Investors oversubscribe CBN N1trn OMO bills Barbara Bako, Abuja The Central Bank of Nigeria (CBN), on Friday, March 1, 2024, successfully concluded a sale of government securities, issuing N1.053 Trillion (US$680 million) in short-term instruments as part of its liquidity management exercise. The CBN offered N500 Billion at the Open Market Operations (OMO) auction and…
The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate to 22.75 per cent amid soaring inflation. The apex bank made this known after the two-day Monetary Policy Committee (MPC) meeting held between Monday and Tuesday. According to the National Bureau of Statistics, the country’s annual inflation rate jumped to 29.90 per cent…
CBN begins sale of dollar to Kano, Lagos BDC operators The Central Bank of Nigeria, CBN, on Tuesday said it has begun has the sale of dollar to Bureau de Change (BDC) operators in the country. A circular signed by Hassan Mahmud, the director of Trade and Exchange Department at the apex bank, said each…
CBN stops cash payment of dollar travel allowances Payments of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) can only be paid by authorised dealers via electronic channels, according to a circular released on Thursday by the Central Bank of Nigeria (CBN). The circular signed by the Director of the Trade and Exchange Department,…
Stock market investors lost N1.4 trillion on the Exchange last week following sell off in some shares triggered by increase in interest rates Treasury bills, TBs, by the Central Bank of Nigeria. At the TB auction held last week, the CBN raised the stop rate for the 91-, 182-, and 364-day TBs to 17.24%, 18.00%,…
NNPC to domicile revenue, banking services with CBN The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mallam Mele Kyari, and the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, have reviewed the decision of the NNPC Ltd. to domicile a significant portion of its revenues and…
CBN unveils new cash reserve framework The Central Bank of Nigeria has said that it is stopping daily Cash Reserve Ratio debits and will be adopting an updated Cash Reserve Requirement mechanism. The CBN noted that the move is intended to facilitate banks’ capacity for planning, monitoring, and aligning their records with the apex bank….
CBN tackles FX transactions abuses in clearing liabilities backlog …to continue settlement of verified FX backlog Barbara Bako, Abuja. The Central Bank of Nigeria (CBN), in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately USD 2.0 billion across various sectors, including manufacturing, aviation, and petroleum. The Bank has also…
CBN sacks boards of Polaris, Union, Titan, Keystone banks Board of Directors of Polaris, Titan, Union and Keystone Banks have been sacked by the Central Bank of Nigeria. CBN sources say the decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso, on Wednesday in Abuja. The source who pleaded anonymity, hinted…
The Switzerland Central Bank said it recorded a loss of over three billion Swiss francs or $3.5bn last year on the back of its interest rate hikes. The loss, as reported by the AFP on Tuesday, means the country’s government and cantons will not receive their annual pay-out from the Swiss National Bank for a…
