Central Bank of Nigeria (CBN)
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
Book notes: Banking Reform in Nigeria, by Yomi Makanjuola
A gripping read, starting with Sanusi Lamido Sanusi's leadership of the Central Bank of Nigeria in 2009
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
People: Njoroge approved as new Kenyan governor; Tajikistan appoints new deputies
Kenyan parliament approves Patrick Njoroge for central bank governorship; president of Tajikistan appoints new central bank board; Sanusi Lamido Sanusi joins Black Rhino; and more
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
Book notes: Emerging Africa, by Kingsley Moghalu
Sub-Saharan Africa is no basket case, but neither is it poised to follow China and India on their meteoric economic rise, Kingsley Moghalu argues in his forthright book
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’
People: BoE poaches IMF researcher; Nigeria's central bank deputy stands down
Michael Kumhof leaves the IMF to join the Bank of England as senior research advisor; Kingsley Moghalu leaves the Central Bank of Nigeria after five years; and more
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
Nigerian central bank scrutinised over currency troubles
As the naira continues to weaken, analysts argue central bank blunders earlier this month have added fuel to the flames ignited by rising oil prices; MPC expected to hike rates tomorrow
Dealing with an age of turbulence in emerging markets
Nigerian deputy governor details the options available to emerging markets when reacting to changes in developed-world monetary policies and associated fund movements
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
People: New chief economist at ADB; BoE insurance director departs
Columbia University’s Shang-Jin Wei joins the Asian Development Bank as chief economist; Julian Adams leaves the BoE; HSBC names new point man for central banks in Asia; and more
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