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External reserves rise by $595m in five days

[views] The nation’s foreign exchange reserves have increased by $595m to hit a one-month high of $26.196bn, the latest data from the Central Bank of Nigeria have shown. This came on Monday just as the naira traded around 412- 413

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CBN sustains efforts to stabilise naira

[views] The money market observed the weekend with less liquidity in circulation as the apex bank sustained its efforts to support naira exchange rate by N71.6 billion mop-up exercise. The action, executed through the treasury bills auction of 195-day instrument,

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CBN readmits UBA into forex market

The Central Bank of Nigeria (CBN) has re-admitted the United Bank for Africa (UBA) Plc into the Foreign Exchange Market effective from Thursday. This is contained in a statement signed by the Director, Banking Supervision, Mrs Tokunbo Martins in Abuja.

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Allocate 60% of FX to Manufacturers, CBN tells banks

The Central Bank of Nigeria has asked commercial banks  to allocate 60 percent of their foreign exchange purchases to manufacturers, in a bid to boost their ability to pay for imports and boost the economy. The fall in oil revenue which caused

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272 firms shut down in one year – MAN

Manufacturers and other private sector operators have painted a gloomy picture of how the foreign exchange restriction placed on 41 items by the Central Bank of Nigeria had affected operations in the business sector. They said that since the restriction order

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CBN bars nine banks from all forex deals

Thisday newspaper has reported that the Central Bank of Nigeria (CBN) has barred nine banks from all foreign exchange transactions for failing to remit the Nigerian National Petroleum Corporation (NNPC) dollar funds to the federal government’s Treasury Single Account domiciled

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BDCs: Banks shun CBN’s $50,000 sale directive

Deposit Money Banks have yet to comply with the Central Bank of Nigeria’s directive asking them to sell $50,000 from Diaspora remittances to Bureau De Change operators on weekly basis, the President, Association of Bureau De Change Operators of Nigeria,

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CBN Governor, Emefiele, emerges President of African Central Banks

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been elected President of the Association of African Central Banks (AACB). Mr. Emefiele, who was elected at the 39th Ordinary meeting of the Assembly of Governors of the

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Look for home grown solutions, PMB urges African bank chiefs

President Muhammadu Buhari on Thursday in Abuja  asked governors of African Central Banks to look for “original home-grown solutions” in their quest to keep the economies of their various countries afloat. According to the reports monitored on the Scoop, the president

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Robbers attack CBN bullion vans, kill two policemen

Two mobile policemen were killed in the early hours of Tuesday at Hawan Kibo along Jos – Abuja road as armed robbers attacked a convoy of bullion vans belonging to the Central Bank of Nigeria. Our correspondent gathered that the

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