Nigeria’s naira firmed against the dollar on the interbank market on Monday after the central bank said it will sell dollars on forward delivery from Monday in its bid to shore up the domestic currency’s value. The naira strengthened 0.69 percent to 163.70 to the dollar, up from its 164.85 […]
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CBN defends naira with $6.4bn in eight weeks
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 […]
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 […]