ABUJA Nigeria's central bank said it will grant more licences for payment service banks but set a minimum capital base of $13 million, which could deter telecoms firms and some other potential new entrants to the digital financial services sector.
ABUJA, Aug 27 Nigeria's central bank is trying
to force non-oil exporters to process dollar proceeds through
domestic lenders to increase dollar liquidity and support the
ailing currency, a circular seen by Reuters showed on Thursday.
ABUJA, Aug 26 Nigerian cocoa output is likely to
drop by at least 20% this season as measures aimed at curbing
the spread of the novel coronavirus and drier weather increase
the chances of a poor harvest, the president of the cocoa
ABUJA Nigeria's naira fell 1.04% on Tuesday to a low of 480 on the black market after the government said it would reopen airports for international travel in two weeks' time, a move that could increase dollar demand, traders said.
ABUJA/LAGOS The World Bank is unlikely to approve a much-needed $1.5 billion for Nigeria in August as planned due to concerns over desired reforms, three sources familiar with the talks told Reuters.
Aug 17 Annual inflation in Nigeria rose for the
11th straight month in July, the statistics office said on
Monday, as the novel coronavirus pandemic took its toll on
imports and logistics.
LAGOS/ABUJA As women in hairnets and anti-coronavirus masks sort through folded nappies coming off a conveyor belt, the head of the Nigerian firm they work for wonders how much longer he can afford to keep them in employment.
ABUJA/LONDON, July 28 Nigeria's banks are
expected to take a big hit to revenues and face rising borrowing
costs this year as central bank measures to support the naira
currency squeeze lenders already hit by fallout from coronavirus
and the oil price shock, analysts say.
ABUJA Nigerian banks plan to reduce the amount customers can spend abroad using debit cards on Monday, two lenders said, as banks try to limit foreign currency settlement risk.
ABUJA, July 7 Nigeria's naira eased 5.5% on the
official market on Tuesday, after the central bank sold dollars
to lenders at a lower rate, bowing to pressure from
international lenders to unify its multiple exchange rates.