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CBN Offers $100m in Wholesale Forwards

Buoyed by the impact of its interventions and stability in the foreign exchange market, the Central Bank of Nigeria (CBN) on Thursday, April 27, 2017 offered the sum of $100 million to authorized dealers to meet the requests of wholesale customers at the forex auction in the interbank wholesale window. ...

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Runway Jazz 2017: UBA powers music and business masterclass

The  countdown has begun to the most anticipated and insightful learning experience at the Runway Jazz 2017 Music and Business Masterclass, taking place on April 29, 2017 in the Grand Ballroom of Eko Hotels & Suites, Lagos, Nigeria.  The Masterclass is a prelude to the Runway Jazz Concert, a special ...

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AMCON Will Ensure The Success of The AMP Programme – Kuru

Ahmed Kuru, Managing Director, Asset Management Corporation of Nigeria (AMCON).   One year after Asset Management Corporation of Nigeria (AMCON) introduced the Asset Management Partners (AMP) programme, Mr. Ahmed Kuru, Managing Director/Chief Executive Officer, AMCON today in Abuja called on the AMPs to take the assignment seriously as those that ...

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CBN Lists 3239 Approved BDCs as at April 24, 2017

The Nigeria’s apex bank, the Central Bank of Nigeria (CBN) on Tuesday said only 3239 Bureaux De Changes operators are in compliance with its new requirments as at April 24, 2017. Below is the link to the list of BDCs: Click here to view the updated list     By ...

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CBN Suspends New Withdrawal, Deposit Processing Fees

  You will recall that a directive was issued on the nationwide implementation of the Cash-less policy vide our circular with reference numbers BPS/DIR/GEN/CIR/04/001 dated 21st February, 2017 and BPS/DIR/GEN/CIR/04/002 dated 16th March, 2017 Please note that the new withdrawal and deposit processing fee charges above the threshold as contained ...

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Foreign Exchange Payment for Small-scale Importation

Further to the circular referenced TED/FEM/FPC/GEN/01/002 dated April 10, 2017, on the above subject, the Central Bank of Nigeria hereby introduces the use of FORM Q by Small and Medium Scale Enterprises (SMEs) as part of its efforts to improve access to foreign Exchange by SMEs. The form has been ...

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Naira firms on black market as CBN boosts dollar sale

Naira firmed strongly on the black market on Thursday as traders prepared for the Central Bank of Nigeria (CBN) to increase the dollar supply for exchange bureaux to keep the official retail rate higher. The black market rate strengthened 1.27 percent to N395 to a dollar. The CBN plans to ...

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CBN sustains liquidity in forex market; disburses $280 million to SMEs, BDCs, invisibles

    The Central Bank of Nigeria (CBN) on Tuesday, April 18, 2017, underscored its determination to sustain liquidity in the foreign exchange market with the injection of $280 million into various sectors of the market and the commencement of its weekly $20,000 sale to licensed Bureaux de Change. It ...

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Forex Market Analysis: USD and JPY Falls to Five (5) Month Low

  Source: www.merifx.com Fundamental Indication On Monday, the 17th of April 2017, the dollar fell to a five-month low against the yen as pressures rose over the US-North Korea stand-off. This kept the safe-haven Japanese currency in demand as the dollar declined to 108.136 yen, its lowest since mid-November. The ...

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CBN raises banks’ forex loan limits to resolve breaches

    The Central Bank of Nigeria (CBN) has increased the limit on banks’ foreign currency borrowings to 125 percent of shareholders’ fund after some lenders breached its regulatory limit due to the recent fall in the naira. The new regulation replaces a 2014 rule capping foreign borrowings, including Eurobonds, ...

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