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Showing posts with label Central Bank of Nigeria. Show all posts
Showing posts with label Central Bank of Nigeria. Show all posts

Tuesday, January 09, 2024

10:17

Nigerian Banks Suspend New Applications for CBN Anchor Borrowers and Other Funds

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Nigerian deposit money banks have temporarily halted the acceptance of new loan applications for the Central Bank of Nigeria’s (CBN) development finance intervention funds. Access Bank conveyed this information to customers through a notification on Monday.

This decision follows the CBN's official announcement in December 2023 to discontinue the processing of new loan applications under its existing development finance intervention funds.

These programs, which include the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Accelerated Agricultural Development Scheme (AADS), Anchor Borrowers Program (ABP), Agri-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS), and the Real Sector Support Fund (RSSF), are affected by this suspension.

Access Bank's communication stressed that existing CBN development finance intervention funds with approved interest rates will remain unchanged. Customers are expected to fully repay these existing loans following the agreed terms and conditions.

The unexpected suspension of new applications for CBN funds raises concerns about the potential impact on businesses and individuals seeking financial support amid economic challenges. Stakeholders are closely monitoring the situation for further developments.
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Saturday, November 04, 2023

16:26

Naira Surges: N1,040 Exchange Rate Marks Impressive Gain in Parallel Market

In a significant turn of events, the naira displayed remarkable resilience and appreciated against the US dollar in the parallel segment of the foreign exchange market on Friday.




The local currency surged by N145, marking a substantial 12.24 percent gain, to reach an exchange rate of N1,040 per dollar at the street market. This surge comes in contrast to its previous trading rate of N1,185, just a few days earlier on Tuesday.

Bureau De Change (BDC) operators in Lagos reported a buying price of N1,000 for the dollar and a selling price of N1,040, providing a profit margin of N40.

One trader, identified simply as Aliyu, noted the increased transaction activity, which has contributed to this positive trend.

However, at the investors and exporters (I&E) window of the official market, the naira experienced a 0.92 percent decline, reaching N793.28 per dollar, compared to its previous rate of N786.02 on Wednesday.

Data from the FMDQ Securities Exchange, the platform overseeing FX trading in Nigeria, revealed that the naira achieved a record intra-day high of N1,018 per dollar, with a low of N730.

The surge in the naira's value in the parallel market has significantly narrowed the exchange rate gap between the parallel market and the official window, now standing at N246.72.

This development follows closely on the heels of the Central Bank of Nigeria (CBN) launching an initiative to clear the foreign exchange (FX) forwards backlog in banks. 

Finance Minister Wale Edun had earlier linked the continuous decline in the naira's value to overdue forward payments in an announcement made on September 22.
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Thursday, June 15, 2023

13:40

CBN authorizes free foreign exchange sales by commercial banks in line with President Tinubu's unified exchange rate vision

The Central Bank of Nigeria (CBN) has authorized commercial banks and dealers to sell foreign exchange at a market-determined rate, according to recent news. 





Banks can now directly influence and determine the value of the Naira to the dollar, which is in line with President Bola Tinubu's commitments upon taking office on May 29th.


In his inauguration speech, President Tinubu promised a single foreign exchange rate regime, which he believes would promote capital investment and job creation in the real economy. 


The World Bank and other multilateral lending organizations had previously warned the CBN under former President Muhammadu Buhari about the negative effects of multiple currency rates on the economy and its potential to scare away investors. Gazettengr 

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