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Emefiele explains foreign exchange plan
The Governor of the Central Bank of Nigeria Godwin Emefiele has written a letter to President Muhammadu Buhari explaining the foreign exchange plan announced on June 15. In the letter, the CBN...
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Naira quoted at 253/$ as interbank market opens
Nigeria’s naira was quoted at 253 against the U.S. dollar as a new interbank market opened today.CBN last week said it would scrap its fixed exchange system which has seen the currency pegged at 197 to...
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Verizon to buy Yahoo for $4.83 billion
Verizon Communications Inc on Monday said it would buy Yahoo Inc’s core internet properties for $4.83 billion in cash to expand its digital advertising and media business, in a deal that ends a...
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El-Rufai accuses CBN of causing massive job loss all over the country
The Kaduna State Governor, Nasir el-Rufai, at a round table organised by Women in Business, a non-profit women advocacy organisation in Abuja on Wednesday, decried the Central Bank’s prevailing fiscal...
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Dollar now N393, Pounds N505, Euro N435
The Naira on Monday depreciated against the dollar at the parallel market. The Nigerian currency lost N3 to exchange at N393, from N390 posted on Friday; while it traded at N505 and N435 against the...
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Skye Bank not in distress, CBN clarifies
The Central Bank of Nigeria again has faulted speculations that some banks in the country may be going under because they are distressed, stating that all existing banks are in safe financial...
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Naira now N400 to One Dollar
The Naira on Wednesday slipped further against the dollar at the parallel market. The currency was exchanged at about N400 on Wednesday afternoon, from N397 it closed on Tuesday; while it traded...
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CBN re-admits UBA into the Forex market
The Central Bank of Nigeria (CBN) has re-admitted the United Bank for Africa (UBA) into the foreign exchange market after the bank remitted all outstanding NNPC/NLNG deposits in its possession to...
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Indonesia, Nigeria trade volume falls to $1.75bn from $4bn
The Indonesian Ambassador to Nigeria, Amb. Harry Purwanto, said the volume of trade between Nigeria and his country reduced to 1.75 billion dollars in 2015 from four billion dollars in 2014. Purwanto...
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Naira crashes further against the Dollar
The naira fell to a new low of 414 against the US dollar yesterday amid the continued scarcity of foreign exchange in the country, with economic experts predicting further pressure in the forex market...
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CBN issues license to 11 new International money transfer operators
Central Bank of Nigeria CBN has issued license to 11 new International Money Transfer Operators (IMTOs). The apex bank’s Acting Director, Corporate Communications, Isaac Okorafor yesterday disclosed...
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Nigeria’s current economy worst in 29 years – NBS
The National Bureau of Statistics’s (NBS) Gross Domestic Product (GDP) report says Nigeria is in its worst economic recession in 29 years. The report states that Nigeria’s economy in the second quarter...
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CBN reinstates 9 banks suspended from forex market
The Central Bank of Nigeria, CBN, has reinstated the nine commercial banks that were recently suspended from the foreign exchange, forex, market.CBN Director of Banking Supervision, Mrs. Tokunbo...
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Recession: Worst is over, says CBN governor Godwin Emefiele
Governor of the Central Bank of Nigeria, Godwin Emefiele, over the weekend spoke on the state of the Nigerian economy, according to him the worst days of Nigeria’s current economic recession are over....
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Naira falls again, Now N428 to a Dollar
The Nigerian currency yesterday depreciated against the three major currencies in all the segments of the Forex market. The Naira fell at the parallel market to N428 against the dollar, N550 against...
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Naira now N436 to a Dollar
The naira fell to an all-time low of N436 to the dollar on the parallel market yesterday, as against N428 to the dollar from the previous day, as the scarcity of the dollar in the market took a turn...
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Naira falls to all-time low Of 472/dollar
The naira slumped to a new all-time low of 470 to the dollar on the parallel market on Wednesday, posting its biggest daily decline since the Central Bank of Nigeria adopted a flexible foreign exchange...
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Online transactions to get insurance cover by October
The Managing Director, Nigeria Interbank Settlement System (NIBSS),Ade Shonubi, has promised all Nigerians that Succour will come their way following complaints over risk of transacting business...
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FG floats N25bn loan scheme for transportation
The Federal Government has set up N25 billion revolving loan scheme for transport companies in the country to access funds for the purchase of mass transit vehicles. The Minister of Industry, Trade and...
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Naira appreciates against dollar
The Naira on Wednesday appreciated against the dollar in all the segments of the foreign exchange market. The currency gained 9.97 points to exchange at N310.24 from N320.21 it recorded on Tuesday,...
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