Banking, Nigeria updates

Recent banking developments and 2017's economic outlook
  • Nigeria
  • April 14 2017

The Central Bank of Nigeria (CBN) has started 2017 on a bullish note by overseeing the valuation of the naira. In addition, the CBN has intervened in the foreign exchange market in an effort to narrow the significant gap between the official exchange rate and the parallel market rate. This seems to be working, but it remains to be seen how sustainable it will be in the long term.

Central Bank of Nigeria floats naira
  • Nigeria
  • September 16 2016

The Central Bank of Nigeria (CBN) recently lifted its peg on the naira. Despite the CBN's decision to float the naira, which in effect is a devaluation, the foreign exchange market has experienced a high rate of volatility. As such, it remains to be seen whether the effective devaluation of the naira was the right move.

Stamp duty under the banking system
  • Nigeria
  • June 24 2016

In January 2016 the Central Bank of Nigeria directed all deposit money banks to commence charging their customers N50 in stamp duty charges per eligible transaction. Many are unhappy with this, as it represents an additional charge for banking transactions, and the deposit money banks have now challenged the matter in court through an appeal to the Court of Appeal.

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