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…
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…
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 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…
