The Central Bank of Nigeria (CBN) has announced plans to establish a national micro-finance bank to promote access to credit finance for small, medium enterprises (SMEs) and other unbanked groups in the country. Emefiele who was represented by the deputy governor, Financial Systems Stability of the CBN, Aishah Ahmad, at the maiden two-day National…
The Central Bank of Nigeria has revoked the operating licence of Skye Bank. Godwin Emefiele, Governor of CBN announced this at a press conference. He also announced the creation of a bridge bank named Polaris Bank to carry the assets and liabilities of the defunct Skye Bank. Emefiele explained that the reason for the revocation…
The Central Bank of Nigeria has imposed a N10,000 fine on any bank that fails to reverse failed transactions within 24hours from October 2. This was contained in a circular addressed to all Deposit Money Banks, microfinance banks, other financial institutions, mobile money operators, development finance institutions, payment service providers and other stakeholders across the…
Central Bank of Nigeria (CBN) on Tuesday injected $210 million into the inter-bank foreign exchange (forex) market. Breaking down the figures, the bank’s Acting Director of Corporate Communications Department, Isaac restated the bank’s resolve to continue to intervene in the interbank forex market to sustain liquidity and maintain stability. It offered $100 million to authorised…
Securities Exchange, through the Central Bank of Nigeria (CBN), and the Financial Markets Dealers’ Association (FMDA), have established Straight-Through-Processing (STP) for the settlement of fixed income trades. With the support of the CBN and the FMDQ Dealing Member (Banks), FMDQ, on Friday, successfully deployed a fixed income market STP settlement solution through its proprietary market…
Nigeria’s central bank said on Friday it had injected $293 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.
The bank said in a statement it had sold the funds to agricultural firms, airlines, petroleum imports and to companies importing raw materials and machineries.