 * Interbank rates spike by 7 percentage points * No visible effect on naira (Recasts with details, background) Nigeria’s central bank removed an estimated 1 trillion naira ($6.27 bln) from the banking system on Wednesday, causing interbank lending rates to spike by 7 percentage points from Tuesday’s close, but […]
Tag: Central Bank
External reserves dropped by $1.8bn in three months
The nation’s external reserves have dropped by $1.8bn within the space of three months, according to the latest data from the Central Bank of Nigeria. The data posted on the CBN’s website on Tuesday showed that the foreign reserves dropped by $1.8bn from the peak of $48.85bn on May 2 […]
New rules, products lay groundwork for Nigeria Islamic finance sector
* Largely untapped market of over 80 million Muslims * Use of Islamic banking windows set to increase * Much of regulatory framework now established * First sukuk may come soon * Short-term liquidity management products under development Nigeria is gradually opening up to Islamic finance, a move that could […]
