Browsing: CBN

COVID-19: Banks stop clearing cheques on CBN directive

CBN, Banks, NIBBS others open for business during COVID-19 Lockdown. The Central Bank of Nigeria (CBN) says the apex bank and other financial institutions will open for business in spite the two weeks lockdown declared by President Muhammadu Buhari in Abuja, Lagos and Ogun states.

FX Market: Naira depreciates on rising cases of COVID-19. Exchange rates depreciated by ₦30 week on week (w/w) at the parallel market amid rising cases of COVID-19, poor inflow into external reserves.

‘Stimulus bailouts worth 2% of GDP measly to stem potential shocks from crisis’. Cardinalstone Partners, an investment banking firm has said policy responses to the recent development in the economy is likely to provide calming effects.

Banks hack retail customers’ dollar spending limits by half. Deposit money banks in Nigeria have started to low down dollar spending limit on debit cards due to paucity on greenback in the economy.

CBN plays soft on devaluation, says it is adjustment of price. The Central Bank of Nigeria has clarified that it did not devalued the local currency, Naira.

CBN technically devalues Naira, sets rate at ₦380 per dollar. The Central Bank of Nigeria sold naira at ₦380 per dollar to deposits money banks on Friday, the move that analysts said that may end multi-tiered exchange rate regime.

COVID-19: CBN hacks rates, creates N50bn facility to support Healthcare, Hotels, Airlines others The Central Bank of Nigeria (CBN) has…

Zenith Bank spreads into retail lending, says won’t fly M&A for managerial hubris. Zenith Bank Plc. has said that retail banking is now its major focus as the management pitched organic growth strategy.

Nigeria records N2.23 trillion positive trade balance as imports grow 28.8%. The Nigerian economy has recorded a favourable trade balance of N2.232 trillion in 2019, data provided by the National Bureau of Statistics has shown.