The Central Bank of Nigeria has outlined the benefits of electronic collection of revenues for the federal and state governments, saying it will reduce the cost of handling cash among other things. The Director, Banking and Payment Systems, CBN, Mr. Dipo Fatokun, gave the benefits during a sensitisation workshop on […]
Money Market
Foreign lenders reduce credit to Nigerian banks
Indications have emerged that a number of foreign banks have started suspending short and medium-term credit lines to their Nigerian counterparts as falling crude oil prices continue to fuel exchange rate volatility and uncertainties in the economy. This is coming just as several Nigerian lenders are said to be seeking […]
Naira Closes at 211/ $1 in Parallel Market
By InvestAdvocate Lagos (INVESTADVOCATE)-The Nigerian local currency the naira on Wednesday closed at 211/$1 U.S dollar compared to N210 it traded on Tuesday at the parallel market (black market). Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has said the current $34 billion Nigeria’s external reserve is adequate […]