A top source in the apex bank disclosed that the aim of CBN is to ensure that the divergence between the official and parallel rate does not exceed N3, so we are looking at a parallel market rate of N200 per dollar because the downward trend in the pressure on the naira will be sustained. “The CBN has the capacity to sustain the downward pressure and will deploy further … [Read more...] about CBN Targets N200 Per Dollar In The Parallel Market Rate
CBN
Nigerian Bank Customers To Pay stamp duty of N50 For Receiving Money
Nigerian Government have imposed a stamp duty of N50 on bank customers in the country, the law was passed on Tuesday, January 19, by the Central Bank Of Nigeria (CBN) . The law applies only to bank customers that receives money into his or her account either by electronic transfer, cash or cheques N50 stamp duty will be deducted from the account instantly. The new law has … [Read more...] about Nigerian Bank Customers To Pay stamp duty of N50 For Receiving Money
LCCI urges CBN to reduce charges on bank deposit
Lagos Chamber of Commerce and Industry (LCCI), has urged the Central Bank of Nigeria (CBN) to reduce charges on bank deposit. The President of LCCI, Mr. Remi Bello, said this at the Chamber 2015 first quarter press conference in Lagos recently. Bello said that high interest rate regime is good for the attraction of portfolio investments, but it penalises the real economy and … [Read more...] about LCCI urges CBN to reduce charges on bank deposit
CBN warns Landlords, Schools, Collecting Payment in Dollars
The Central Bank of Nigeria has frowned at the growing practice of trading goods and services in foreign currencies instead of the Naira in Nigeria. The Bank’s governor, Godwin Emefiele, said in Abuja on Tuesday at the end of the Monetary Policy Committee meeting that it is illegal for landlords or school proprietors to demand rents or fees in dollars, while transacting other … [Read more...] about CBN warns Landlords, Schools, Collecting Payment in Dollars
CBN reaffirms strength of banks
The Central Bank of Nigeria says the nation’s banks have adequate capital to absorb unexpected losses. In a statement by its Director Corporate Communications, Ibrahim Muazu, the bank says this result followed a recent stress test of Deposit Money Banks in the country. It says the banks have been directed to put in place, effective risk management system, as the apex banks … [Read more...] about CBN reaffirms strength of banks