MONEY MARKET

The Central Bank of Nigeria (CBN) on Monday injected another $240 million into the nation’s foreign exchange market to sustain Naira’s gains against the Dollar and other hard currencies. A total of $90 million was targeted at meeting requests for invisibles such as BTA/PTA, medical and school fees while the...

...Offers $100m for wholesales forwards As part of efforts at sustaining liquidity in the foreign exchange market, the Central Bank of Nigeria CBN) will, from Monday, April 3, 2017, commence twice weekly FOREX sales to licensed Bureaux de Change (BDCs) in the country. According to a press statement by the...

The Central Bank of Nigeria (CBN) has approved the grant of a Wholesale Development Finance Institution Licence with national authorization to the Development Bank of Nigeria (DBN) Plc, the Minister of Finance, Mrs. Kemi Adeosun has confirmed. The approval was conveyed in a letter addressed to the Managing Director/Chief Executive...

Nigeria plans to sell 234.89 billion naira ($765.99 million) of short-dated treasury bills at an auction on April 6, the Central Bank of Nigeria (CBN) said on Wednesday. The apex bank said it plans to sell 35 billion naira of three-month debt, 33.49 billion of six-month bills and 166.40 billion...

Barely 24 hours after its directive to Deposit Money Banks (DMBs) in the country to sell foreign exchange obtained from it to retail end-users at not more than N360/$1 for invisibles, the Central Bank of Nigeria (CBN) on Tuesday crashed the rate at which it sells foreign exchange to Bureaux...

In recognition of its contribution to the growth of Islamic banking in Nigeria and Africa barely four years after it commenced operations and its ability to use non interest banking contracts to structure transactions in the most unique manner, the Non-Interest Banking unit of Sterling Bank Plc has attracted a...

Fitch Ratings has said that despite the efforts of the Central Bank of Nigeria (CBN), the banking industry would continue to be under pressure in 2017. Fitch Ratings, a global financial and economic rating company emphasised that Nigerian banks will continue to face challenges this year, following an extremely difficult...

Wole Tokede with agency report The Nigerian naira firmed 1.1 percent on the black market on Wednesday to a six month-high of 430 per dollar, traders said. It was quoted at 307.50 on the interbank market. The Central Bank of Nigeria (CBN) has been intervening on the official market to...

At last the Asset Management Corporation of Nigeria (AMCON) has found a buyer for Keystone Bank. AMCON said the bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium). Keystone bank was formerly known as Bank PHB, is the last of...

The Central Bank of Nigeria (CBN) on Monday offered a total of $143 million to meet bids forwards, which includes requests for invisibles such as medicals, school fees and personal travel allowances valued at $43 million, through the inter-bank window. The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor...