Godwin Emefiele News

Quick Guide for Those Who Can't Figure Out the Naira's Worth

Quick Guide for Those Who Can't Figure Out the Naira's Worth (Infographics)

Monetary policy officials unified some of their multiple exchange rates when they let currency dealers quote naira levels used in actual trades this month.

Godwin Emefiele, Governor, Central Bank of Nigeria

Investors cheer Nigeria currency shift, want more

Nigeria’s recent tentative steps to free up its naira currency, particularly via a new trading window, have gone down well with some adventurous stock and bond investors who are cautiously returning to the markets they fled two years ago.

Godwin Emefiele, Governor, Central Bank of Nigeria

Nigerian Banks in Distress? Not Exactly

Nigeria’s economy has spent much of 2016 in recession for the first time in over two decades. Unsurprisingly there has been speculation about the strength of its banking system.

Godwin Emefiele, Governor, Central Bank of Nigeria

Nigeria Central Bank Cuts Flow of Dollars to Money Changers

Nigeria’s central bank stopped selling foreign exchange to money-changers as it struggles to stabilize the naira amid a plunge in oil prices that have hit government finances.

IMF Managing Director Christine Lagarde watches children perform a dance in Abuja during her visit to Nigeria. Photograph: IMF via Getty Images

It's naira or never - Nigeria needs decisive action on its currency: Oluseun Onigbinde, Co-Founder, BudgIT

When Christine Lagarde, the managing director of the International Monetary Fund, visited Nigeria this week, she called for more flexibility on the exchange rate, encouraging those who believe the naira could be devalued again very soon.

Yemi Osinbajo, Vice President of Nigeria

Nigeria plans $25B infrastructure fund

Nigeria plans to set up a $25 billion infrastructure fund to invest in the transport and energy sectors in Africa’s most populous nation, a spokesman for Vice President Yemi Osinbajo said on Thursday.

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN)

Nigerian central bank offers some relief to country's banking sector

The Nigerian banking sector finally has some breathing space after the country’s central bank lowered capital reserve requirements (CRR) for banks from 31% to 25%. 

Godwin Emefiele, Governor, Central Bank of Nigeria (CBN). Credit: theyesng.com

Nigeria's Central Bank Governor Emefiele to reconsider FX controls as demand drops

Nigeria’s central bank Governor Godwin Emefiele said he will consider easing restrictions on currency trading in Africa’s biggest oil producer if demand for foreign exchange drops further.

Godwin Emefiele, Governor, Central Bank of Nigeria (CBN)

Is #Nigeria's central bank governor Godwin #Emefiele being made a scape goat? Are low oil prices good for #Nigeria? #ABCView

Yes, Nigeria’s central bank governor, Godwin Emefiele, is in fact being made a scape goat for the country’s economic challenges.

The Naira weakened 20% to a record low of 206.32 per dollar in the year through Feb. 12

JPMorgan to remove Nigeria from emerging market bond indexes

JPMorgan Chase & Co. has excluded Nigeria from its local-currency emerging market bond indexes tracked by more than $200 billion of funds, after restrictions on foreign-exchange transactions prompted investor concerns about a shortage of liquidity.

Godwin Emefiele, Governor of the Central Bank of Nigeria

Full transcript: FT interview with Nigeria's central bank governor Godwin Emefiele

Godwin Emefiele, governor of the Central Bank of Nigeria, defends his approach to stabilising the naira as Africa’s biggest economy reels from the low world price of oil.

A textile shop at the Oshodi market in Lagos. Photographer: Pius Utomi Ekopei/AFP/Getty Images

No Dollar Access Imperils Nigerian Retailers, Spurs Prices

Mojeed Jamiu is cutting jobs and raising prices to prevent his furniture and clothing store in Lagos from closing after Central Bank of Nigeria Governor Godwin Emefiele restricted foreign currency supply for some imports.

Bisi Onasanya, CEO, First Bank of Nigeria

First Bank CEO calls on Nigeria to end FX trading restrictions and devalue Naira

Nigeria needs to let the naira devalue as foreign-exchange trading restrictions used to keep the currency stable are starting to harm growth in Africa’s largest economy, said the head of the country’s biggest lender by assets.

