Tag archive for ‘CBN’
By Bar and Bench On Tuesday, April 25th, 2017

Savings Account holders to get 30% interest annually—CBN

The Central Bank of Nigeria on Monday directed commercial banks operating in the country to pay their customers a minimum of 30 per cent per annum on savings account deposit. But the apex bank said the 30 per cent More...

By Bar and Bench On Monday, April 24th, 2017

The CBN is winning but pessimists still complain, by Dele Sobowale

The principles of supply and demand break down when desperate people are prepared to buy a commodity – including dollars – at any rate. That is not how reasonable people behave. Yet, the market is meant for More...

By Bar and Bench On Friday, April 21st, 2017

Dollar glut hits market as Naira appreciates further

Aftermath of the pumping of $380 million into the market by the Central Bank of Nigeria between Tuesday and Wednesday, the Naira on Thursday appreciated significantly by N20 in one day to close at N380 to the dollar. Naira More...

By Bar and Bench On Thursday, April 20th, 2017

Again, CBN intervenes with $100m in forex market

The Central Bank of Nigeria (CBN) on Wednesday carried out another  wholesale intervention in the interbank forex market by offering $100 million to authorised dealers to meet the seven to 15-day forwards requests More...

By Bar and Bench On Friday, April 14th, 2017

Dollar demand slumps over looming dollar crash

As CBN raises limits of foreign borrowings by banks There were strong indications on Thursday that the demand for forex  by authorized dealers has slumped. This is because the dealers were only able to pick More...

By Bar and Bench On Monday, April 10th, 2017

CBN pumps another $418m into Forex market

The Central Bank of Nigeria (CBN) at the weekend auctioned the sum of $418 million at the retail-SMIS at a marginal rate of N310/$. The bank said the continuous injection was to ensure constant supply of foreign More...

By Bar and Bench On Wednesday, April 5th, 2017

Forex: CBN makes $10,000 special midweek sales to 2991 BDCs

The Central Bank of Nigeria (CBN) in its bid to sustain foreign exchange liquidity said it would make a special intervention forex sales of 10,000 dollars to each of the 2991 licensed Bureau de Change (BDC) on More...

By Bar and Bench On Monday, April 3rd, 2017

CBN directs banks to pay cash to forex users, injects $240m into market

The Central Bank of Nigeria has directed all banks to pay cash over-the-counter to desiring foreign exchange customers. The Acting Director of Corporate Communications Department of the apex bank, Mr Isaac Okoroafor, More...

By Bar and Bench On Sunday, April 2nd, 2017

We’ll sustain forex intervention–CBN

The Central Bank of Nigeria (CBN) on Sunday reiterated its determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability More...

By Bar and Bench On Saturday, April 1st, 2017

Emefiele, aggressive Forex policy and Nigerians, by Uzodinma Onyewuchi

The banks in Nigeria are grandmasters in the illicit business of round tripping the foreign exchange. It did not start today. It is a well-oiled syndicate that is adept in the intricacies of financial policy manipulation. More...