Money Market

CBN Withdraws N300 Billion from Circulation to Support Naira

By Yakubu LAAH InvestAdvocate Lagos (INVESTADVOCATE)-The Central Bank of Nigerian (CBN) on Friday said it has withdrawn N300 billion from circulation to support the naira hit by falling oil prices, a Reuters report said. According to the report, this is coming on the heels of Nigeria’s overnight rate spiked to […]

Banks get January deadline to reduce non-performing loans

Rising non-performing loans in the books of Deposit Money Banks have forced the Central Bank of Nigeria to issue a January 2015 deadline to lenders, asking them to reduce their toxic assets or face severe penalties, findings by our correspondent have shown. Sources at the CBN and banks, who confirmed […]

Nigeria’s naira opens higher after central bank auctions dollars

Thu Dec 4, 2014/Reuters Nigeria’s currency opened for trade at 179.53 naira to the dollar on Thursday, up 0.21 percent from its previous close, Thomson Reuters data showed. At a separate forex auction late on Wednesday the central bank sold $289 million at 168 naira to the greenback, higher than […]