2015 general elections will not deplete Nigeria’s fortune – Emefiele

The Governor of the Central Bank Governor (CBN), Mr Godwin Emefiele, has said that the 2015 General Elections would not deplete the fortunes and reserves of the country.

Emefiele gave the assurance on Wednesday in New York, at the Africa Business Summit, a high level international forum on Africa’s investment climate and market with the theme “Africa is Rising, There Are Challenges, Still We Rise.’’

He said that the nation’s economy was currently doing well and the 2015 elections would not let it take a downturn.

He further said that Nigeria currently had a reserve of about 41 billion dollars, “which is the highest in Africa.’’

The CBN governor said though people were predicting a drop in crude prices and revenues, with 41 billion dollars reserve supporting imports and production for the next seven to eight months, “Nigeria’s economy is

China considering replacing central bank head

Chinese central bank Governor Zhou Xiaochuan may lose his job, the Wall Street Journal reported, in a reshuffle that follows internal battles over economic reforms.

Chinese President Xi Jinping is considering replacing Zhou, the paper reported, quoting officials with knowledge of the plans. (on.wsj.com/1uZtmyj)

The top contender to head the People's Bank of China is Guo Shuqing, a former banker and securities regulator who is currently governor of eastern Shandong province, the paper said.

Xi wanted more allies in top positions in the government, military and

CBN, operator decry low patronage of e-payment channels

The Central Bank of Nigeria, CBN and operator in the e-payment system have decried low patronage of electronic, e -payment channels in the country, stating that cash continues to be the predominant method used for transactions.

They  also said that cheque system remains the second most important payment medium in the national payment system.

The Director, Banking and Payments System, CBN, Mr. Dipo Fatokun who disclosed this said “The success recorded so far on e-payments has been encouraging considering where the country started.

“Electronic payments channels have been broadened with several options such as online web payments, electronic funds transfer, various forms of cards,  Point of Sale, POS, ATM non-cash transactions etc.

The channels are recording enormous growth. As an instance, the NIBSS Instant Payments (NIP) used for online transfers has grown at an annual growth rate of

Naira falls 55k against dollar amidst CBN’s defense

In spite of the Central Bank of Nigeria (CBN)’s intervention through foreign exchange auction, the nation’s currency naira on Monday weakened by N0.55k against the US dollar at the inter-bank market.

The CBN on Monday offered a total of $350 million but sold a total of $349.9 to 22 deposit money banks at rate of N155.75/$ at its twice weekly Dutch Auction System (RDAS).

Consequently, the local currency on Monday closed at N163.85/$ as against N163.30 on Friday last week, according data obtained from Financial Markets Dealers Quotation (FMDQ).

Analysts had anticipated sustained pressure on the local currency this week in spite of expected dollar sales from oil companies.

“Dollar demand from politicians holding their assets in hard currency ahead of elections next year has increased pressure on the local currency,” one dealer told Reuters.