CBN’s PMI report shows rise in employment
The Central Bank of Nigeria (CBN) purchasing managers index (PMI) report for July shows employment level index on the rise for the 27th consecutive month. The index stood at 57.6 points. Of the 14 sub-sectors covered, 10 reported increased employment level, one reported unchanged employment level while three reported decreased employment in the review month. […]
Ezekwesili knocks Buhari over stoppage of forex for food import
By Samson Echenim President Muhammadu Buhari’s direction to Central Bank of Nigeria to stop foreign exchange allocation for importation of food into Nigeria has received outright condemnation from Obiageli Ezekwesili, a former minister of solid minerals, who said the president was misinformed by those around him to believe that Nigeria is now self-sufficient in food […]
$482m external reserves decline linked to falling oil prices
Nigeria’s external reserves dropped by $482.18m from N45.14bn as of July 8 to $44.65bn as of August 8, latest statistics from the Central Bank of Nigeria have shown. The reserves which had maintained a steady rise in recent months has started suffering decline. A research by FSDH noted in its monthly economic and financial markets […]
Don’t give a cent to anybody to import food into the country, Buhari orders CBN
Muhammadu Buhari, Nigeria’s president on Tuesday in Daura, Katsina State, disclosed that he has directed the Central Bank of Nigeria to stop providing foreign exchange for importation of food into the country, based on “the steady improvement in agricultural production, and attainment of full food security.” The president, who hosted All Progressives Congress governors to […]
9% interest on palm oil loans unable to sustain local production- Stakeholders
Local palm oil producers have said that the nine percent interest rate applicable to loans under the Central Bank of Nigeria’s Anchor Borrowers’ Scheme was too high and would not be able to spur and sustain local production of palm oil. The CBN had included palm oil in its list of 41 items not eligible […]
CBN injects $280.04m, CNY 28.3m into retail SMIS
The retail Secondary market intervention sales on Friday received a boost of $280.04m from the Central Bank of Nigeria. It also injected CNY 28.3m in the spot and short-tenored forwards segment of the inter-bank foreign market. Isaac Okorafor, director, corporate communications department, in a statement, said the latest interventions in the inter-bank foreign exchange market […]
Analyst say forex restriction on milk import will save foreign reserves as falling oil prices threaten budget
By Kenneth Afor The planned Central Bank of Nigeria (CBN) foreign exchange restriction on importation of milk will help to protect Nigeria’s foreign reserves and may just be appropriate for these times as global oil prices begin to be shaky and threaten the 2019 budget, an investment analyst has said. The Nigerian economy is expected […]
CBN auctions N115bn treasury bills to boost dollar liquidity
The Central Bank of Nigeria sold a total of N114.6 billion worth of treasury bills Wednesday, in its first of such auction since mid-July as it seeks to boost dollar liquidity in the currency market. The Bank offered to sell N100 billion of bills in maturities of three, six and 12 month, but got bids […]
CBN intervenes with $210m in forex market
The Nigerian inter-bank foreign exchange market received another boost with an injection of about $210 million from the Central Bank of Nigeria (CBN) on Tuesday Details of the transactions showed the bank offered $100 million to authorized dealers in the wholesale sector of the market. Another $55 million each was also allocated to the small […]
CBN unveils guidelines on disclosure, transparency for banks, others
The Central Bank of Nigeria (CBN) has issued fresh guidelines to give effect to the disclosure and transparency principle contained in the Consumer Protection Framework (CPF) for institutions under its regulation. The guidelines, according to an 18-page document posted on the central bank’s website yesterday, provides minimum disclosure and transparency requirements for financial institutions under […]