Tag Archives: CBN

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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Nigeria’s Manufacturing Index Improve to 50 Points After 6 Months Contraction

The Manufacturing Purchasing Managers’ Index (PMI) for November 2020 recorded expansion after six consecutive months of contractions (May to October 2020). However, non-Manufacturing PMI sustained negative direction while unemployment level also remains negative for the eighth consecutive month. In its PMI Report for November released yesterday, the Central Bank of …

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Sterling Bank Gets CBN’s Approval to Restructure

Sterling Bank Plc has obtained Central Bank of Nigeria’s approval in principle to restructure as a holding company. The bank’s Chief Executive Officer, Mr Abubakar Suleiman, disclosed this in a statement posted on the Nigerian Stock Exchange website. Suleiman said the bank’s desire to operate as a holding company was …

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