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Naira falls N777 against dollar after CBN announcement
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Private sector credit hits N76.27tn in March – CBN

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Tag: CBN

The Central Bank of Nigeria has issued a circular aimed at addressing suspected cases of excessive foreign currency speculation and hoarding by Nigerian banks.
Economy

CBN moves to curb FX circulation, naira hoarding

The Central Bank of Nigeria has issued a circular aimed at addressing suspected cases of excessive foreign currency speculation and hoarding by Nigerian banks. The circular, titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” emphasizes the CBN’s concerns over the growing trend of banks holding large foreign currency positions. To tackle these […]

CBN stops foreign oil corporations from sending all fx proceeds abroad
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Relocated CBN staff to resume Lagos office February 2

The Central Bank of Nigeria’s redeployed staff, estimated at 1,533 or 36.22 per cent, are due to resume in the Lagos headquarters on Friday, February 2. According to The PUNCH, a person who was privy with the situation stated the plan was still in place and affected employees would return this weekend. “Yes, the plan is […]

CBN clears $64.44m forex backlog for airlines
Aviation

CBN clears $64.44m forex backlog for airlines

Bisola David The Central Bank of Nigeria has announced that it has fulfilled its commitment by clearing a $64.44 million backlog of foreign exchange owed to airlines. The Times reported that this new payout increases the total verified amount paid to airlines to $136.73 million, completing the settlement of proven FX claims in the industry. However, this […]

CBN stops foreign oil corporations from sending all fx proceeds abroad
Banking featured

CBN releases additional $500m to clear FX backlog

The Central Bank of Nigeria has granted an additional $500 million to get rid of the verified FX backlog. According to The Times, the Acting Director of the apex bank’s Corporate Communications Department, Mrs Hakama Sidi Ali, verified this on Monday in Abuja. The central bank’s new release of $500 million comes just a few days after […]

Economy

Inflation’ll drop to 21.4% in 2024 – CBN gov

The Governor of the Central Bank of Nigeria anticipates that headline inflation will decrease to 21.4 percent in 2024. This projection was revealed in his keynote address at the unveiling of the Nigerian Economic Summit Group’s macroeconomic outlook report for 2024. During his speech, he explained, “Owing to the CBN’s inflation-targeting measures, we expect a […]

Business

CBN to host first MPC meeting under Yemi Cardoso

The Central Bank of Nigeria will hold its inaugural Monetary Policy Committee meeting on February 26th and 27th. Nairametrics reported that this is according to a preliminary MPC meeting calendar signed by the CBN’s Director of MPD. According to the document, the bank will host its second MPC meeting on March 25th and 26th, 2024. More […]

Why CBN won't print naira again - Budget minister
Banking

Why CBN won’t print naira again – Budget minister

The Federal Government has stated that it will no longer permit the Central Bank of Nigeria to print money through Ways and Means to pay the budget deficit in the face of revenue pressures on the 2024 national budget. The Minister of Budget and National Planning, Atiku Bagudu, revealed this information in an interview with journalists […]

BVN registration hits 60.2m as CBN deadline nears
News

BVN registration hits 60.2m as CBN deadline nears

The number of people who have registered for a Bank Verification Number has risen to 60.2 million as of January 10, 2024. This was disclosed in the most recent BVN registration data issued by the Nigeria Inter-Bank Settlement System. The BVN database reached at 59.9 million as of December 18, 2023. According to this, between late […]

CBN clears $64.44m forex backlog for airlines
Business News

CBN appoints new CEOs, MD for Union, Keystone, others

Following the Wednesday dissolution of the former board members, the Central Bank of Nigeria has appointed new board members for Union Bank, Keystone Bank, and Polaris Banks. The Central Bank of Nigeria attributed the dissolution to corporate governance shortcomings and regulatory non-compliance. Additionally, the apex bank admitted to engaging in acts that put its financial […]

Nigerian Exchange ahead in Africa with 33.70% gain
Business

Naira falls at black market despite CBN’s FX backlog clearance

The value of the naira declined considerably on Tuesday on the P2P and physical black markets, notwithstanding the infusion of foreign exchange liquidity at the official market and the considerable clearing of foreign exchange backlogs by Nigeria’s top bank. The naira traded at around N1230/$ in the early hours of Tuesday on the P2P market, […]

CBN clears $64.44m forex backlog for airlines
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Emefiele: Your funds are safe, CBN assures Nigerians

    The Central Bank of Nigeria has issued a strong affirmation regarding the security of funds within Nigerian banks, underscoring the stability of the nation’s banking sector. Amid circulating unverified reports, not originating from the CBN, causing concerns about the health of Nigerian banks, the apex bank urged the public to continue their regular […]