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  • CBN
    Govt to establish $50bn biofuel fund – CBN

    The Federal Government is to set up a $50bn Biofuels Industry Equity Fund to be used in developing biofuels and making them accessible to the citizens in commercial quantities, the Central Bank of Nigeria has said. According to the CBN, the initiative is part of moves aimed at diversifying the Nigerian economy away from crude

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  • CBN
    CBN defends forex policies, faults criticisms

    The Central Bank of Nigeria (CBN) has defended its foreign exchange policies, and faulted the continued and unwarranted attack on its policies by a group of Nigerians, whose real interests, it said were self-serving and unpatriotic. In a statement, CBN spokesman, Isaac Okorafor, said: “While we respect the rights of every Nigerian or stakeholder to

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  • CBN
    Reducing Lending Rate Will Worsen Economy – CBN

    The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has re- tained lending rate at 14 per cent, saying a rate cut will worsen inflation. The 10 MPC members yesterday unanimously voted to retain the Monetary Policy Rate (MPR) at 14 per cent, maintain the Cash Reserve Ratio at 22.5 per cent

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  • naira-exchange
    Naira to remain below 500/dollar this week —Experts

    Currency retailers and experts have said the naira will trade slightly below 500 per United States dollar this week despite the commencement of the sale of foreign exchange to Bureau De Change operators by the Central Bank of Nigeria last week. The CBN had through the International Money Transfer Organisations resumed the sale of dollars

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  • cbn-governor
    Don’t trade in bitcoin, litecoin, CBN orders banks

    The Central Bank of Nigeria on Wednesday ordered the Deposit Money Banks and other financial institutions in the country not to transact in virtual currencies popularly called crypto or digital currencies. The CBN listed some of the digital currencies as bitcoin, ripples, monero, litecoin, dogecion and onecoin. In a circular dated January 12, 2017, the

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  • CBN
    CBN extends stamp duty collection to savings accounts

    The Central Bank of Nigeria(CBN) has instructed commercial banks across the country to extend the deduction of N50 stamp duty to savings account transactions. The apex bank had previously exempted savings accounts through a circular issued on January 15, 2016. With this directive, every third party deposit into a savings account with a value of

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  • MMM
    MMM is an embarrassment to Nigeria, stop it – CBN warns Nigerians again

    The Central Bank of Nigeria (CBN) has once again cautioned Nigerians against investing in the ponzi scheme, Mavrodi Mundial Moneybox (MMM), The Nation reports. CBN Director of Development Finance Dr. Mudashiru Olaitan gave the warning at a business leaders’ conference with the theme: “Prospering in a recession”, organised by EZ37 Solutions in Ibadan. According to

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  • CBN
    CBN to sell dollars to fuel importers

    As the scarcity of the United States dollar continues to hamper the importation of petroleum products by marketers, the Central Bank of Nigeria has asked banks to submit bids for a “special currency auction.” The auction is targeting fuel importers to meet demand for matured letters of credit, Reuters quoted traders as saying. Traders said

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  • rice
    50kg bag of rice now N8,000 in Ebonyi – CBN

    Central Bank of Nigeria Tuesday in Yenagoa said that a 50 kg bag of Nigeria rice is selling in Ebonyi for N8,000. This was disclosed by the Acting Director, Corporate Communication, CBN, Mr Isaac Okoroafor, in Bayelsa State. Speaking at a sensitization workshop for the CBN Anchor programme for farmers, he said: “We should eat

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