LAGOS NOVEMBER 28TH (NEWSRANGERS)-The Central Bank of Nigeria (CBN) on Friday devalued the naira by N6 to dollar. The naira devaluation has brought the local currency closer to the exchange rate unification agenda of the apex bank as recommended by the International Monetary Fund (IMF) and World Bank. In a weekly exchange rate for disbursement…
LAGOS NOVEMBER 21ST (NEWSRANGERS)-The Central Bank of Nigeria (CBN) instructed banks in December 2019 to start punishing customers for failed direct debit transactions caused by the customer’s failure to fund their account. According to the guide, effective as of January 1, 2020, the customer will be charged 1% of transaction amount, or N5,000, whichever is…
LAGOS NOVEMBER 15TH (NEWSRANGERS)-The naira weakened to 470 against the United States dollar in the parallel market on Friday despite the interventions of the Central Bank of Nigeria in the official window. The nation’s currency had traded at N465, N466 and N468 against the greenback on Tuesday, Wednesday and Thursday respectively. But it fell on…
LAGOS SEPTEMBER 19TH (NEWSRANGERS)-The Central Bank of Nigeria (CBN) has requested that all banks in the country submit the statements of domiciliary accounts of some high profile individuals. The apex bank issued the directive in a September 15 letter signed by Z. Markus for the director of banking supervision. The affected individuals include Adebutu Kessington,…