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New IMTO licences push Nigeria’s remittance inflows to $585m – CBN

The Central Bank of Nigeria announced that its recent move to license additional International Money Transfer Operators has significantly boosted remittance inflows into the country, adding that Nigeria recorded $585 million in remittances for August 2024. This initiative is part of the CBN’s efforts to enhance the efficiency and accessibility of money transfers, contributing to […]

Bankers oppose removal of retained earnings in CBN terms
News

Nigeria’s external reserves surge to $39.07bn – Cardoso

Nigeria’s external reserves have continued to grow, reaching $39.07 billion as of September 19, 2024. This increase reflects positive trends in foreign exchange inflows and ongoing efforts to stabilize the economy. This was disclosed by the Governor of the Central Bank of Nigeria, Yemi Cardoso, at a press briefing at the end of the 297th […]

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CBN raises interest rate to 27.25%

The Central Bank of Nigeria’s Monetary Policy Committee has increased the interest rate by 50 basis points to 27.25%. This move is likely aimed at curbing inflation and stabilizing the economy. This was disclosed by the CBN governor, Olayemi Cardoso at the end of the MPC meeting held in Abuja. The apex bank has also […]

News

Manufacturers had negative confidence in Nigeria’s August economic Outlook – CBN

Manufacturers in Nigeria demonstrated a lack of confidence in the country’s economic outlook in August 2024, according to the latest Business Expectations Survey conducted by the Central Bank of Nigeria. The survey, which included responses from 1,600 business enterprises, found that while several sectors maintained an optimistic view of the economy, the manufacturing sector stood […]

News

CBN temporarily withdraws policy guidelines amid media misrepresentation

The Central Bank of Nigeria has announced the temporary withdrawal of its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024-2025. This decision follows widespread misrepresentations in the media that have led to confusion among stakeholders. This was disclosed in a statement on CBN’s website on Friday. According to the statement, […]

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CBN targets N50bn from cybercrime levy

The Central Bank of Nigeria is expected to generate around N50 billion by the end of 2024 from the newly implemented 0.005 percent cybersecurity levy on electronic transactions, according to economic analysts. The Head of Research, FMDQ Group Plc, Vincent Nwani stated, “The CBN is expected to raise N50bn from the cybersecurity levy by 2024.” […]

News

CBN appoints Gidado as Polaris Bank board chair

The Central Bank of Nigeria has announced the new board of directors for Polaris Bank. In a statement released on Monday, the bank revealed that Kassim Gidado has been appointed as the board chairman. Gidado, who is currently the Chief of Staff at MAG Group Limited and an advisor to various governments, will lead the […]

News

Report reveals banks borrowed N3trn from CBN in one week

Nigerian banks and discount houses borrowed N3 trillion from the Central Bank of Nigeria through the Standing Lending Facility in a single week, according to Afrinvest Research. During the same period, the lenders and discount houses,  deposited N493.6 billion via the Standing Deposit Facility. According to the report, the surge in borrowing led to a […]

News

CBN orders payment service providers to implement PoS transaction tracking

The Central Bank of Nigeria has mandated that all Point of Sale transactions from merchant and agent locations be routed through an approved Payment Terminal Service Aggregator. This directive, issued with a 30-day compliance deadline, is designed to enhance the monitoring of electronic transactions and decentralize the routing process. The CBN’s circular, signed by Oladimeji […]

Economy

Economic expansion recorded first time in 13 months – CBN PMI

The Central Bank of Nigeria’s latest Purchasing Manager’s Index report reveals that economic activities expanded in August for the first time in 13 months. According to the PMI data released on Wednesday, the composite PMI for August 2024 registered at 50.2 index points, signaling a growth in economic activities after a prolonged period of contraction. […]

Economy News

CBN, SEC, NDIC team up to streamline bank recapitalization

The Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigeria Deposit Insurance Corporation have united to streamline the bank recapitalization process, aiming to boost efficiency and transparency in the financial sector. This was revealed in a statement by the Director General of SEC, Emomotimi Agama, according to The Punch. In the statement, […]

News

Banks’ deposits with CBN soar to N3.42tn – Report

Deposits held by banks with the Central Bank of Nigeria surged to a weekly record of N3.42 trillion at the end of the last week. This spike follows the CBN’s recent adjustment of the Standing Deposit Facility (SDF) asymmetric corridor, raising it to +500/-100 basis points from +100/-300 basis points around the monetary policy rate, […]

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