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…
Barbara Bako, Abuja. The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has concluded his participation in the high-level Bretton Woods at 80 Forum, where he represented Africa’s interests on the global financial stage. The forum, organised by the International Monetary Fund (IMF) and World Bank Group (WBG), brought together a select group…
Barbara Bako, Abuja. The Central Bank of Nigeria (CBN) has once again raised the Monetary Policy Rate to 26.25 per cent from the 24.75 per cent. The CBN Governor, Olayemi Cardoso who is also the Monitory Policy Committee (MPC) chairman said this on Tuesday after the two day MPC meeting held in Abuja. He said…
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…
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…
Barbara Bako, Abuja The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Mr. Olayemi Cardoso, to process an inherited backlog of US$7 billion in claims. This was disclosed by the Bank’s Acting Director, Corporate Communications, Mrs. Hakama Sidi…
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 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…
