By Yakubu LAAH InvestAdvocate Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Wednesday scrapped its biweekly currency auctions on Wednesday and said it would sell dollars only at N198 revealing an actual devaluation of the currency. A Reuters report affirmed that FMDQ, a group comprising Nigeria’s main commercial banks and […]
Money Market
Nigeria’s central bank sells dollars to prop up currency
Tue Feb 17, 2015/Reuters Nigeria’s central bank intervened for the third straight session on Tuesday to defend the naira by selling dollars below its official band but the currency traded weaker in the interbank market. Dollar sales by an oil firm were traded at a weaker level than in the […]
CBN Issues New Policy on Dormant Accounts
By Yakubu LAAH InvestAdvocate Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) announced on Tuesday it has introduced a new policy regarding the management of dormant accounts balances by deposit-taking financial institutions, a circular signed by Kevin Amugo, Director, Financial Policy and Regulation Department of the CBN said. The CBN says […]
