Bankers want to use commodities ecosystem drive CBN’s RT200 FX
Onome Amuge
March 21, 2022
BY: OMOME AMUGE Bankers and other operators in the Nigerian financial market have identified deployment of commodities ecosystem as a potent way by which the Central Bank of Nigeria (CBN) can achieve the plan to generate $200 billion in the next three to five years through its RT 200 FX policy. By the set of […]
CBN initiates steps to harmonise exchange rates
Wale AmeenMay 15, 2021
Wale Ameen Online Editor There are indications that the Central Bank of Nigeria as at Friday has began gradual harmonisation of the exchange rates. This follows the removal of the N379/$1 official exchange rate from it’s website. The move is seen as an indication of effort by the bank to harmonisation of the harmonisation […]
Investors lost N116bn on Wednesday as sell pressures in MTN, Access Bank, Stanbic dragged the NSE-ASI
Charles AbuedeMarch 31, 2021
Charles Abuede The local bourse continued in its staggering movement on Wednesday due to selling pressures in MTN Nigeria (-2.9%), Access Bank (-3.6%), and Stanbic IBTC (-1.0%) which dragged the All-Share Index lower by 0.57 per cent to settle at 39,045.13 points. As a result, the market year to date loss worsened to -3.0 per cent and leading to a loss […]
CBN introduces new FX policy to increase forex availability and preserve external reserves
Charles AbuedeMarch 24, 2021
Policy shows bank is shifting to flexible exchange rate management Charles Abuede Nigeria is now gradually and tenderly tilting its exchange rate management to a flexible rate regime from a managed float just in consonance with the allusion by Nigeria’s Finance Minister, who on Monday said the nation is adopting a new flexible […]
Forex scarcity worsens as inflow fell by $2.43bn to $9.72bn in April
Aderemi OjekunleAugust 20, 2020
Nigeria’s lingering foreign exchange scarcity continued in April as inflow declined by 25 per cent to $9.72 per cent in April, from the $12.15 billion recorded in March, a Central Bank of Nigeria (CBN has revealed). The apex bank, in its monthly economic report for April, attributed the development to the weak global demand caused […]
FirstBank leads dialogue for inclusive growth in Fintech ecosystem
Omobayo AzeezOctober 17, 2019
By Omobayo Azeez First Bank Nigeria Limited (FirstBank) has championed discourse in the financial services industry to promote inclusive growth in financial technology (Fintech) as it relates to small and medium enterprises (SMEs) in the ecosystem. ___________________________________________________________________ The bank further expressed this at the third edition of its annual Fintech Summit themed “Banking + Tech […]
Nigeria SEC issues warning against online retail forex trading
Adesola AfolabiOctober 24, 2018
The Securities and Exchange Commission (SEC) has issued a warning against engaging in the retail sale and purchase of foreign exchange (forex) online as it may be subject to abuse. SEC noted that its attention has been drawn to increased advertisements in electronic and other media soliciting investors to engage in leveraged online retail forex […]
FDC projects 60% probability on MPC to keeping rates
Adesola AfolabiSeptember 10, 2018
Research analysts at Financial Derivative Company (FDC) say there is a 60 percent probability rate for the Central Bank of Nigeria monetary policy committee (MPC) to keep rates. Their projection is based on current money supply growth, which according to them, has remained below the CBN target of 10.84 percent, tempered by sterilization via cash […]
Central bank of Nigeria injects $331.4 m into currency market
Businessam StaffJune 2, 2018
Nigeria’s central bank said Friday it had injected $331.41 million into the interbank foreign exchange market, continuing its efforts to boost liquidity and alleviate dollar shortages. The bank said the funds were allocated to companies in the agricultural, airline, petroleum and machinery sectors. The central bank is “buoyant enough to meet the foreign exchange requests […]
Nigeria’s foreign reserves increase, hit $47bn
Businessam StaffApril 9, 2018
Nigeria’s foreign reserves have continued to grow significantly with latest figures by the Central Bank of Nigeria (CBN) at about $47.37 billion as at April 5. The new figures rose from about $46.2 billion realised at the end of March. Godwin Emefiele, the CBN Governor, announced the new balance in the reserves on Monday at […]