Banking & Finance

FG Tasks Banks to Explore AfCFTA to Capture FDI

The Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, has advised Nigerian banks and other financial institutions to explore Africa’s market expansion enabled by the AfCFTA to capture trade flows and investment through superior customer value proposition. Stressing the potentials of Nigeria’s market, Ahmed said: “With more …

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Global Lenders Raise Pressure on Nigeria to Reform Currency

The International Monetary Fund and World Bank have intensified calls on Nigeria to speed up currency reforms without which Africa’s largest economy may fail to achieve the growth it needs to prevent millions more from falling into penury. A unified and flexible exchange rate will ease external imbalances and bolster activity in the OPEC …

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Banks to Start Payment of Forex Remittances to Nigerians Friday

Nigerian commercial banks and international money transfer operators (IMTOs) and commercial have agreed to start paying beneficiaries of diaspora remittances in foreign currencies through the designated bank of their choice, the Central Bank of Nigeria has announced. This followed the apex bank’s insistence that all Deposit Money Banks (DMBs) must close all …

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CBN Devalues Naira, Fixes Rate At N392/Dollar

The Central Bank of Nigeria (CBN) has directed bureau de change operators in the country not to sell dollars higher than N392 to end users. The Central Bank also devalued the Naira by N6 to Dollar, this brings the Naira closer to the exchange rate unification policy recommended by the …

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CBN Retains 11.5% Monetary Policy Rate

The Central Bank of Nigeria’s Monetary Policy Committee has retained the Monetary Policy Rate at 11.5 per cent, the CBN Governor, Godwin Emefiele, announced Tuesday after the committee’s two-day meeting in Abuja. It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent …

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