CBN: Currency in circulation hits N2.426trn in September

CBN, Currency in Circulation, DMBs, Naira

Currency in circulation (CIS) rose by N56.44 billion in one month from N2.369 trillion as of the end of August to N2.426 trillion as of the end of September, the Central Bank of Nigeria has revealed. The latest report on CIC released by the apex bank on Wednesday showed that the figure, which stood at N2.35 trillion as of the end of May, rose to N2.39 trillion as of the end of July. The currency-in-circulation on quarter-on-quarter basis fell by 6.0 per cent to N2.29 trillion at the end of…

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CBN releases framework for metering financing, promotes local content

Power: Deal With Siemens - The Birth of a New Era?

The Central Bank of Nigeria (CBN) has released the framework for the financing of National Mass Metering Programme (NMMP). The programmed is aimed at closing the current metering gap of over 10 million in the Nigeria Electricity Supply Industry (NESI). According to the apex bank, the closing of this gap is expected to enhance efficiency of revenue collection by distribution companies (DisCos), thereby facilitating meeting their obligations to other upstream market participants. The framework, which outlines the operational modalities of the CBN financing support to the DisCos (downstream) and local…

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CBN enforces SWIFT code on banks

CBN, Currency in Circulation, DMBs, Naira

The Central Bank of Nigeria (CBN) has ordered banks to comply with the SWIFT universal payment confirmation. It stated this in a circular titled ‘Compliance with the SWIFT universal payment confirmation’ signed by Sam Okojere, the director, banking services department, to all banks which was released on Friday. The circular read in part, “All banks operating in Nigeria are by this circular reminded of the need to ensure full compliance with SWIFT universal confirmation requirements. “All SWIFT customers are required to provide confirmation on the outcome of all their incoming…

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CBN disburses $13.99bn defending naira in H1’ 2020

CBN disburses $13.99bn defending naira in H1’ 2020

In a bid to strengthen the local currency, Naira, the Central Bank of Nigeria (CBN) supplied $13.99 billion into the market between January and June. The bank disclosed this in its quarterly statistical bulletin on ‘Supply of forex’ for the month of June. According to the CBN, the forex were supplied to the interbank segment, the Bureau De Change operators, and also the Investors & Exporters window, Small and Medium Enterprises and invisibles. It disclosed that $122.9 million, $63.2 million, $2 million, $62.12 million, $55.89 million and $68.86 million were…

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CBN condemns airlines, shipping firms for violating export procedures

CBN condemns airlines, shipping firms for violating export procedures

The Central Bank of Nigeria (CBN), on Tuesday, expressed dismay over the non-compliance with the provisions of its circular on compliance with export procedures by shipping and airline companies, especially regarding processing Bills of Lading and Airway Bill in respect of exports from the country. The circular referenced TED/FEM/FPC/GEN/001/008, drew attention to provisions of an earlier circular: TED/FEM/FPC/GEN/01/009, dated June 6, 2017 requiring that such bills should carry the Form NXP number in respect of the underlying cargos. The circular addressed to all banks the Nigerian Customers Service, Nigerian Shippers’…

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CBN expects foreign reserves’ dip to $29.9bn by year end

CBN, Currency in Circulation, DMBs, Naira

Amidst continued pressures on the external sector of the economy, the Central Bank of Nigeria (CBN) has projected a major fall in the country’s foreign reserves to $29.9 billion by the end of 2020 citing decline in oil prices and the impact of the Coronavirus (COVID-19) pandemic. In a report titled, ‘Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2020/2021’, the apex bank stated: “Sequel to the COVID-19 pandemic, the viability of the external sector in 2020 is expected to deteriorate, given the present worsening current account…

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Access Bank gets CBN’s nod to become a HoldCo

access bank gets CBN's nod to become a HoldCo

Extends footprint to South African market Access Bank Plc on Tuesday announced that it has received the Central Bank of Nigeria’s approval-in-principle for the bank’s restructuring to a holding company (“HoldCo”). The proposed HoldCo structure would enable the bank to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance. The bank said in a disclosure notice to the Nigerian Stock Exchange that further details regarding the HoldCo structure will be communicated to the market in due course. A holding company is a…

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Investors gain N55bn as rush for equities persists

Stocks higher while acrimony rules

Investors at the Nigerian Stock Exchange (NSE) have continued to reap the positive effects of recent rate cut by the Central Bank of Nigeria (CBN) which has turned the equities to a new bride admired by investors. The market again closed on Tuesday in the green territory to mark its eight bullish session with N55 billion gain and improved momentum as turnover volume and value also jacked up by 22.64 per cent and 12.39 per cent respectively. Specifically, equities price tracker, the All-Share Index (ASI) added 104.12 points equivalent to…

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CBN: Financial inclusion remains elusive for Nigeria

A report by the Central Bank of Nigeria (CBN) and the Enhancing Financial Innovation & Access has said that Nigeria is far from achieving its financial inclusion target in 2020. The CBN disclosed this in the report titled ‘Assessment of women’s financial inclusion in Nigeria’ for December 2019 period which was released on Monday. The report also identified wide gap of financial exclusion among female than in the male gender. Part of the report read, “Not surprisingly, financial exclusion stands at 36 per cent for women and 24 per cent…

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