Foreign exchange: CBN and the painful lesson of history
It was a very familiar road with a familiar destination which the Lamido Sanusi led Central Bank of Nigeria chose to embark on.
CBN compels banks to buy dollars to halt naira depreciation
The Central Bank of Nigeria (CBN) on Friday compelled banks to buy dollars at N160.5 per dollar, in a bid to halt the four day depreciation of the naira at the interbank foreign exchange market. The unusual intervention forced the interbank exchange rate to N162.05 per dollar on Friday from N163.7 per dollar on Thursday, translating to 165 kobo appreciation for the naira.
Is interest rate another ghost hunting Nigeria?
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, while inspecting a cold rolling mill facility in Ilorin last week was reported to have said that the current regime of interest rates in the country was too high for the productive sector of the economy. She described the 20 percent lending rate being charged by commercial banks on loans obtained by industries as outrageous.
CBN as misguided Father Christmas
In view of the apparently ‘boundless’ funds at the disposal of Nigeria’s Central Bank for its independent interventions, observers, including the National Assembly have frowned at the proprietary and the shrouded protocol surrounding the values and the choice of beneficiaries of the apex bank’s bonanza.
CBN to test-run movable collaterals October next year
FOLLOWING the challenges of access to funds for the Micro, Small & Medium Enterprises (MSMEs) in Nigeria, The Central Bank of Nigeria (CBN) has targeted October 2014 to test-run the registry of movable collaterals.
MSMEs contribute 47% to GDP in 2012 — CBN
The Central Bank of Nigeria (CBN) has said that Micro Small and Medium Enterprises (MSMEs) contributed about 46.54 per cent to country’s GDP in 2012. Specifically, Nigeria had about 17.6 million MSMEs employing about 32.4 million people in the year under review.
