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CENTRAL BANK OF NIGERIA

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!-->!-->!-->!-->!-->!-->!-->…

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…

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…

CBN, NJI Hold Maiden Workshop For Judges On Collateral Registry

The Central Bank of Nigeria (CBN) will on Monday hold the maiden Judges’ Workshop on Secured Transaction in Movable Asset Act (STMA) and National Collateral Registry (NCR) on Monday, February 11, 2019. The two-day workshop, which holds at the National Judicial Institute (NJI), is being organised in collaboration with the NJI to acquaint judges with appropriate legal and regulatory framework of the STMA Act and its contribution to the national economy. Expected to make key remarks at the workshop are the Acting Chief…

Experts Condemn PenCom’s Probe By Lawmakers

The plan by the House of Representatives to probe the activities of the National Pension Commission since April 2017 till date has sent tongues wagging on the exact motives of the investigation. Recall that an ad-hoc Committee headed by Hon. E.J. Agbonayinma had in a letter titled “Request for Information” to the Acting Director-General of PenCom, Aisha Umar, dated January 21, requested confidential information on the Contributory Pension Fund. The commission was also mandated to provide sensitive information on its…

CBN Debunks Newspaper Report On Forex Racketeering By Its Officials

The Central Bank of Nigeria (CBN) has refuted a newspaper report that its officials and some agents are taking advantage of the multiple Forex exchange rates in the country to defraud Nigerians. Speaking in a statement on Monday by its Director of Corporate Communications, Mr Isaac Okorafor, the CBN described the report as not only baseless but also unfounded. The Bank was reacting to a frontpage headline story in the BusinessDay newspaper on Monday, February 4, 2019 titled: “Exposed The Sleazy Face of N306/$, inside…

NIMASA Unveils Shipping Industry’s Expectation In 2019/2020 Forcast

As part of efforts to guide investors and encourage more participation in the maritime industry, the Nigerian Maritime Administration and Safety Agency (NIMASA) has set the tone with the unveiling of the 2019-2020 maritime forecast. The forecast is intended to give direction to operators and investors, both local and international, as to what should be expected within the period of the forecast. Speaking shortly after the unveiling of the document in Lagos recently, the Director General of NIMASA, Dr. Dakuku…

PenCom Probe: Reps Summon CBN, Finance Minister, Others

The House of Representatives committee probing the activities of the National Pension Commission (PenCom) since April 2017 till date has summoned heads of the Central Bank of Nigeria (CBN), ministry of finance and civil service of the federation to an investigative hearing. It will be recalled an ad-hoc Committee headed by Hon. E.J. Agbonayinma, had in a letter titled “Request for Information,” to the Acting Director-General of PenCom, Aisha Umar, and dated January 21, requested confidential information on the…

FOREX: CBN Lifts Inter-Bank Market With $210m

In continuation of its periodic intervention in the foreign exchange market, the Central Bank of Nigeria (CBN) on Tuesday, January 29, 2019, injected another sum of $210 million into the inter-bank foreign exchange market. Figures released by the CBN on Tuesday indicated that authorised dealers in the wholesale segment of the market received the sum of $100million, while the Small and Medium Enterprises (SMEs) and the invisibles segments were allocated the sum of $55 million each. The Director, Corporate Communications…

CBN MPC Retains Interest Rate At 14%

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday, retained the monetary policy rate at 14%. This is the Nigeria’s highest in 10 years and the 15th time that the committee retained the interest rate. Announcing the committee’s decision, governor of the Central Bank of Nigeria, CBN, Godwin Emefiele said all members of the committee were in support of retaining rates. The committee also retained the Cash Reserves Ratio at 22.5 per cent, Liquidity Ratio at 30 per cent; and the…
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