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CBN

Oil Palm: Nigeria Loses $10bn Export Opportunities – Emefiele

The Central Bank of Nigeria (CBN) has said Nigeria loses close to $10bn annually due to its inability to support improved cultivation of palm oil for exportation. The CBN governor, Mr Godwin Emefiele, disclosed this while speaking on how to revive the country’s Palm Oil value chain on Monday in Abuja. He spoke during a meeting with stakeholders in the oil palm sector of the economy. Emefiele recalled that in the late 50’s and 60’s, Nigeria was the largest exporter of palm oil, with close to 40% of the global market!-->!-->!-->!-->!-->…

Nigeria’s Balance Of Payments Jumps By $2.80 Million — CBN

The Central Bank of Nigeria (CBN) said on Wednesday that the country’s Balance of Payment improved by a surplus of $2.80 million in the fourth quarter 2018, from $4.54 million recorded in the third quarter of same year. The CBN disclosed this in a report titled: “Brief on Balance of Payments Statistics Q4’18” posted on its website. The bank said: “The provisional Balance of Payments (BOP) estimates for Q4 2018 showed a significant improvement in the BOP outcome. “The overall balance of payments recorded a surplus!-->!-->!-->!-->!-->!-->!-->…

CBN Bans Forex For Textile Materials As Sector To See Boom

The Central Bank of Nigeria (CBN) has banned sales of forex to importers of textiles and clothing materials in the country. The CBN governor, Mr Godwin Emefiele, announced the restriction while speaking on how to revive the country’s textile industry on Tuesday in Abuja during a meeting with stakeholders in the cotton sector of the economy. Emiefele, who stated that Nigeria currently spends above $4 billion annually on imported textiles and ready-made clothing with a projected population of over 180 million Nigerians,!-->!-->!-->!-->!-->…

PenCom To Launch Micro Pension Plan To Generate Profit For Artisans, Petty Traders

The National Pension Commission (PenCom) has mandated Pension Fund Administrators (PFAs) to invest all pension contributions under the Micro Pension Plan (MPP). Micro Pension Plan is an arrangement under the Contributory Pension Scheme (CPS) that allows the self-employed and persons working in organisations with less than three employees to make financial contributions towards the provision of pension at their retirement or incapacitation. The commission assuring the launch of the plan before the end of the first!-->!-->!-->!-->!-->…

CBN Boosts Foreign Exchange Market With Fresh $210m

The Central Bank of Nigeria (CBN), has injected 210 million dollars into the inter-bank Foreign Exchange Market to ensure adequate supply of foreign exchange to customers. The CBN Director, Corporate Communications Department, Mr Isaac Okorafor, in a statement on Tuesday, noted that 100 million dollars was offered to authorised dealers in the wholesale segment of the market. He said customers in the Small and Medium Enterprises segment received 55 million dollars and those requiring foreign exchange for tuition!-->!-->!-->!-->!-->!-->!-->…

Gombe Governor Dankwambo Loses Senatorial Bid To APC Rival

Gombe State Governor, Ibrahim Dankwambo has lost his bid to go to the Senate after losing Saturday’s senatorial election for Gombe North to the candidate of the All Progressives Congress, APC. According to the Independent National Electoral Commission (INEC) returning officer for the senatorial zone, Professor Umar Gurama of the Federal University, Kushere, the APC candidate polled a total of 152,546 while Dankwambo scored 88,016. The governor contested under the platform of the Peoples Democratic Party (PDP).…

Forex Intervention: CBN Injects 268.4m, CNY 46.3m Into Retail SMIS

The Central Bank of Nigeria (CBN) on Friday, February 22, 2019, made an intervention of $268.4million in the retail Secondary Market Intervention Sales (SMIS) and CNY 46.3million in the spot and short tenored forwards segment of the inter-bank foreign market. This was disclosed by the Director, Corporate Communications Department, Central Bank of Nigeria, Isaac Okorafor, who revealed that the intervention was for requests in the agricultural and raw materials sectors. The Chinese Yuan, on the other hand, was for Renminbi…

Journalists Question INEC Chairman On Safety Of Election Materials

At today’s briefing by the Chairman, Independent National Electoral Materials, INEC, Mahmood Yakubu, pelted him with questions on the sanctity and safety of next Saturdays Presidential and National Assembly Elections in view of media reports about alleged wrongly delivered ballot and election results sheets in parts of the country. At least three media representatives from The Punch, Peoples Daily and Aljazera asked the INEC chairman to assure Nigerians the election would hold as scheduled in view of media reports that some…

ATM Records N39.15trn Transactions In Q4, 2018

The National Bureau of Statistics (NBS) said Automated Teller Machine (ATM) from selected banks across the country recorded transactions valued at N39.15 trillion in the fourth quarter of 2018. The bureau stated this in its “Selected Banking Sector Data for Fourth Quarter, 2018”, posted on its website on Wednesday. It said that the N39.15 trillion was derived from 616,528,697 transactions recorded as data on “Electronic Payment Channels in the Nigeria Banking Sector” during the period. The bureau added that NIBSS…

CBN Boosts Forex Market With $210m

The Central Bank of Nigeria (CBN) has made a fresh injection of $210 million into the inter-bank foreign exchange market in its determination to boost supply in that sector of the market. Figures released by the Bank on Tuesday, February 19, 2019, indicated that it offered the total sum of $100million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among…
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