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Awaiting CBN’s foreign exchange rate unification

• Normalise rates to boost transactions, says LCCI boss • Rewane warns against exchange rate fixing • Political consideration, intrigues thwart apex bank’s efforts The dithering by the Central Bank of Nigeria (CBN) to tackle foreign exchange (FX) rate unification, a programme it pledged to pursue aggressively last year, has …

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FCMB names Yemisi Edun as Acting-MD

The First City Monument Bank (FCMB) has named Mrs Yemisi Edun as the Acting Managing Director of the bank in the interim, while Mr Adam Nuru is on leave. This was  contained in a statement signed by the FCMB management and obtained by the News Agency of Nigeria (NAN) via …

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FCMB: Is Moyo Thomas beauty on trial?

By Jimoh Ibrahim As Nuru appears before the Board of the ethics committee of FCMB today, one unknown issue for trial is Moyo Thomas’s unquestionable beauty. But the memo there is about the ethical qualifications of the MD. Unfortunately, morals are not laws because of their imposing characteristics that offend …

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BREAKING: World Bank approves $3bn for Nigeria

After threatening to withhold $1.5 billion until Nigeria carries out foreign exchange reforms to its satisfaction, the world Bank has finally approved the facility for Nigeria. While Nigeria is still working on its forex reforms, it appears the World Bank was moved to change its mind because “government revenues could …

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World Bank withholds $1.5b loan to Nigeria

Nigeria got a caveat on Thursday to get approval for a $1.5 billion loan he is seeking from the World Bank.  The reforms around the naira must be strengthened by the Federal Government, the financial institution is insisting. According to a Reuters news agency report, World Bank Country Director in …

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CBN releases categorisation for payment system

The Central Bank of Nigeria (CBN), in line with its commitment to promote a strong and credible payment system, has approved new license categorisations for the payments system. A circular signed by Mr Musa Jimoh, Director, Payments System Management Department of the apex bank, states that the new framework offers …

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Naira exchanges for N474/$ at parallel market

The naira exchanged to the dollar in the parallel market at N474/$ on Thursday. The naira which recorded slight improvement in recent days closed at the Importer & Exporter forex window at N394.6/$. However, the Central Bank of Nigeria retained the official exchange rate at N379/$ according to its website. …

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