The ongoing efforts by the Central Bank of Nigeria including stabilisation of foreign exchange market and increased monetary policy rate couldn’t stop inflation from rising in March. The latest data from the National Bureau of Statistics (NBS) released on Monday showed that inflation rose to a new 29-year high of 33.2 per cent in March…
President Bola Tinubu has named five persons as directors of the board of the Central Bank of Nigeria, CBN. This was disclosed on Tuesday in a request letter of confirmation read by Senate President Godswill Akpabio on the floor of the upper legislative chamber. Tinubu said his request on sections 6(1a) and 10(1)(2) of the…
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%,…
The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso said that the apex bank has reduced the $7 billion FX backlog it inherited to $2.2 billion and vowed it was working to clear the outstanding balance. “You can imagine that having $2.2 billion outstanding and $7 billion are not the same thing. We will clear…
Commercial banks have been permitted to open accounts and other services for Virtual Assets Providers, VAPs, otherwise known as cryptocurrency exchanges and dealers. The Central Bank of Nigeria, CBN, in a circular lifting the ban on transaction in cryptocurrencies, said banks cannot hold or transacting in cryptocurrencies such as bank accounts opened for VAPs cannot…
The Economic Intelligence Unit ‘EIU’says it’s expecting the Naira to end the year 2024 at N861.5 to a US dollar. The research and analysis division of the economist group was captured in their December country report for Nigeria. The research firm went further to state that this forecasted exchange rate of the domestic currency should…
The central bank has announced that all bank accounts without BVN and NIN will be placed on “Post no Debit” effective April 2024. This was contained in a circular issued by the apex bank on Friday, 1st of December 2023, and sent to all deposit money banks in the country. The central bank also stated…
The Former Central Bank of Nigeria’s Governor Godwin Emefiele is yet to perfect the N300 million bail granted to him by a High Court of the Federal Capital Territory (FCT) on November 22. He was returned to Kuje prisons straight from the court yesterday. Emefiele who is standing trial on a five-count charged filed against…
The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso said Nigeria has lost a total of $1.4bn in 8 years over CBN’s ban on 43 items. Cardoso disclosed this at the 58th Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday in Lagos. According to him, the…
The Central Bank of Nigeria (CBN) says it is planning to implement a new round of banking recapitalisation for the Deposit Money Banks (DMBs). Mr Olayemi Cardoso, the CBN Governor, announced this at the 58th Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday night in Lagos. The News…
