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CENTRAL BANK OF NIGERIA
News and analysis about Central Bank of Nigeria
Forex turnover dropped by 63.7% while the exchange rate depreciated for a third consecutive trading day.
The plan had been approved to help small businesses pull through these challenging times.
The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Thursday.
Regulatory stakeholders in the financial sector have been partaking in the adjustments to BOFIA 2004.
The CBN expects the powers to be given to it via an amendment of the BOFIA.
CBN noted that the ban was necessitated in order to protect local production of maize.
Naira appreciated against the dollar at the Investors and Exporters (I&E) window on Monday.
The bank will then discuss, analyze your request and if successful will disburse the funds.
The drop is due to pressure on the black market as a result of a scarcity of dollars.
Since access to finance is a key constraint to SME growth, funding it has become paramount.
Nigeria’s excess crude account has now fallen by a whopping 98% in just 5 years.
SMEs are a very important economic catalyst in developing and industrialized countries.