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Tag Archives: Central Bank of Nigeria

Naira Gains Strength In FX Market, Appreciates To N1,120/$

THE Nigerian currency, the naira, witnessed a significant appreciation in the parallel foreign exchange (FX) market, reaching N1,120 to the dollar on Monday. This rate reflects a 9.67 percent improvement compared to N1,240/$ recorded on April 3, indicating a positive shift in the currency’s value. According to TheCable, in Lagos, …

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CBN Bans Use Of Foreign Currencies As Collateral for Naira Loan

THE Central Bank of Nigeria (CBN) has banned all Nigerian banks from using foreign currencies as collateral for naira loans. Newsextra24 reports that the apex bank made this known in a circular uploaded to its website on Monday. The CBN said it had observed that bank customers were using FCY as collateral …

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Why CBN Increased Minimum Capital Requirements For Banks

THE Central Bank of Nigeria (CBN) has released new minimum capital requirements for commercial, merchant and non-interest banks. In a statement on Thursday by its Acting Director, Corporate Communications Department, Hakama Sidi Ali, the apex bank pegged the minimum capital base for commercial banks with international authorisation at N500 billion. The …

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