Tag: Central Bank of Nigeria

Nigerian banks migrate to new cheque standards, as old ones expire 31 Dec.

Aminu Imam

Nigerian banks are migrating in the New Year, into brand new cheque standards, on the order of the Central Bank of Nigeria, (CBN). According to First Bank of Nigeria Plc, in a notification to customers, as from 1st January, 2021, the old cheques will expire. Access Bank Plc also told customers that the old cheques will not be accepted after 30th December of this year. The new cheques come with unique features and have expiry dates; they also have cheque digits included on the MICR code line. The CBN has…

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CBN allows dollar cash withdrawals from Diaspora remittances

Aminu Imam

Says it can be sold anywhere, including black market The Central Bank of Nigeria (CBN) has announced the amendment of procedures for receipt of diaspora remittances in an apparent and frantic attempt to improve liquidity in the forex market and reduce the disparity between the black market and official I&E window. This disclosure was made in a circular issued by the CBN on Monday to all authorized dealers and the general public and signed by its Director for Trade and Exchange Department, Dr. O.S. Nnaji. In the new amended procedure,…

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“Stop “overdramatizing” analysis that can create panic – CBN Gov. tells economists

Aminu Imam

Says Nigeria will exit recession in the first quarter of 2021 The Governor of the Central bank of Nigeria, (CBN), Godwin Emefiele, has appealed to economic analysts to stay clear from analysis that can create panic and thus hamper the economic recovery process. Emefiele, who stated this while delivering his keynote address at the 55th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Friday, said, “When you overdramatized you create panic in the system and that slows down the process of recovery. The…

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Naira falls to 620 against Pound, as Euro rises

Aminu Imam

The Naira tumbled to 620 against the British Pound sterling at the parallel market on Thursday, even as the Euro rose to N565.The Naira fell by 2.1 percent against the pound from 607 on Wednesday, and by 1.4 per cent against the euro from 560.The local currency was, however, stable against the dollar at the parallel market as it traded at 478/$1. It dropped from 475/$1 on Tuesday to 478/$1 on Wednesday. The Central Bank of Nigeria has kept the official exchange rate at N379/$1 since August, when the naira was…

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