Nigeria, China Sign $2.5bn Currency Swap Agreement

The Central Bank of Nigeria (CBN) has announced the execution of a $2.5billion bilateral currency swap agreement with the Peoples Bank of China (PBoC).
The CBN Governor, Mr Godwin Emefiele, led the Nigerian officials while PBoC Governor, Dr Yi Gang, led the Chinese team at the official signing ceremony in Beijing, China, on Friday, April 27.

Nigeria’s Foreign Reserves Drop To $24.74bn

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, says Nigeria’s foreign reserves have reduced from $26.51 billion in the second quarter of 2016 to $24.74 billion in September.

Udoma on Tuesday said this at the 57th annual conference of Nigerian Economic Society with the theme “the developmental state and diversification of the Nigerian economy”.

He said Nigeria had revenue and foreign currency concentration problems, adding that diversification was the only solution.

What You Need To No About Online Banking

Oline banking, also known as Internet banking, has become increasingly popular over the past decade. 

It is a great way to take control of your finances and an easy way to make sure you’re keeping up to date with payments, according to a report by https://www.moneyadviceservice.org.uk.

More than half of customers now avoid queuing up in bank halls by accessing their accounts directly from computers, tablets or smartphones. But how does it work and is it safe?

CBN Warns Nigerians Against ‘MMM’ Wonder Bank…See Shocking Revelations

    The apex bank in Nigeria has warned Nigerians against the trending Ponzi scheme giving particiP@nts 30% interest on their saved funds.
 The Central Bank of Nigeria (CBN) has warned Nigerians to be careful of any deposit money institution that is not insured by the Nigeria Deposit Insurance Corporation (NDIC) especially the trending MMM
Nigeria community.

CBN Bars Foreign Firms From Printing Cheques For Nigerian Banks

 

                  The Central Bank of Nigeria, CBN, has denied accreditation to foreign printers who hitherto printed cheque books for some Nigerian banks.
In a circular released, yesterday, entitled: “Circular to deposit money banks, cheque printers and other stakeholders on the accreditation of cheque printers for 2015/2016″ and signed by Director, Banking and Payment Systems Department, Dipo Fatokun, the apex bank said it has duly notified all accredited printers and issued certificates to them.

Why We Won’t Devalue The Naira – CBN

             The Central Bank of Nigeria, CBN, Friday, disclosed that its decision not to undertake a further devaluation of the naira was borne out of the need to safeguard the Nigerian economy from the shocks and negative impact the depreciation will have on the economy.
Reacting to an article in the Economist Magazine, the CBN in a statement signed by its Director, Corporate Communications, Mr. Ibrahim Mu’azu, maintained that the CBN does not panic and will not take desperate measures to satisfy few misguided interests in the market.

CBN Releases 2013 Controversial Report

                            The Central Bank of Nigeria (CBN) weekend released the 2013 annual report that led to suspension of former governor, Sanusi Lamido Sanusi. The Financial Reporting Council of Nigeria had raised issues with the accounts, saying it needed some detailed explanation as required in the International Financial Reporting Standards.
It was on the basis of issues raised by the Council that the former CBN Governor was suspended. However, the CBN said that it has formally released its audited financial statements for 2013 and 2014 and has fully adopted the International Financial Reporting Standards (IFRS) for the financial statements.

CBN’s Operating Surplus Falls By N174BN

                    The Central Bank of Nigeria, CBN, operating surplus (net income) fell sharply by N174 billion to N33.8 billion in 2014.
This represented 81 percent decline when compared with the N213.5 billion recorded in 2013. In the same vein, the Nigeria Security Printing and Minting Company Plc, a subsidiary of the apex bank suffered a loss of N1.54 billion in 2014.