Nigeria
Nigeria's central bank devalues currency naira
NIGERIA - The Central Bank of Nigeria has devalued the country's currency naira by 1.8% following an unprecedented high demand for foreign exchange at the Interbank Foreign Exchange Market, Nigerian newspapers reported on Apr 11.
Expanded monetary union in West Africa
ARTICLE - In an article published in the IMF's quarterly magazine, IMF economists R.D. Asante and Paul Robert Masson talk with Jacqueline Irving of the IMF's external relations department about the pros and cons of expanded monetary union in West Africa.
UK banks at fault over Abacha money laundering-FSA
RESEARCH REPORT - The UK Financial Servicies Authority has concluded an investigation into UKbanks' financial dealings with the deposed Nigerian leader, General SaniAbacha. The report is strongly critical of control failures at 15 UK bankswhich laundered…
CBN Sanusi warns against repeating past mistakes
Nigeria's central bank governor, Joseph Sanusi, has warned against the growing clamour for a draw-down of the Excess Crude Reserve Account by state and local governments.
West African Monetary Institute gets officers
The Committee of Governors of the West African Monetary Institute (WAMI) has appointed four of the five senior officers to work with the Institute's Director-General, M.O. Ojo, a statement from the ECOWAS Secretariat said in Abuja on Feb 12. According to…
Nigeria CBN prepares banks for universal banking
The Central Bank of Nigeria (CBN) has started processing the banking licences of banks with a view to granting them a general licence for universal banking. This was revealed to finance journalists in Lagos over the weekend [Feb. 10-11, 2001] by the…
Nigerian cbank announces new investment instrument
Nigerian Central Bank announced on Feb. 8, 2001 a new long-tenor money market investment instrument to expand the West African country's financial market. The bank said in a statement the new instrument, known as "CBN Certificates", would be available in…
West Africa welcomes common monetary institute
The opening of the West African Monetary Institute (WAMI) is an onset of a credibility building process to create an acceptable common currency for member countries, local media reported on Feb. 1, 2001.
Nigeria cbank explains MRR rise to 14.5%
The perceived excess liquidity in the financial system, which seems to defy all solutions, has been fingered as the reason why the Minimum Rediscount Rate (MRR) was raised from 14 to 14.5 per cent last week, according to reports from the African News…
Central Bank of Nigeria held 224 clearing sessions
The Central Bank of Nigeria (CBN) in Kano has this year held 224 clearing sessions, during which 275,681 instruments valued at about N181 billion were cleared, the CBN Kano branch controller, Mr. Okun Folami, has said.
Nigeria cbank closely monitors forex transactions
The Central Bank of Nigeria has intensified its monitoring of the interbank foreign exchange market with a view to unraveling the cause of the unusual high demand for foreign exchange.
Speculators eroding Nigerian naira's value-c.bank
The Central Bank of Nigeria said on Tuesday it had provided a total of $6.7 billion in funding for the domestic foreign exchange market this year but that speculators had robbed the economy of the benefits.
E-commerce revitalise financial markets-Gemcard MD
Electronic commerce encourages active financial markets as financial markets are most vibrant when they can attract large and small investors, locally and globally, said Alex Nwuba from GemCard Nigeria.
Nigerian banks urged to strengthen controls
Banks operating in Nigeria have been urged by a former banking supervisor to embrace effective internal controls to safeguard their financial integrity, protect depositors' funds and forestall fraud.
Nigeria parliament urged to legislate on e-banking
The Nigerian National Assembly has been called upon to pass appropriate legislation that will address the problem of fraud and other peculiarities of electronic banking, if Nigeria must enjoy full benefits of e-banking.
Nigeria pressurises banks to reduce interest rates
The Central Bank of Nigeria has mounted pressure on commercial and merchant banks to reduce their lending interest rates.
Central Bank of Nigeria slashes minimum rediscount
For the third time this year, the Central Bank of Nigeria has slashed the minimum rediscount rate from 16% to 14%, in a bid to encourage banks to reduce their lending rates.
Nigeria cenbank cuts lending rate to banks to 14%
The Central Bank of Nigeria announced on Thursday it had slashed its benchmark minimum rediscount rate (MRR) by 200 basis points to 14%, saying this reflected the low level of inflation in the West African country.
Ghana to be HQ of West African Monetary Institute
Ghana has been selected as the location for the headquarters of the West African Monetary Institute that is to work towards the establishment of a West African Central Bank.