By Peter OBIORA InvestAdvocate Lagos (INVESTADVOCATE)- The Nigerian local currency the naira on Tuesday crashed against the U.S dollar and traded N191.10 reported Monday to N210 at the parallel market (black market). This crash in the exchange rate differential is further worsened by the new directive by the Central Bank […]
Money Market
Nigeria’s banks flex muscles in tussle for control of naira
Tue Jan 27, 2015/Reuters * Commercial banks regularly halting naira trade * Banks insist they want transparent, open FX market * Plunging crude has pushed currency to record lows Wrapping up a monetary policy speech last week, Nigerian central bank governor Godwin Emefiele declared that the naira, which has crumpled […]
NDIC takes over 21 Primary Mortgage Banks
The Nigeria Deposit Insurance Corporation (NDIC) has taken over 21 Primary Mortgage Banks (PMBs) that fell short of the Central Bank of Nigeria (CBN) regulatory guidelines. NDIC Managing Director, Alhaji Umaru Ibrahim who disclosed this at a workshop on ‘Credit Underwriting Standards for NDIC Examiners’ held in Lagos, said available […]
