The Central Bank of Nigeria (CBN) has added the Nigeria Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA) to its official forex window. The move, according to CBN is to improve foreign exchange availability in the market and reduce challenges encountered by critical stakeholders, including in the payment of port charges to the related authorities. It was learnt that it would further liberalise the market that would allow some transactions that earlier sourced foreign exchange autonomously to regain access to the official window.
The Central Bank of Nigeria, CBN, has extended the Bank Verification Number enrolment for Other Financial Institutions customers which includes MfBs to December 31, 2017. Also, the apex bank said that with effect from January 1, 2018, all customers without BVN linked to their account should no longer be entitled to debit operations. Director, Other Financial Institutions Supervision Department, Mrs. Tokunbo Martins, announced the extension in a statement issued last week, saying the apex bank extended the deadline after appeals from various bodies.
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that the bank was targeting an inflation rate of between 10-11 per cent at the end of this year. He spoke at a meeting with the Senate Committee on Banking on the high interest rates in the Nigerian banking industry. According to the governor, although the inflation rate has been trending downwards, it remained very high. He disclosed that the Deposit Money Banks have contributed N27 billion to the pool of funds they decided to set
The National Bureau of Statistics, NBS, has reported that annual inflation rate dropped by 0.99 per cent to 16.25 per cent in May 2017 from 17.24 per cent recorded in April. This represents the fourth consecutive decline in the rate of inflation since January 2017. NBS, however, added that inflation increased month-on-month by 1.88 per cent, compared to 1.60 per cent in April, the highest monthly increase since May 2016. The sustained decline in annual headline inflation followed slower year-on-year increases in core inflation and food inflation to 13.0 per
The nation’s external reserved has dropped to $30.22 billion, the lowest level in three months. The Central Bank of Nigeria (CBN) disclosed this Wednesday June 14th on its website. The apex bank revealed that the external reserve dropped to $30.222 billion on Tuesday June 13th, representing a weekly decline of $68 million when compared with the $30.290 billion achieved the previous Tuesday of June 6th.
The National Bureau of Statistics said the unemployment rate in the country rose from 13.9 per cent in the 3rd quarter to 14.2 per cent in the 4th quarter of 2016. The NBS made this known in the “Unemployment/Underemployment Report for 4th Quarter of 2016’’ made available on the bureau’s website on Tuesday in Abuja. The report said that the period under review showed that population of unemployed was 27.12 million in the 3rd quarter, compared to 28.58 million persons in the 4th quarter. It said that this showed an
The nation’s total indebtedness to foreign and local creditors now stands at N19.16tn, the Debt Management Office has said. This is N1.8tn increase from the N17.36tn recorded at the end of December 2016. As of March 31, 2015, the country’s total debt stood at N12.06tn. This means the debt level increased by N7.1tn in two years. Segmenting the national debt, the DMO put the Federal Government’s domestic debt at N11.97tn. Two years ago, as of March 31, 2015, this component of the debt burden stood at N8.51tn. This means that
The nation’s external reserve recorded its second monthly decline of $535 million last month. This came as the Central Bank of Nigeria (CBN) had intervened in the foreign exchange market by selling $6.84 billion from January to last month. According to the CBN, the external reserve fell from $30.864 billion at the end of April to $30.329 billion on May 31, translating to decline of $535 million during the month. Analysis shows that the reserve rose steadily by $7.06 billion from $23.93 billion on October 24 last year to $30.99
The Central Bank of Nigeria has been advised to allow the forces of demand and supply to determine the naira exchange rates against foreign currencies. The Director, Africa Region Board, PKF Professional Services, Mr. Tajudeen Akande, who gave the advice, stressed the need to address the multiple exchange rates in the country. Akande, who is also the Senior Partner of PKF Nigeria, said the CBN could influence the foreign exchange market through policies when necessary. He said, “I think it is obvious that when you have that control, it is
The National Bureau of Statistics (NBS) said that inflation dropped by 0.94 per cent in February, the first time in 15 months. In its latest Consumer Price Index (CPI) for February, the bureau stated that the index, which measured inflation increased by 17.78 per cent year-on-year. It, however, stated that the increase was at a slower pace in February when compared to January consumer activities, which was 18.72 per cent. “This represents the first time in 15 months that the headline CPI has declined on year-on-year basis. “It represents the