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CBN Signals Retention of Tight Monetary Policy, Targets Rate Convergence. Banking industry fines drop by 79%

May 22 2017
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CBN Signals Retention of Tight Monetary Policy, Targets Rate Convergence. Banking industry fines drop by 79%. Thisday Online

As the Monetary Policy Committee commences its two-day meeting today, a Deputy Governor of the Central Bank of Nigeria (CBN), Dr. Joseph Nnanna has disclosed that the central bank is likely to retain its tight monetary stance on persistent dollar shortages.

 

The CBN has also restated its resolve to converge the multiplicity of exchange rates in the forex market.

 

The exchange rate of the naira against the U.S. dollar appreciated on the parallel market last week when it gained N6 to close at N380 on Friday, stronger than N386 last Monday, as the central bank sustained its dollar injection in the interbank forex market.  Read more

 

Nigeria earns $296,143 dividends from Islamic Dev’t Bank.  Vanguard Online

Nigeria has earned $296, 143 dividends from its investments in the Islamic Development Bank for the 2016 fiscal year.

 

The Director of Information in the Federal Ministry of Finance, Mr. Salisu Na’Inna, in a statement from Jedda, Saudi Arabia, yesterday, identified Nigeria as the fourth largest shareholder of the Islamic bank.

 

“Nigeria, the fourth largest shareholder in the 57-nation Islamic Development Bank Group (IsDBG), has been allocated the sum of US$296, 143 as dividend from the profit earned by the Islamic Corporation for the Development of the Private Sector (ICD) in 2016, but would be converted into shares,” he said.  Read more

Last changed: May 22 2017 at 2:01 PM

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