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Inflation tops discussion as MPC meets today

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Nigeria’s Monetary Policy Committee (MPC) commences its second meeting for the year 2021 today, and will tomorrow announce policy decision on interest rate direction for an economy that sluggishly exited recession in the fourth quarter of 2020. Maintaining the status quo may likely play out after the meeting, as most analysts polled by BusinessDay expect […] Read Full Story

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Digital economy to drive growth, create jobs says Emefiele

To further expand the economic pie, Nigeria needs to build a solid digital economy, by focusing on digital infrastructure, especially internet connectivity, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) said on Saturday. Other focus areas include digital literacy and skills, digital financial services, digital platforms, and digital entrepreneurship and innovation. Represented by […] Read Full Story

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Here’s how Naira closed the week

The foreign exchange market closed the week with Naira weakening by 0.26 percent amid low dollar liquidity, which declined by 8.36 percent at the Investors and Exporters (I&E) forex window. The foreign exchange market daily turnover declined by 8.36 percent Week-on-Week to $46.43 million at the end of trading on Friday from $50.67 million recorded […] Read Full Story

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Here’s how Naira closed the week

The foreign exchange market closed the week with Naira weakening by 0.26 percent amid low dollar liquidity, which declined by 8.36 percent at the Investors and Exporters (I&E) forex window. The foreign exchange market daily turnover declined by 8.36 percent Week-on-Week to $46.43 million at the end of trading on Friday from $50.67 million recorded […] Read Full Story

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Naira appreciates marginally amid liquidity drop

Nigeria’s currency on Thursday strengthened marginally by 0.02 percent at the Investors and Exporters (I&E) forex window despite drop in dollar supply. The naira appreciation was attributed to moderation in demand for dollars by the end users. The daily foreign exchange market turnover declined by 33.88 percent to $98.20 billion on Thursday from $148.54 million […] Read Full Story

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Recession exit: expecting CBN’s further interventions to sustain growth

CBN

It has been widely agreed that the Federal Government, through the Central Bank of Nigeria (CBN)’s interventions played a significant role in Nigeria’s exit from Covid-19 induced recession. Nigeria’s economy surprisingly exited recession in the fourth quarter (Q4) 2020 driven by growth agriculture and telecommunications. According to the National Bureau of Statistics (NBS), Nigeria’s Gross […] Read Full Story

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See what happened to naira this week

1000 Naira notes

The foreign exchange (FX) market witnessed some volatility as Nigeria’s currency weakened and strengthened across market segments. Also, the market saw the introduction of a new FX policy tagged “Naira 4 Dollar” scheme by the Central Bank of Nigeria (CBN). Naira volatility on the black market At the black market on Monday, the market opened […] Read Full Story

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BDCs join force with CBN to defend Naira

Bureau De Change

As the pressure on the foreign exchange market persists, Nigeria’s licensed retail currency traders, known as Bureau De Change (BDC) operators are joining forces with the Central Bank of Nigeria (CBN) to defend the naira. Part of the BDCs contribution towards defending the naira is seen in their commitment to regulatory compliance and constantly supporting […] Read Full Story

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NEXIM unlocks opportunities in mining sector

The Nigerian Export-Import Bank’s (NEXIM) determination in unlocking opportunities in the mining sector has led to Dutse Granite Company Limited, Nigeria’s indigenous operator in the solid minerals sector, commencing operations. The company, which is based in Sharade Industrial Area, Kano, produces granite tiles and slabs for import substitution and export. Speaking during a working visit […] Read Full Story

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LAPO disburses N27bn from CBN’s Agric fund, wins best supporting bank of year 2020

LAPO Microfinance Bank has won “Most Supportive Bank Year 2020” award in the National Category under the Central Bank of Nigeria (CBN) Agricultural Credit Guarantee Scheme Funds (ACGSF) farmers’ award, after disbursing N27 billion to customers. In 2012, LAPO Microfinance Bank joined the Agricultural Credit Guarantee Scheme Fund (ACGSF) to provide credit support to farmers […] Read Full Story