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Lagos, South Africa and New York
Monday, June 1, 2020

CIBN Holds First Ever Virtual AGM, Elects Mr Bayo Olugbemi As 21st President

The Chartered Institute of Bankers In Nigeria, CIBN held its first ever virtual Annual General Meeting (AGM) where it reviewed the 2019 financial year and activities, and elected Mr. Bayo Olugbemi, FCIB, as the 21st President. The meeting was chaired by the current and 20th...

Nigeria banks cut customer FX spending abroad as Naira black-market rate weakens, dollar scarcity worsen

The Nigerian currency depreciated to its weakest level since February 2017 in the unofficial black market after the country’s central bank cut supply to dealers. The local unit traded at 415 naira per dollar according to abokiFX.com, which collates rates from street-traders in Lagos. In...

Microfinance Banks mull 2023 recapitalization deadline for MFBs, N50bn support

The Board of Trustees of the National Association of Microfinance Banks (NAMB) has called on the monetary authorities to extend the time for Microfinance Banks (MFBs) in the country to meet the revised minimum capital requirements for MFBs in the country. The Board hinged its...

COVID-19: CBN suspends cheques clearing instruments indefinitely

The Central Bank of Nigeria on Monday suspended indefinitely, the clearing of cheques instruments in the Nigerian clearing system The apex bank said this in a circular released on Monday to all Deposit Money Banks and the Nigeria InterBank Settlement System. The circular with reference number...

DMBs credit to private sector rise by N2.35tn

Credit to the private sector rose by N2.35tn from June 2019 to February this year after the Central Bank of Nigeria mandated the Deposit Money Banks to raise their Loan to Deposit Ratio as part of its regulatory measures to improve lending to the...

During coronavirus lockdown, commmercial Banks are allowed to maintain skeletal operations — CBN

Operators in the financial sector, particularly banks and money markets, have been granted limited exemptions to maintain skeletal operations through the lockdown period. In his nationwide speech on Sunday, President Muhammadu Buhari announced the cessation of all movements in Lagos and the Federal Capital Territory...

CBN suspends FX sales to retail currency traders as naira hits new lows

ABUJA, March 26 - Nigeria’s central bank has suspended foreign exchange sales to retail currency traders, a senior bureau de change (BDC) official said, to help protect the naira after a devaluation following the coronavirus outbreak and a fall in oil prices. The central...

Devalued Naira weakens Nigerian banks’ assets quality, Moody’s say

The devaluation of the Nigerian naira will put pressure on the assets of lenders struggling to raise asset quality to the regulatory threshold, according to Moody’s Investors Services. Africa’s largest oil producer on March 20 devalued by 4% the local unit versus the dollar, a...

Nigeria sells U.S dollars to foreign investors at 380 naira from 366

Nigeria’s central bank will migrate to a single exchange rate for the naira by collapsing the multiple exchange rate policy that determined the value for the local currency, people with direct knowledge of the matter said. It was forced to move after the global coronavirus...

Nigeria central bank devalues official FX rate by 15% after trade with local bank -traders

ABUJA - The Nigerian central bank devalued the official currency rate by 15% on Friday, in a move to converge a multiple exchange rate regime which it has used to manage pressure on the naira, traders said. The currency in Nigeria, which is Africa’s...