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All posts tagged "CBN"

  • Nigeria economy records $51b forex inflow

    Nigeria economy recorded a total foreign exchange inflow of $51.02 billion in the first half of 2011, representing an increase of 29.8 per cent over the previous year’s figure. According to the Economic Report for the first half...

    • Posted October 13, 2011
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  • CBN stop oil firms from buying dollars

    Central Bank of Nigeria, CBN, yesterday, said it will stop the sale of US dollars to companies in the oil and gas sector. This is part of efforts aimed at reducing the demand for the dollar, stemming...

    • Posted October 7, 2011
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  • AMCON Waives Right to Appoint Directors in Nationalised Banks

    The Asset Management Corporation of Nigeria (AMCON) has waived its right to appoint directors into the boards of several banks it has significant equity stakes. AMCON has significant equity stakes in post-combination First City Monument Bank Plc, Union...

    • Posted October 3, 2011
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  • CBN to extend Islamic banking to other financial sectors – Sanusi

    THE Central Bank of Nigeria, CBN, said that plans are underway to extend the non-interest banking or Islamic banking principles to non-banking financial services. Some non-bank financial institutions, such as insurance companies, fund managers stockbroking firms have...

    • Posted September 30, 2011
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  • CBN increases lending rate to 9.25 per cent

    The Central Bank of Nigeria yesterday increased the benchmark lending rate by 50 basis points from 8.75 per cent to 9.25 per cent. The anticipated one per cent reduction in government’s recurrent expenditure in the annual budget,...

    • Posted September 20, 2011
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  • Money supply hits N12.5b – CBN

    The Central Bank of Nigeria (CBN) has released statistics for August, which saw the M2 Money Supply rising to N12.5 billion,  about 8.6 per cent lift from the June figure. The M2 is the total amount of money available...

    • Posted September 19, 2011
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  • N3 trillion: Official Cost of bank bailout – CBN

    Over N3 trillion has been spent in resolving the  banking crises that have seen 10 banks undergoing rigorous reforms including change of leadership in eight, the Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN), Dr. Kingsley...

    • Posted September 9, 2011
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  • Nigeria Reserves: CBN Plans to Get Yuan to 10%

    CBN plans to reach a target of holding 10 percent of Nigeria reserves in yuan “as soon as possible,” said central bank Governor Lamido Sanusi. The nation plans to start holding the Chinese currency next quarter, predicting...

    • Posted September 8, 2011
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  • Interest Rate May Rise if Inflation Fails to Stay Below 10% – Sanusi

    Nigeria’s central bank Governor Lamido Sanusi said policy makers are ready to keep raising interest rates if inflation fails to remain below 10 percent. The central bank of Africa’s biggest oil producer is “not celebrating yet” after inflation...

    • Posted September 8, 2011
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  • CBN to hold 5-10 pct of forex in Chinese yuan

    Nigeria’s central bank is diversifying its foreign exchange reserves away from the U.S. dollar and will hold between 5 to 10 percent of them in Chinese yuan, central bank governor Lamido Sanusi told CNBC news on Monday....

    • Posted September 5, 2011
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