Tag Archives: Central Bank of Nigeria

Nigeria’s CBN to shift about 10 percent of FX reserves from dollar to RMB

From Reuters: Nigeria’s central bank plans to diversify its $33 billion in foreign exchange reserves away from the dollar by switching a tenth of the stockpile into yuan, underlining the momentum behind China’s drive to internationalise its currency. “We are looking at anything to start with from 5 to 10 percent of our reserves,” central… Read More »

Nigeria’s Central Bank governor wins international recognition

Mallam Lamido Aminu Sanusi has been named as the Central Bank Governor of 2010 for both the African continent and the entire world, by the prestigious Banker Magazine. The editor of the magazine, Brian Caplen, says that few candidate names generate an overall consensus on judging panels, and yet, when it came to finding the… Read More »

D8 seeks to reduce trade barriers

Ever heard of the D8? They are Iran, Nigeria, Bangladesh, Egypt, Indonesia, Malaysia, Pakistan and Turkey. Their central bank governors and foreign ministers met in Abuja on Tuesday. The aim? to seek closer economic cooperation that would help protect the group from another global financial crisis. The decision? Under a draft Abuja declaration, the group… Read More »

Thoughtful editorial on the Central Bank of Nigeria and Nigerian banks

I was just thinking of writing a column on the new term limit imposed by the Central Bank of Nigeria on bank CEOs when I saw this thoughtful Next editorial: Is the CBN too powerful? In the national confusion over our president who has vanished into thin air, a significant but little remarked event occurred… Read More »