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CBN’s regular intervention in FX market inevitable, says Ajibola.

May 30 2017
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CBN’s regular intervention in FX market inevitable, says Ajibola. Punch Online

The continued intervention of the Central Bank of Nigeria in the foreign exchange market to strengthen the naira is inevitable due to the volatile nature of the market, the President and Chairman of Council, Chartered Institute of Bankers of Nigeria, Prof. Segun Ajibola, has said.


According to him, the FX market requires “constant policing”, adding that the CBN interventions have brought some stability to the local unit.


Ajibola spoke during the 2017 Annual General Meeting of the institute in Lagos.  Read more


Shareholders support Wapic’s plan to raise new capital. Punch Online

Shareholders of Wapic Insurance have approved the company’s plan to raise additional capital of N10bn or its equivalent in any foreign currency.


According to a statement by Wapic, the shareholders gave their nod at the firm’s 58th Annual General Meeting in Lagos.


It stated that this became necessary after the appraisal of the company’s ongoing transformation initiative, which was adjudged to be highly successful and encouraging.  Read more




Last changed: May 30 2017 at 5:50 PM