The Central Bank of Nigeria (CBN), under the leadership of Governor Olayemi Cardoso, said it is set to retire 1,000 employees by December 31, 2024, as part of it strategic workforce restructuring initiative. According to a report by Daily Trust, the exercise is expected to cost the apex bank ₦50 billion. This development follows the…
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR), to 27.50 percent from the initial 27.25 percent which serves as the benchmark for interest rates in the country. The decision was announced by the CBN Governor, Olayemi Cardoso, during a press briefing on Tuesday following…
… Reiterates $1 Billion Remittance goalBarbara Bako, Abuja The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has outlined critical milestones in the Bank’s ongoing economic reform agenda, including a new goal to raise monthly foreign remittances to $1 billion. He made this announcement in Abuja on Thursday during his keynote address…
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has yesterday, reiterated the apex bank’s stance of not intervening in the foreign exchange (FX) market, insisting that the regulator remains firm in its commitment to fostering a market-driven exchange rate system. The Governor said this during an interactive session at the ongoing…
By, Tope Fasua A few weeks back, I had cause to quarrel (from afar by the way) with Mr Atedo Peterside, the erudite banker, when he said something to the effect that because Nigeria had ‘spoilt’ (my word), Nigerian youths could no longer aspire like he did. He said he got a banking license at…
The Central Bank of Nigeria (CBN) has continued with the disengagement of staff in furtherance of its ongoing restructuring as it sacked a fresh batch of 40 staff mostly from the development finance department (DFD), Daily Trust authoritatively reports. Because the sack letters were released late Friday, details of those affected are sketchy but our…
The Federal Government in its effort to curb the rise of inflation in the country will lead to a N5trn cash mop up from the banking industry as CBN implements the hike of in banks’ Cash Reserve Ratio, CRR to 45 per cent. The CRR which represents banks’ cash reserves for purposes of meeting cash…
The House of Representatives Committee on Public Petiton has issued a warrant of arrest on the Central Bank Governor, Mr. Olayemi Cardoso, the Accountant General of the Federation, Mrs. Oluwatoyin Madein, and 17 others for refusing to appear before it to answer questions on their operations. This followed the adoption of a motion by Rep…
The Central Bank of Nigeria, CBN, may have devalued the Naira to N631 to the U.S. dollar from N461.6, following President Bola Ahmed Tinubu’s announcement of his critical economic policy direction during the inauguration on Monday. Daily Trust, reports that dollar was sold at the new rate on the Importers and Exporters window on Wednesday….
The Monetary Policy Rate (MPR) of the Central Bank of Nigeria (CBN) has raised from 18 to 18.5 per cent The CBN Governor, Mr. Godwin Emefiele, disclosed this at the end of the Monetary Policy Committee meeting, in Abuja, this afternoon. He said that the rate hiking strategy, which started in May last year, has…
