News headlines

Central bank to allow investments in yuan: Central bank governor Lamido Sanusi said on Monday that the Central Bank of Nigeria (CBN) will allow investments in Nigeria to be held in Chinese yuan, broadening the available currencies in the country beyond dollars, euros and sterling. He added that the bank would enter a swap arrangement with the People's Bank of China to provide liquidity in its local unit. The CBN governor further revealed plans to diversify its US$33bn foreign exchange reserves away from the dollar by switching about 10% of the stockpile into yuan. (Source: Reuters)

Naira eases on dollar supply shortage: The naira eased against the US dollar on the interbank market on Monday, as dollar supply from the central bank's bi-weekly auction fell short of demand. The naira weakened to N155.8 to the dollar on the interbank market on Monday, down from N154.8 to the dollar at Friday's close. Demand at the official window stood at US$541.2m, more than the US$400m that was sold at N152.8 to the dollar by the central bank at the auction. The regulator sold US$600m at N152.40 to the dollar at the only auction last week. (Source: Reuters)

Forex - CBN may penalise 21 banks for round tripping: The Central Bank of Nigeria may penalise 21 deposit money banks for round tripping and other violations of foreign exchange transactions. The CBN had on Friday informed 21 banks that it would verify their foreign exchange deals. (Source: Punch)

IFC invests US$10.5m in Interswitch to expand financial service: The International Finance Corporation (IFC) has said that it has made an investment of US$10.5m in electronic payments company Interswitch to help consumers at all income levels in Nigeria and other parts of Africa gain improved, low-cost access to financial services. IFC’s investment is part of an acquisition of Interswitch by a syndicate that includes Helios Investment Partners and Adlevo Capital Partners. (Source: Businessnews)