By InvestAdvocate Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) has asked commercial banks not to sell foreign exchange without appropriate documentation and disclosure to authorities, irrespective of the source of funds. The CBN gave this directive in circular with reference number TED/FEM/FPC/GEN/01/008 dated August 22, 2016 and signed by W.D, […]
Money Market
CBN Direct Banks to Allocate 60% of Their FX to Manufacturing Companies
By InvestAdvocate Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Tuesday directed banks to allocate 60 percent of their foreign exchange purchases to manufacturers, in order to help them pay for imports and boost the economy. This is contained in a circular with reference number TED/FEM/FPC /GEN/01/007 dated August 23, […]
CBN conducts stress tests on nation’s banks
23/8/2016/The Guardian Clara Nwachukwu • It’s a routine examination, say analysts • ‘What can happen to a weak bank’ To assess the strength of the nation’s banks, the Central Bank of Nigeria (CBN) is currently conducting stress tests on them. But depositors need not worry. The tests are routine, according […]
