CORONANOMICS: CBN cuts interest rate on its loans to 5%
On the backdrop of the ongoing global economic crises over the Coronavirus (COVID-19) the Central Bank of Nigeria (CBN) has announced the reduction of interests rate on its intervention loans from nine percent to five percent, as well as, an extension of moratorium from one to two years, to buffer the Nigerian economy.
Cashless policy is to cut down volume of money in circulation — CBN
…says it cost a fortune to mint Naira notes By Festus Ahon CENTRAL Bank of Nigeria, CBN, said its cashless policy was to cut down the volume of cash in circulation and to place Nigeria on the scoreboard of global best practices, disclosing that the policy has been put to test in five states in […]
CBN’s forex intervention dampens backward integration — MAN
The Manufacturers Association of Nigeria (MAN) has linked the low utilization of local raw materials in the manufacturing sector to policy intervention in the official foreign exchange (forex) market by Central Bank of Nigeria (CBN).
Forex: CBN introduces longest Naira-settled Forwards contract
In a bid to reduce demand pressure in the foreign exchange market, and enhance dollar inflow into the economy, the Central Bank of Nigeria (CBN) yesterday introduced the longest Naira-settled Forwards contract.
Receiving money transfers in foreign currency detrimental ― CBN
The Central Bank of Nigeria (CBN) says receiving international money transfers in foreign currencies by Nigerians is detrimental to the Naira. Ms Ozemena Nnaji, Director, Trade and Exchange in the apex bank, told the House of Representatives Committees on Diaspora, Banking and Currency, and National Planning at an investigative hearing on Thursday in Abuja. The […]
£2.55bn fraud: Court remands 4 directors of Petro Union Oil
A Federal High Court in Lagos on Thursday ordered the remand of four directors of Petrol Union Oil and Gas Company Ltd., over alleged 2.556 billion pounds fraud. The defendants are: Abayomi Kukoyi; Prince Kingsley Okpala, Prince Chidi Okpalaeze and Prince Emmanuel Okpalaeze. Justice Mohammed Liman ordered the remand of the defendants at a custodial […]
