Nigeria’s naira has remained relatively stable at all segments of the foreign exchange markets in the last one and half years, no thanks to the introduction of the Investors and Exporters’ Foreign Exchange Window by the Central Bank of Nigeria in April 2017 and the relative stability in the global oil price in recent time. But still, the naira is traded within a range of N306 to the dollar on the official window and N363 to the dollar on the…
The Central Bank of Nigeria (CBN) has issued licenses to five new banks, according to three banking sources familiar with the matter, who spoke to us. Sources say the CBN is being driven by the need to attract new investments into the sector and serve the country’s over 50 million unbanked and under-banked people, even as current banks have struggled to grow loan books since an economic slump in 2016 caused bad loans to surge. The sources, who say the…
CBNMicrofinance Bank Loans to MSMEs Hits N482.896 billion – Emefiele The total loans granted by Micro Finance Banks (MFBs) to their customers stood at N482.896 billion as at December, 2018, the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has stated Emeflele, who made the disclosure during his keynote address at the 27th Seminar for Finance Correspondents and Business Editors held in Gombe, as well held that the MFBs were helping to drive financial inclusion among the financially excluded…
