CBN Says Oil Imports Gulped $770.58m In 6 Months

by Seun Adeuyion September 17, 2020
Latest data from the Central Bank of Nigeria (CBN) have shown a total of $770.58m was utilised for oil imports in the first half of this year. According to the CBN’s data on sectoral utilisation for transactions valid for foreign exchange, $148.32m was utilised in January; $145.23m in February, and $139.55m in March. Forex for […]

‘Improve Sustainable Banking’ — CBN, DBN Urge MfBs

by Seun Adeuyion September 15, 2020
Microfinance banks and other participating financial institutions have been charged by the Central Bank of Nigeria (CBN) and the Development Bank of Nigeria (MBN) to improve their sustainability efforts and become more responsive to their social and ecological environment. The banks said this during a webinar organised by DBN for MfBs and PFIs, according to […]

Companies Allowed To Import Maize By FG Have Their Directorships Stuffed With Northerners – David Hundeyin

by Gerald Onwukaon September 4, 2020
The Federal Government under President Muhammadu Buhari’s administration has issued permission to four companies, allowing them import maize into Nigeria. The selected companies are:Wacot Limited; Chi Farms Limited; Crown Flour Mills Limited and Premier Feed Mills Limited. The expected quantity to be imported by the companies is :Premier Feed Limited – 120,000 Tons Chi Farm […]

CBN Reviews Minimum Interests Rate On Savings Deposit In Banks

by Seun Adeuyion September 2, 2020
The minimum interest rate on savings deposits in banks has been reviewed by the Central Bank of Nigeria (CBN) to at least 1.25 per cent per annum. Savings deposit rates are default rates banks pay customers for keeping their money in the banks. This was contained in a circular dated August 31, 2020, and signed […]

Name Exporters Failing To Repatriate Export Proceeds, CBN Orders Banks

by Seun Adeuyion August 26, 2020
All banks have been directed by the Central Bank of Nigeria (CBN) to submit the names, addresses and Bank Verification Numbers of exporters failing in repatriating their exports proceeds, for further action. This was contained in a statement from the CBN on Tuesday. According to the statement, the decision was taken at the Bankers’ Committee […]

CBN Says Export Earnings Fell To $13.39b In April

by Seun Adeuyion August 23, 2020
The Central Bank of Nigeria (CBN) has disclosed that the country’s total export earnings fell by 14.9 per cent to $13.39bn in April due to decline in crude oil prices. This was contained in the Apex bank monthly economic report for the month of April. “Because of the decline in the price of crude oil […]