Central Bank of Nigeria
How Nigeria wastes unjustified wealth on overseas education | Report
Despite a severe shortage of foreign exchange (forex), overseas education continues to drain the country’s resources, as Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, admitted $80 million weekly disbursements for personal travel allowances or payment of overseas school fees. The amount, which translates to $960 million yearly, is disbursed to banks to enable Nigerians to meet their forex responsibilities. This is after a recent report indicated that Nigerians spend £30 million (about N20 billion) yearly paying tuition in the United Kingdom alone while the country’s education system grapples with challenges of underfunding, poor remuneration, and obsolete teaching facilities.
How will COVID-19 impact Nigerian banks’ half-year earnings?
This month marks a year since the Central Bank of Nigeria introduced the Loan-To-Deposit-Ratio policy. Nigeria's apex bank says banks total credit rose to 3.1 trillion naira on the performance of the LDR policy. Muyiwa Oni, Regional Head, Equity Research at Standard Bank Group joins CNBC Africa for more.
Investors dump bank stocks amid COVID-19 fears
The banking sector is in the red today, even as the Central Bank of Nigeria announced moves to soften the impact of the coronavirus pandemic on Nigeria’s economy. Ebunoluwa Babarinde, Manager at Financial Derivatives joins CNBC Africa to review the performance of the Lagos bourse amid current macro realities.
CBN introduces new measures to cushion effects of Coronavirus
The Central Bank of Nigeria has introduced new measures to cushion the effects of coronavirus on the economy.
Interest rate on loan 'killing' Nigerian businesses - Senate
The Central Bank of Nigeria (CBN) and commercial banks in the country came under fire yesterday over disparities in deposit and lending rates obtainable in their offices. The upper legislative chamber lamented that interest rate on loans operated by commercial banks and approved by the CBN remained one of the highest in the world. Angered by the development, the Senate mandated its Committee on Financial Institutions to investigate and report back its findings to enable it take a definite position on the matter.
Senator laments over Central Bank policies on domiciliary accounts, forex
The Central Bank of Nigeria (CBN) and commercial banks in the country came under fire yesterday over disparities in deposit and lending rates obtainable in their offices. The upper legislative chamber lamented that interest rate on loans operated by commercial banks and approved by the CBN remained one of the highest in the world.
Moody’s declares 65% LDR for Nigerian banks as credit-negative – what are the implications for the economy?
Moody's Investors Service says meeting the Central Bank of Nigeria's (CNB) minimum requirement of 65 per cent Loan-to-Deposit ratio will be credit negative for the banks as they expect Nigerian banks to potentially make riskier loans to meet the LDR target by March. Peter Mushangwe, Banking Analyst at Moody’s joins CNBC Africa from London for more.
CBN: Corporates should take advantage of infrastructure bonds
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele says corporate bodies in the country should take advantage of the Presidential Order 7 to raise infrastructure bonds at concessionary rates. Nnamdi Nwizu, Co-Managing Partner at Comercio Partners joins CNBC Africa for a focus on Nigeria’s money market.
Nigeria’s manufacturing sector receives N459.69bn boost
The Central Bank of Nigeria (CBN) says gross credit to the manufacturing sector was N459.69 billion between the end of May and the end of October this year. The inflow credited to the Apex Bank’s recent policy on loan-to-deposit ratio. Meanwhile, the real GDP growth in Nigeria’s manufacturing sector was 1.1 percent year on year in the third quarter of the year. President of Manufacturers Association of Nigeria (MAN), Mansur Ahmed joins CNBC Africa to discuss this story.
CBN denies banning TB sales to persons, small firms
The Central Bank of Nigeria has denied reports that it gave directives to stop the sale of treasury bills to individuals and small firms. Emmanuel Mordi, Currency Trader at UBA joins CNBC Africa for a wrap of this week’s trading session at Nigeria’s fixed income and Forex market.
FX intervention takin toll on external reserves: A closer look at Nigeria’s markets
Traders say continued FX intervention by the Central Bank of Nigeria (CBN) is taking a toll on the country’s external reserves which is now at $41.77bn from $45bn as at the end of July this year. To discuss this Bankole Odusanya, Head of Fixed Income Trading at UBA joins CNBC Africa for more.