Nigeria
Central Bank of Nigeria abandons FX window
Latest attempt to halt the sliding currency sees central bank cease to offer foreign exchange auctions, but interventions continue in the interbank market
Central Bank of Nigeria sets up steering committee on financial inclusion
Committee comprising central bank governor and finance minister is tasked with coordinating national strategy; will meet three times per year and approve annual reports
Central Bank of Nigeria eases rules for bank dollar holdings
Nigeria’s central bank has eased the rules for interbank dollar holdings in attempt to boost liquidity in forex trading market, but one FX strategist warns of ‘marginal impact’
Central Bank of Nigeria raises stakes with rate hike
Bank loosens grip on falling naira but governor ‘committed to stable exchange rate'; warns drop in oil price is permanent and depreciation could continue
West African countries take stock of ‘capacity building project’
The West African Monetary Institute is hiring an external consultant to review the $2 million project, as it works towards establishing second monetary union in region
Central Bank of Nigeria implements ‘sanctions screening' service to combat financial crime
Swift service helping banks meet global best practices on financial crime will be functional in January; step towards realising 2020 ‘payment system vision'
Central Bank of Nigeria defends reintroduction of fees on ATM withdrawals
Bank says reintroduction of fee will hinder abuse of expensive ATMs and promote its cash-less policy; fee was abolished in 2012 to encourage use of ATMs
Nigeria SWF to manage $350m for national electricity buyer
Finance minister backs deal, saying Nigeria Sovereign Investment Authority will deliver a better return than the central bank
Central Bank of Nigeria inks deal to set up credit fund for small businesses
Governor Godwin Emefiele signs MoU with state governments on $1.4 billion fund to lower lending rates for SMEs, but critics call for speedier remedies
Nigerian central bank welcomes drop in depletion of foreign reserves
Communique says reserves accumulation must improve to provide buffer for fiscal operations, in part by greater domestic production of foodstuffs
Expanding SWF forum to fly IMF nest and land in London next month
International Forum of Sovereign Wealth Funds welcomes new members ahead of relocation from the IMF's headquarters to its own premises in London in July
Nigeria's ousted governor makes transition to Muslim 'spiritual leader'
Sanusi Lamido Sanusi was appointed emir of Kano, a northern Nigerian state, on Sunday; influential post could make Sanusi a source of ‘frustration' for president, says analyst
New Nigeria governor Emefiele to target unemployment and lending to 'key sectors'
New governor says bank ‘cannot sit idly by and concentrate only on price stability' at first press conference; unemployment rate to play key role in monetary policy decisions
Nigerian court ruling deepens concerns over central bank independence
Former governor Sanusi Lamido Sanusi's appeal against presidential decision to suspend him is dismissed by judge; investors ‘nervous' about bank's autonomy
Sanusi: untainted by oil
Sanusi Lamido Sanusi’s aggressive reform agenda and efforts to defy powerful vested interests in Nigeria have secured a positive legacy despite bringing politics to the central bank.
Sanusi wins $300,000 in damages from Nigerian government
Sanusi Lamido Sanusi, who was suspended as governor of the Central Bank of Nigeria in February, is not to be arrested or harassed, court states
Nigerian parliament confirms Emefiele as Sanusi's successor
Upper house today confirmed Godwin Emefiele as next governor of the Central Bank of Nigeria; MPC held key rate yesterday despite 'unanimously' voting to tighten
Nigerian deputy governor moots tax on FDI dividends and capital transfers
Kingsley Moghalu laments emerging markets' ‘Faustian bargain' with short-term portfolio investors; moots explicit measures to stem capital outflows in wake of Fed taper
Sanusi exiled from Central Bank of Nigeria
Nigerian president Goodluck Jonathan suspends the central bank governor for financial recklessness; Sanusi says he will fight the suspension but accepts his days are numbered
UK Supreme Court throws out $6.5m fraud case against Central Bank of Nigeria
The UK Supreme Court today accepted an appeal from the Nigerian central bank, which was accused of facilitating a $6.5m fraud in 1986
Nigerian RTGS joins Swift
The country's adoption of the global payment platform yesterday is expected to improve settlement security and discourage the use of cash payments in the longer term
Nigerian interest rates have 'weak effect' on real economy, CBN working paper finds
Paper examines the process by which Nigerian interest rate policy affects the structure of interest rates, credit, aggregate demand and output production
Oil revenue fraud in Nigeria has forced ‘tight monetary conditions' says Sanusi memo
Document purportedly submitted to Senate committee by central bank governor claims oil money embezzlement has made management of exchange rates and price stability ‘extremely difficult'
Nigerian deputy says investment, not aid, will lead Africa to prosperity
Kingsley Moghalu, head of financial stability at the Central Bank of Nigeria, calls for ‘nationally defined' growth strategy and the ‘political will' to realise it