Mr Isaac Okoroafor, the acting Director, Corporate Communications, Central Bank of Nigeria (CBN) says the apex bank resisted suggestions to float the Naira when the country was battling with economic recession.

In a bid to address the increased demand for dollars, which led to N2 depreciation of the naira in the parallel market last week, the Central Bank of Nigeria, CBN, yesterday, increased dollar sales to bureaux de change, BDCs, by 50 per cent, saying it was compulsory that each BDCs purchased $60,000 per week.

DESPITE the last minute directive  by the Central Bank of Nigeria, CBN, that restricted banks’ dividend pay-outs, leading banks which are quoted on the Nigerian Stock Exchange, have ended their 2018 annual general meetings (AGMs) for the 2017 financial year doling out a total dividend of N225.012 billion, indicating a 25.6 percent increase over N179.165 billion paid last year on 2016 financial results. Moreover, their directors collected N30.217 billion representing 38.8 percent up-shoot in their dividend income as against N21.771 billion last year.

Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele yesterday said that the framework for the $2.5 billion currency swap agreement with the Peoples Bank of China (PBoC) will be released next week, stressing that the deal will ease pressure in the foreign exchange market.

ASSOCIATION of Bureaux De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to review the exchange rate band at which Bureaux de Change (BDCs) buy dollars to align with commercial banks’ buying rate.