In a bid to prevent the naira’s value from crashing, the Central Bank of Nigeria has offered a total of $6.4bn to foreign exchange dealers at its twice-weekly regulated auction in the eight weeks, according to its latest statistics. Data on the agency’s website indicated that the CBN offered the […]
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CBN Develops Uniform Account Opening Form for Banks, Other Financial Institutions
Form (A) I Account is limited to a maximum single deposit of 20,000 Maximum cumulative balance 200,000 naira at any point in time Form (A) II is similar to form (A) I, but maximum single deposit is 50,000 naira Maximum cumulative balance is 400,000 naira International funds transfer prohibited. By […]
AFRICA INVESTMENT-What is the Nigerian naira really worth?
* Reliance on dollar-based oil makes naira hard to gauge * Dwindling reserves reduce room to defend naira * Devaluation possible, not a one-way bet -analysts “What is a cynic?” asks Cecil Graham in the Oscar Wilde play “Lady Windermere’s Fan”. “A man who knows the price of everything and […]
