last week amid weekly injections of $210 million by Central Bank of Nigeria (CBN) into the foreign exchange (forex) market via the Secondary Market Intervention Sales (SMIS). During the week, the apex bank allocated $100 million to Wholesale SMIS, […]

Nigeria’s economy in danger of another recession

Nigeria’s economy in danger of another recession   Though President Muhammadu Buhari recently declared that the Nigerian economy is doing well, experts warn that the economy is still in danger This comes after the country exited its worse recession in 29 years. PAUL OGBUOKIRI reports   Fear of another recession The Central Bank of Nigeria […]

Financial services dominate H1 2018 trading on the NSE

Data from the Central Bank of Nigeria (CBN) H1 activity report for the six months ended June 30, 2018 shows N798 billion worth of shares were traded for the half year ended June 2018. This represents a 25.9% decline from the N1 trillion worth of shares traded in the first half of 2017. Volumes and deals also dropped […]

Nigeria’s new minimum wage: too much to ask?

On the campaign trail for re-election in February, Nigeria’s President Muhammadu Buhari may have spoken too soon when he backed an initiative to hike his country’s minimum wage by a whopping two thirds. Buhari, who had been advised on the wage by a negotiating committee made up of union representatives, the government and the private […]

Is a new minimum wage for Nigeria just electioneering talk?

Standing in the way of Buhari’s strategy to win the popular vote with the wage promise are the 36 state governors who say they are already struggling to pay civil servants and public officials with the current wage. David Umahi, governor of southeast Ebonyi state, warned this week that the 30,000 naira minimum wage for […]

Police Arrest 7 Over Sale Of Naira Notes — Leadership Newspaper

The Edo State Police Command has arrested seven people for allegedly getting involved in illicit sales of naira notes in Benin City, the Edo State capital. Parading the suspects, the commissioner of police, Babatunde Johnson Kokumo, said the suspects were not only involved in sale of currency notes but also specialised in counterfeiting the naira […]

Currency Mutilation: Offenders Risks Jail As CBN Introduces Mobile Courts

Yemisi Izuora  As part of measures to preserve the local currency, the Central Bank of Nigeria planning introduction of mobile courts across the country to try people that mutilate or trade the Naira in parties or any place. Mr Isaac Okoroafor who represented the Governor of CBN Mr. Godwin Emefiele […]

Women are better borrowers, says CBN – Punch Newspapers

Nike Popoola The Central Bank of Nigeria has urged more women to approach the banks for its small and medium scale loans because they will repay such grants better than their male counterparts. The Director, Corporate Communications, CBN, Mr Isaac Okorafor, said this during an event by the bank at the Lagos International Trade fair […]

Naira Gains against the Greenback at Most Market Segments…Naija247news

At the close of the trading week, the local currency gained vis a vis the USD at the Investors & Exporters Forex Window (I&E FXW) by 0.04% to close at N363.60 and also appreciated by 0.17% to N360.85/USD at the Interbank Foreign Exchange market amid weekly injections of USD210 million by CBN into the foreign […]

Nigeria’s Fintech Startups Call For Cryptocurrency Regulation to Stem Investment Outflows

Regulation Nigeria’s financial technology startups have called on the Central Bank of Nigeria (CBN) to provide legal guidelines for the cryptocurrency and blockchain industry. A lack of regulation is driving investment out of Africa’s biggest economy to areas like Rwanda and Europe while fomenting uncertainty, according to the Electronic Payment Practitioners Association of Nigeria (E-ppan). […]

No plan to phase out N100 notes – CBN

No plan to phase out N100 notes – CBN … raising concern among Nigerians, who are wondering whether the CBN wants to phase out the naira note.

Is ETI The Only Bank Using CBN Rates To Convert Its USD Results Into NGN and Vice Versa?

Friday, November 09, 2018   04:39PM / OpEd By Esiri Giwa, Proshare Research   One of the stated objectives of IFRS is comparability, i.e. QC20 Users’ decisions involve choosing between alternatives, for example, selling or holding an investment, or investing in one reporting entity or another.   Consequently, information about a reporting entity is more useful […]