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Nigeria net FX flow surges to $25.4bn in six months 

The Central Bank of Nigeria has stated that net foreign exchange flows increased to $25.4 billion between January and June, showing a 55% year-over-year rise, demonstrating the results of its policy initiatives. This was disclosed in a statement by the CBN on Wednesday, according to Nairametrics. It further stated that the unprecedented inflows was driven […]

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CBN endorse Providus Bank, Unity Bank merger

The Central Bank of Nigeria has granted the merger of Providus Bank and Unity Bank. This was disclosed in a statement signed by the acting Director, Corporate Communications, Hakama Sidi, on Tuesday, adding that the action is in line with the provisions of Section 42 (2) of the CBN Act, 2007. This is the first […]

News

Senate passes bill to raise CBN loans to FG

The national assembly on Wednesday passed a bill to raise the percentage of Ways and Means loans the Central Bank of Nigeria can give to the Federal Government. The senate increased the amount of credit the federal government may get from the apex bank from 5% to 10% of its annual revenue. Senate Leader Opeyemi […]

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Accounts not used in 10-years are classified dormant – CBN

The Central Bank of Nigeria has stated that an account can only be designated as dormant and used for investment purposes if they have not been used for more than ten years. The apex bank disclosed this on Friday in its recently issued document titled, “FAQs – Guidelines on Dormant Account and Unclaimed Balances – […]

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CBN to setup office for dormant account funds management

The CBN has revealed that a separate office would be created to manage dormant accounts and unclaimed balances. This was disclosed in the CBN’s recently issued document, “FAQs – Guidelines on Dormant Account and Unclaimed Balances – July 25, 2024.” It reads read, “The CBN shall establish a dedicated office for this purpose. The office […]

Osun resubmits state's nomination for bank role, challenges CBN’s rejection
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Naira decline: CBN disburses $148m to 29 authorised dealers

The Nigerian Central Bank has distributed $148 million to 29 authorized dealers as part of its efforts to stabilise the foreign exchange market in the wake of the naira’s recent depreciation. A statement posted on the apex bank’s website on Friday noted that the sales were made to the dealers on Monday, July 22 and […]

Trapped funds: CBN to give foreign airlines $150m
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Nigeria’s external reserves hit $37.05bn

Nigeria’s external reserves have climbed once more to $37.05 billion as of July 18, 2024. This disclosure was made by the Governor of the Central Bank of Nigeria, Yemi Cardoso, at a press briefing at the end of the 296th Monetary Policy Committee meeting in Abuja on Tuesday, according to Nairametrics. According to Cardoso, the […]

CBN warns public against fake contracts, grants, intervention fund scams
News

FX inflow via IMTOs reach $1.07bn in three months – CBN

Foreign exchange inflows from International Money Transfer Operators increased by 38.86 per cent to $1.07bn in the first quarter of 2024, from $770.23m recorded in the same period in the previous year. This disclosure was made in the Central Bank of Nigeria’s quarterly statistical bulletin for the first quarter of 2024, recently published on its […]

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CBN raises interest rate to 26.75% 

The Central Bank of Nigeria Monetary Policy Committee has increased the interest rate from 26.25% to 26.75%, a 50 basis point increase. This was disclosed by the CBN governor, Olayemi Cardoso at the end of the apex bank’s 296th MPC meeting held in Abuja. The MPC has been aggressive in its efforts to control inflation, […]

News

FX inflow via IMTOs reach $1.07bn in three months – CBN

Foreign exchange inflows from International Money Transfer Operators increased by 38.86 per cent to $1.07bn in the first quarter of 2024, from $770.23m recorded in the same period in the previous year. This disclosure was made in the Central Bank of Nigeria’s quarterly statistical bulletin for the first quarter of 2024, recently published on its […]

CBN warns public against fake contracts, grants, intervention fund scams
Economy News

CBN predicts slight decline in external reserve

The Central Bank of Nigeria has predicted that in 2024, the country’s foreign reserves may decline slightly, due to debt repayment and other commitments. This was disclosed in the inaugural edition of CBN 2024 Macroeconomic Outlook: Price Discovery for Economic Stabilisation, which was recently released, according. The outlook said, “The external reserves, which stood at […]

Economy News

CBN approves $20,000 to each BDC at N1,450/$1 

The Central Bank of Nigeria has declared that it has approved the sales of foreign exchange to qualified Bureau De Change to meet the demand for invisible transactions. This was disclosed in a circular signed by the Acting Director of Trade and Exchange, A.A. Mahdi stating that the sum of $20,000 is to be sold […]

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