Nigeria
Nigerian central bank disburses $600m to power sector in 15 months
Nigeria central bank aid to the country’s electricity sector supplied in the form of loans and grants
Nigerian central bank provides sugar refinery with $131m
Central Bank of Nigeria confirms it supplied $131 million to fund the construction of a sugar refinery; governor says the bank will support moves towards self-sufficiency
Lagarde calls for ‘fundamental change’ in Nigerian policy
IMF managing director tells leaders to shore up the banking system, strengthen the external position and exercise ‘restraint’, during visit to Nigeria
Nigeria cuts rates to encourage growth in ‘bold’ decision
The central bank lowers the policy rate by 200bps as part of a package of measures aimed at supporting growth and easing credit conditions
Former Nigerian governor Sanusi attacks current central bank policy
Former governor of the Central Bank of Nigeria Sanusi Lamido Sanusi challenges monetary policy stance of Nigeria’s central bank and calls for a currency devaluation
Nigeria’s efforts to support currency could unravel
Nigeria’s central bank governor is imposing strict capital controls to cope with the country’s slumping oil revenues but analysts predict naira devaluation is only a matter of time
Nigeria bans foreign currency cash deposits
Central bank move comes as part of a clampdown on ‘illicit funds’ passing through banks; follows a series of measures aimed at stabilising exchange rate
Central Bank of Nigeria excludes importers from FX markets
Latest bid to relieve pressure on the naira sees wide range of importers and those looking to invest in foreign currency bonds and equities banned from making foreign exchange transactions
Nigerian central bankers accused of banknote ‘mega scam’
Six accused of taking more than $25 million worth of old banknotes that were meant to be destroyed; Economic and Financial Crime Commission says they will ‘face the wrath of the law’
Nigeria central bank orders banks to disclose bad debtors
Banks in Nigeria will have to publish lists of ‘delinquent debtors’ starting May 1, in an attempt to battle the ‘rising trend of non-performing loans the industry’
Nigerian reserves head believes renminbi can ‘complement’ euro and dollar
Lamido Yuguda discusses the benefits of a multipolar system and how the Central Bank of Nigeria is managing its renminbi investments in a new book
Islamic finance: Nigerian central bank reveals shape of advisory body
Central Bank of Nigeria publishes guidelines for the Financial Regulation Advisory Council of Experts, charged with offering ‘expert advice’ on the industry and approving new products
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