Tag: CBN

Another eight banks were found to have played by the rules.

The former head of Stanbic IBTC Bank says the government economic recovery is “timid”.

Mr. Okorafor said no intervention was made in the retail window in Thursday’s auction.

The apex bank spokesperson urges Nigerians frustrated by banks to call and lay complaints.

“Supply of foreign currency to the new window shall be through portfolio investors.”

The Central Bank also ordered commercial banks to make refunds to customers already affected.

The World Bank official noted that continued monetary policy tightening would address the pressures on the Naira.

The recovery of the huge cash haul is generating controversy in the country.

The nominees have been sent to the Senate for confirmation.

The bank may open window for dividend remittances.

On April 10, the Bank intervened by offering about $100 million to authorised dealers at the forex auction.

The $480 million offered last week was in addition to the $350 million sold as wholesale auction.

The Central Bank also sold $10,000 to Bureaux de Change, BDCs in line with its new sale policy.

“…every Currency that comes down by FORCE will go up," the former minister said.

The bank is also offering registered BDCs $150 million.

The Naira closed at N394 to a dollar on Friday.

The bank will from Monday commence twice weekly FOREX sales to licensed Bureaux de Change.

The officials failed to appear in court.

The DBN is a wholesale financial institution which aims to increase access to finance for Micro, Small and Medium Enterprises.

The bank had earlier pegged selling rate for banks at N360.

CBN directs banks not to sell dollars for an amount beyond N360.

CBN directs banks not to sell dollars above N360 to customers.

The Naira traded at N440 last Monday while it closed at N390 to the dollar on Friday.

CBN-licenced BDCs would incur regulatory losses of N130 million this week.

The two suspects pleaded guilty in a plea bargain with the EFCC.