CBN/Commercial Banking

20 States Win $27 Million World Bank-backed Performance Incentives The World Bank-supported HOPE Governance Programme, will disburse 27 million dollars as performance-based incentives to 20 states that achieved the Year Zero Disbursement-Linked Results (DLRs). The National Coordinator of the HOPE Governance Programme, Dr Assad Hassan, disclosed this in Abuja on Tuesday during a retreat for Commissioners, Permanent Secretaries, and Directors of Budget and Planning. A statement on the outcome of the retreat was made available to newsmen by Mr Joe Mutah, Communications Officer HOPE Governance Programme. The HOPE Governance Programme is a 500-million-dollar World Bank-supported initiative domiciled in the Federal…

CBN Approves BDCs’ Return To Forex Market, Allows Purchase Of Up To $150,000 Weekly The Central Bank of Nigeria (CBN) has authorised licensed Bureau De Change (BDC) operators to resume participation in the Nigerian Foreign Exchange Market (NFEM), in a move aimed at improving liquidity and enhancing access to foreign exchange in the retail segment. The approval was contained in a circular signed by the Director of the Trade and Exchange Department, Dr Musa Nakorji. The circular stated that each licensed BDC is permitted to purchase up to $150,000 weekly, subject to compliance with existing operational guidelines. Under the new…

CBN Finally Speaks On Alleged Allocations Of $1.3 Billion For Fuel Import The Central Bank of Nigeria (CBN) has refuted the report that it allocated $1.269 billion foreign exchange for the importation of petroleum products in the first quarter of the year. It said in a statement on Tuesday that the report was misleading and inaccurate. “The Central Bank of Nigeria (CBN) has noted some misreporting that falsely implies the Bank disbursed US$1.259 billion to major oil sector operators for the importation of refined petroleum products and related items. Such reporting is entirely inaccurate and misleading,” the statement said. The…