Nigeria Today: Top 5 News Stories, Friday, Nov 25th, 2016
1. The Central Bank of Nigeria has established the National Collateral Registry to increase financing to MSMEs. 2. Fishing company, Atlantic Shrimpers Ltd has set up a 160-hectare shrimp farm in Lagos to hatch and harvest shrimps for both local and export markets. 3. To prevent the Igbo language from going extinct, Anambra State […]
Nigeria Today: Top 5 News Stories, Wednesday, Nov 9th 2016
1. Donald Trump has been elected the 45th President of the United States of America. 2. Global markets plunged at the possibility of Trump’s election as President of the United States of America. 3. Dangote has announced an investment of $20 billion in Nigeria, an investment expected to create about 250,000 jobs over the […]
Nigeria Today: Top 5 News Stories, Tuesday, Nov 1st 2016
1. General Electric has carried out the repair of one of Dangote’s gas turbines and says it is committed to investing $2 billion in Africa. 2. The Minister of Transportation, Rotimi Amaechi has said that the Warri-Ajaokuta-Obaro-Abuja central rail project is expected to attract an investment worth $30 billion dollars. 3. The Group Managing Director of NNPC, Dr […]
Nigeria Today: Top 5 News Stories, Monday, Oct 31st 2016
1. To ensure that manufacturers get the required FOREX for their businesses, the Central Bank of Nigeria will sell $500 million to banks. 2. The Minister of Finance, Mrs Kemi Adeosun has urged women to take advantage of the 62% of ₦220 billion MSME funds set out by the CBN. 3. The Minister of Agriculture and Rural […]
Nigeria Today: Top 5 News Stories, Friday, Oct 21, 2016
To regain its share in the global oil market, NNPC offers discounts on crude oil. President Buhari has released names of 46 ambassadorial nominees to the Senate. The militant group, Niger Delta Avengers, have pulled out of dialogue proposed by the Federal Government. The House of Representatives investigates PHCN on electricity bills and sale of non-core […]
Nigeria Today: Top 5 News Stories, Thursday, Oct 20, 2016
The Central bank of Nigeria discloses banks with lowest and highest lending rates, and will subsequently do so every Wednesday in selected national newspapers and on the CBN website. ExxonMobil sells 60% equity stake in Mobil Oil Nigeria to NIPCO. The International Monetary Fund, IMF, predicts that Nigeria will return as Africa’s largest economy and […]
Manufacturers to Get 60 Percent of Bank’s Forex Purchases
In the bid to save the engines of Nigeria’s factories from grinding to a halt, the Central Bank of Nigeria has ordered commercial banks and other authorised dealers of foreign exchange in the country to set aside 60 percent of their FOREX purchases for manufacturers. The manufacturing sector has been hit particularly hard by the […]
CBN Proposes Single Digit Interest Rate for Agriculture and Manufacturing Sectors
Manufacturers and agriculturists may finally be getting something that they have craved for a long time. The Central Bank of Nigeria says that it will provide interest rates below 10 percent on special loans to these sectors. This plan was disclosed by the CBN’s Director of Banking Supervision, Mrs Tokunbo Martins, in Abuja yesterday following a […]
The Central Bank of Nigeria’s Requirements for International Money Transfer Operators
On Tuesday, August 2, the Central Bank of Nigeria (CBN) issued a statement warning Nigerians to steer clear of what it called “unlicensed International Money Transfer Operators (IMTO)” in the country. This would have passed off as another document put out by the country’s apex bank which would only arouse the interest of financial institutions […]
Banks Seek 10,000 Naira Limit on Across-the-Counter Withdrawals
The Bankers’ Committee has made known the intention of banks in the country to restrict physical cash withdrawals. Its sub-committee on payment systems and infrastructure proposed fixing the limit of cash withdrawals at ₦10,000 to Nigeria’s apex bank last week. The CBN’s response to this is being awaited, reports say. There is an apparent link […]
CBN to Reveal Flexible Forex Guidelines This Week
Reports making the rounds suggest that the Central Bank of Nigeria could be making its guidelines for the new flexible foreign exchange regimes this week. There is a general expectation that this will be done on Friday. The adoption of a flexible FOREX regime by the country’s apex bank followed increasing difficulties encountered by businesses […]
Restrictions on the Use of Naira ATM Cards for Foreign Transactions
As the foreign exchange crisis continues to bite, more banks are imposing increasingly severe restrictions on the use of Naira ATM cards. While some banks have suspended the use of Naira ATM cards for any non-local use, others have maintained varying degrees of restrictions on the use of debit and credit cards. The scarcity of […]
#CNHighlights: Unforgettable Moments in Nigeria in 2015
There have been tremendous highs and some lows for Nigeria in 2015. For me, the biggest news and the top highlight of the year would be the Presidential election conducted by Attahiru Jega led INEC on March 28th 2015. The election saw a sitting President and ruling party losing an election for the first time […]
CBN Reduces Interest Rate Benchmark to Stimulate Economic Growth
For the first time in six years, Central Bank of Nigeria has reduced the benchmark for its interest rate, cutting it from a record high of 13% to 11%, differing from other countries in Africa that have tightened their monetary policies because of their weak currencies. No one, not even the 20 economists surveyed by […]
4 More Days to Register for BVN
According to media reports, a total of 21 million customers in the country have obtained their BVN so far. Also, about 12,000 bank customers in the diaspora have taken advantage of the BVN registration centres created outside the country by the Central Bank of Nigeria (CBN) and the bankers’ committee. This is great news but […]
JP Morgan Vs Naija
I’m in torn about JP Morgan’s decision to remove Nigeria from its Government Bond Index. The selfish part of me is naturally concerned about the negative impact it will have on business and my pocket. After all, the long line of foreign investors heading towards the nearest “Exit Nigeria” door is an inevitable consequence. And […]