Oscar Onyema, CEO, Nigeria Stock Exchange

Nigerian Stock Exchange could start trading Naira futures as early as 2017, says CEO Oscar Onyema

The Nigerian Stock Exchange plans to start trading naira futures that will help investors hedge against movements in the local currency, Chief Executive Officer Oscar Onyema said.

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN)

Nigeria's central bank orders banks to disclose bad debtors

Nigeria has ordered banks to publish lists of individuals and companies with non-performing loans to curb a rise in bad debt as the industry stumbles amid low oil prices.

Nigeria's President-Elect Muhammadu Buhari. Photographer: Stringer/AFP/Getty Images

Buhari pursues cabinet to boost Nigeria's economy and battle Boko Haram

Muhammadu Buhari’s election victory over an incumbent president was unprecedented in Nigerian history.

In happier times: Ngozi Okonjo-Iweala (Left), Nigeria’s Minister of Finance and former Managing Director of the World Bank; Sanusi Lamido Sanusi (Center), former Governor of the Central Bank of Nigeria; and Nigeria’s President Goodluck Jonathan (Right)

The most important job in Nigeria right now

In most countries, the position of central bank governor is one of a conservative low-key economist who only makes public utterances a few times a year around monetary policy.

Nigeria's Naira is taking a beating from low oil prices and political uncertainty

Nigeria's Naira is taking a beating from low oil prices and political uncertainty

The Nigerian naira has plunged more than 20% since last July—broadly the same trajectory as the price of oil, which has dropped some 50% in the same period.

Nigerian Naira (NGN)

Nigeria's banks flex muscles in tussle for control of naira

Wrapping up a monetary policy speech last week, Nigerian central bank governor Godwin Emefiele declared that the naira, which has crumpled to 190 to the dollar with the drop in oil prices, was “appropriately priced”.

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN)

Central Bank of Nigeria (CBN) keeps key interest rate on hold at 13%

Nigeria’s central bank on Tuesday kept its key interest rate on hold, betting recently-imposed capital controls will be enough to arrest the damage tumbling oil prices have brought to Africa’s largest economy.

New 100 Naira note design to commemorate 100 years of the amalgamation of the Northern and Southern protectorates to form Nigeria

Nigeria unveils new 100 Naira note design commemorating 100 years of Nigeria's amalgamation

President Goodluck Jonathan of Nigeria, on Wednesday at the Presidential Villa in Abuja, formally unveiled the new 100 Naira note design commemorating 100 years of the amalgamation of Nigeria.

Goodluck Jonathan, President of Nigeria

Nigeria's Power Industry Bailout Heads Off Threat to Lenders

Nigeria has headed off a threat to its banking industry by propping up struggling power companies with an intervention fund, said analysts including Pabina Yinkere of Vetiva Capital Management Ltd.

Western Union

Western Union launches outbound remittances for Nigeria

Western Union has launched an outbound remittance service in Nigeria, allowing people to send – not only receive – money around the world.

Godwin Emefiele, Governor, Central Bank of Nigeria (CBN)

Nigeria's central bank holds rate at 12 percent with plans to lower later

Nigeria’s central bank held interest rates at 12 percent on Tuesday, keeping them at the same level as the last two years, but its new governor said he would be seeking a gradual reduction in rates over the next five years.

Nigeria's Central Bank

Nigeria's central bank to hold rates at 12 percent as new chief eyes inflation and currency risk

Nigeria’s central bank will leave interest rates unchanged for the 17th time in a row next week as it tries to balance controlling inflation and supporting the naira currency with fostering growth, a Reuters poll found.

Godwin Emefiele, Governor, Central Bank of Nigeria (CBN)

Nigeria's New Central Bank Governor, Godwin Emefiele, Seeks Stable Naira & Rate Cuts

Nigerian central bank Governor Godwin Emefiele pledged to maintain stability in the currency and signaled policy makers may begin cutting interest rates.