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 »
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 »
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 »
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 »
From FT reporter Tom Burgis: Two of Nigeria’s most prominent bank chief executives are to be forced to stand down under new rules introduced by the central bank as part of the governor’s ongoing tussle with some of the country’s most powerful tycoons. Lamido Sanusi, who took over as governor in June, has already rocked… Read More »
I am just about to finish reading anthropologist Karen Ho‘s Liquidated: An Ethnography of Wall Street. She carried out seventeen months of fieldwork on Wall Street, interviewing and observing investment bankers. Actually, she started out as a rookie analyst working in management consulting in a hybrid investment and commercial bank. She had the intention of… Read More »
Remember this story about the Nigerian central bank taking over five Nigerian banks? Well, it seems that a result of that has been a sort of credit crunch in the country. From the BBC: Lagos-based manufacturing firm, supplying cables to Nigeria’s fledgling national grid. With more than 500 skilled staff, it is exactly the kind… Read More »
1. Remember the list of debtors that was published a last week by the Central Bank of Nigeria? Well, some of the money is now recovered 2. It seems that the Nigerian stock market is getting over the initial shock of the banking reform 3. More on the effects of the rescue of Nigerian banks… Read More »
Mr. Lamido Sanusi, Nigeria’s not-so-long-ago-appointed Central Bank Governor, a risk-management person, is at it. From Financial Times: “A few Nigerian banks, mainly due to huge concentrations in their exposure to certain sectors … but [also] due to a general weakness in risk management and corporate governance, have continued to display signs of failure,” Mr Sanusi… Read More »
Sometime ago I wrote a post about my efforts to understand the Nigerian oil industry. Some Next reporters have done an article on their efforts to understand the industry. Nobody seems to know how much Nigerian exports, or how much it makes from oil: Even a cursory check by NEXT has revealed that various agencies… Read More »