Money Market

CBN Says Bank Verification Number Now Condition for New Loans WEF Nov’03

By Peter OBIORA InvestAdvocate Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Tuesday said all new loans must have the Bank Verification Number (BVN) as a condition precedent to drawdown with effect from November 03, 2014. This is contained in a circular with reference number BPS/DIR/GEN/CIR/01/015 dated Tuesday October 21, […]

Nigeria naira hits 8-month low as firms hedge currency risk

* Naira is down 4.1 pct so far this year * Importers and firms hedge currency risk * Naira trading outside official cenbank target (Adds details, analysts comments) Nigeria’s naira eased to an 8-month closing low of 165.55 against the dollar on Tuesday, due to strong dollar demand from importers […]

Banks to relax loan conditions for small businesses

The Bankers Committee of the Central Bank of Nigeria on Thursday said it was working to finalise the establishment of a modern collateral registry that would ensure that moveable assets were accepted as collateral by banks by the second quarter of 2015. The development will allow small customers who want […]