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Naira falls N777 against dollar after CBN announcement
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Uber fined €10m for invading drivers' privacy

US sues Uber over alleged deceptive subscription practices

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Private sector credit hits N76.27tn in March – CBN

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IMTO inflows surge 63.7% in 2024 amid CBN reforms

Nigeria’s money supply hits ₦114.22tn in March

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Huawei establishes cloud centre in Saudi Arabia

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Tag: CBN

Abbey Mortgage Bank Plc appoints four new directors
Business

Abbey Mortgage Bank Plc appoints four new directors

The Central Bank of Nigeria has authorized the appointment of four new non-executive directors to Abbey Mortgage Bank Plc. The Times reported that this information was contained in a notice sent by the company to the Nigerian Exchange Limited and the investing public. The directors are Mr. Obinna C. Ufudo, Ms. Jewel Okwechime, Ms. Chika Ochonogor, Mrs. […]

Old, new naira notes remain legal tender - CBN
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Old, new naira notes remain legal tender – CBN

  The Central Bank of Nigeria has directed all its branches across the country to maintain a steady supply of both old and redesigned banknotes in different denominations to commercial banks. This decision was communicated through a statement signed by the Director of Corporate Communications, Isa AbdulMumin, at the central bank, and posted on its […]

Equity investors lose N1.5tn as bond yield rises
Banking

Tackle high inflation, Lamido Sanusi urges CBN

The former governor of the Central Bank of Nigeria, Governor Lamido Sanusi, has urged the Central Bank’s current governor, Olayemi Cardoso, to use strategic measures to reduce the country’s inflation rate. The PUNCH reported that the former Emir of Kano offered this guidance last week in Abuja when he escorted the Impact Investing Community team to the CBN […]

Oil revenue drops by 36% in May, says CBN
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Oil revenue drops by 36% in May, says CBN

  In May 2023, the Federal Government’s oil revenue target saw a significant drop from N804 billion to N223 billion, marking a substantial 72 percent reduction in federal earnings, as per statistics from the Central Bank of Nigeria’s Monthly Economic Report for May 2023. According to the report; “oil revenue at N223bn for May was […]

Nigeria to produce food worth €62bn by 2024 - Report
Business

Lower interest rates to boost food security, farmers urge CBN

Nigeria’s Central Bank has been encouraged to lower loan rates in order to increase food production by the Agriculture Development Farmers Association of Oyo State. According to The PUNCH, the association’s chairman, Salihu Imam, stated that a large decrease in financing costs would spur agricultural growth and improve the country’s food security. “Bringing down lending rates […]

CBN clears forex backlogs – Report
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CBN clears forex backlogs – Report

            Reports have indicated that the central bank has “cleared” forex backlogs of banks and airlines. According to Nairametrics, sources indicated that airlines are also seeing their backlogs being cleared. “Yesterday, the apex bank began clearing the backlog of outstanding Retail SMIS obligations. The total amount cleared is yet to […]

Gradual removal of old naira notes continues – CBN
Economy featured

CBN debunks naira redenomination plans

The Central Bank of Nigeria on Tuesday, refuted claims that it has plan to redenominate or restructure the naira notes in 2024. The apex bank, in a statement signed by its Director, Corporate Communications, Isa AbdulMumin, said the rumours were misleading. The CBN urged Nigerians to disregard the wide circulation of a text message suggesting […]

How Nigerians spent $340.84m forex on education in six months - CBN
News

How Nigerians spent $340.84m forex on education in six months – CBN

Nigerians seeking admission to institutions abroad spent $340.84 million to fund their applications between January and June 2023. The Punch reported that the amount spent on educational services under sectoral utilization for transactions eligible for foreign exchange is based on statistics from the Central Bank of Nigeria. According to the CBN, a total of $40.54m was spent […]

United Capital endorses CBN's stakeholder partnership
News

How real estate firms borrowed N2.26tn in eight months – CBN

The country’s real estate and construction companies were successful in obtaining loans totaling N2.26 trillion in just eight months. The Punch reported that the money borrowed from the banks was used as capital to expand the sector’s services. The amount of loans obtained climbed from N1.90 trillion to N2.26 trillion between November 2022 and June 2023, a […]

Parallex bank gets CBN nod to collect NESS fees
Banking

Parallex bank gets CBN nod to collect NESS fees

The Nigerian Central Bank has given Parallex Bank permission to collect fees for the Nigeria Export Supervision Scheme. The approval was granted in a circular signed by Dr. W.J. Kanya on behalf of the apex bank’s Director of the Trade and Exchange Department. Parallex Bank Limited was added to the list of recognized banks permitted to […]

eNaira not a threat to Nigeria’s financial stability – CBN
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eNaira not a threat to Nigeria’s financial stability – CBN

The Central Bank of Nigeria refutes the assertion that the naira, the country’s Central Bank Digital Currency, poses a risk to the country’s financial stability. The Times reported that the director of corporate communications at the CBN, Isa AbdulMumin, said as much in a statement on Monday. He claimed that the assertion was a misinterpretation of the bank’s just-released […]

Tinubu signs seven bilateral agreements with Qatar
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Expect special report on past CBN activities soon – Tinubu

The Special Investigator’s report on prior operations at the Central Bank of Nigeria would soon be complete, President Bola Tinubu stated on Sunday morning. This information was provided by President Tinubu during his broadcast speech honouring Nigeria’s 63rd year of independence. On Sunday, July 30, the President designated the former CEO of the Financial Reporting […]