Nigerian government established Asset Management Corporation of Nigeria (AMCON) on July 19, 2010 to provide opportunity for banks to sell off non-performing loans, complement re-capitalization of insolvent Nigerian commercial banks, propel lending ideology in Banks, enable banks to free up valuable resources and enable banks to focus on their core activities. AMCON went hard into …
Tag Archive: commercial banks
Central Bank of Nigeria and Foreign Exchange
Central bank of Nigeria (CBN) has been struggling to stabilize Naira against major foreign currencies, especially dollar, Euro and British pound since Naira was floated. So far, Central bank’s effort has not yielded desired result. The CBN goal is to stabilize Naira to where it will trade at 300 or below to one dollar. The …