The Central Bank of Nigeria (CBN) has put Federal Government’s revenue from oil exploration and production companies in form of Petroleum Profits Tax (PPT) and royalties at N3.211 trillion from the third quarter of 2015 to third quarter of 2017. The apex bank, in its latest Economic Report, indicated that the country raked in N495.39 […]
The Central Bank of Nigeria’s (CBN’s) foreign exchange (Forex) sales was dominated by Forwards contracts last year, accounting for $11.2 billion or 70 percent of the year’s total sales. Forwards are transactions which involve delivery of forex at a future agreed date but at current exchange rate unlike spots transactions which demand immediate delivery. The […]
The Central Bank of Nigeria (CBN) has revised upwards foreign exchange trading margin for Bureau De Change (BDC) operators in the country. Based on the new margin approved by the apex bank, BDC operators would now buy the United States dollar from the CBN at the rate of N357/$1 and sell at N360, thereby leaving […]
The Central Bank of Nigeria, CBN, has shifted the implementation of the regulatory framework for use of Unstructured Supplementary Service Data (USSD) initially scheduled to start on June 1, 2018 to October 1, this year. The apex bank gave this hint in a circular issued issued by the Director, Banking and Payment System Department, CBN, […]
The Central Bank of Nigeria (CBN), has approved Africa’s first farmers’ MicroFinance Bank (MFB) to operate in the unit category in Nigeria. The approval letter dated May 21, 2018 with the title ‘Final Approval To Operate As Joint Farmers Microfinance Bank Limited’ signed by the apex bank’s Director, Financial Policy and Regulation Department, Mr. S. […]
The Central Bank of Nigeria (CBN) has made it mandatory for all the Bureau de Change (BDCs) operating in Nigeria to access Foreign Exchange market thrice a week. A statement from the apex bank’s Acting Director, Corporate Communications, Isaac Okorafor, on Sunday indicated that the new directive would allow eligible travellers more access to foreign […]
Barely 48 hours after intervening in the Inter-Bank segment of the Foreign Exchange (Forex) market with $210 million on Wednesday, the Central Bank of Nigeria (CBN) yesterday released another $100 million into the market to facilitate customers’ access to foreign exchange. According to the apex bank, Thursday’s intervention is informed by the need to further […]
The Central Bank of Nigeria (CBN) on Wednesday supplied the inter-bank segment of the foreign exchange (Forex) market with $210 million in furtherance of its efforts to boost the market’s liquidity. An analysis of the Forex supply showed that $100 million was provided for authorized dealers in the wholesale segment of the market while the […]
The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has announced Standard Chartered Bank and Stanbic IBTC Bank as settlement banks in currency swap agreement between it and Peoples Bank of China (PBoC). This is even as the apex bank also announced plans to release framework for the currency swap deal between the two […]