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The Naira is expected to appreciate in the following week, after the Central Bank of Nigeria (CBN) says it will increase dollar sales to Bureau De Change (BDC) operators. Experts expressed hope that the development would improve liquidity and also help to boost the Naira. The local currency currently trades at 410 Naira to a dollar on the parallel market, compared to 398 Naira it traded last week. Following the increase in demand for dollars, the Naira depreciated further in the parallel market as the exchange rate rose from 407 Naira to 410 Naira per dollar.

AHEAD of the September 30 deadline given rescued banks to recapitalise, the Central Bank of Nigeria (CBN) yesterday announced the revocation of the licences of Afribank, Spring Bank and Bank PHB, which were yet to sign Transaction Implementation Agreements (TIAs) with investors aimed at injecting funds to capitalise them, thereby failing to show enough commitment to the process since the new teams were named in August 2009. The Central Bank of Nigeria (CBN) has revoked the operating licences of Afribank, Spring Bank, and BankPHB, as they have not shown capacity and ability to recapitalise before the September 30 deadline. However, Bank PHB Plc  will become Keystone Bank Limited. Keystone Bank will continue the operations of the Bank PHB.

The Central Bank of Nigeria, CBN, yesterday announced minimum capital base of N10 billion for National Islamic Banks and N5 billion for regional Islamic Banks. CBNDeputy Governor, Financial Sector Surveillance (FSS), Dr Kingsley Moghalu, announced this while addressing journalists in Lagos at a seminar on Non-Interest Banking in Nigeria organised by BusinessDay and Apostles in the Market Place. “For the National Islamic Bank it is N10 billion and for the Regional Islamic Bank it is N5 billion,” he said Experts who spoke at the seminar, however, faulted the apex bank on introduction of Islamic banking, saying Nigeria is a secular state and the CBN Act does not empower the apex bank to introduce Islamic banking. Faulting the apex bank on the introduction of Islamic banking, Mr.  Eghes Eyieyien, chief executive, Pharez Limited, a Lagos-based consulting firm, said the “CBN cannot use a guideline to change the law, the CBN is not the National Assembly. If Islamic banking m...