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CBN record $172m rise in diaspora remittance one month

The Central Bank of Nigeria recorded a $172 million rise in direct remittances in one month. The recent CBN statistics reviewed indicated that remittances totaled $138.56 million in January, $39.14 million in February, $104.90 million in March, $193.31 million in April, and $365.44 million in May 2024, according to The Punch. The data shows a […]

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Banks’ loan from CBN declines 10.6% to N10.9trn

Bank borrowing from the Central Bank of Nigeria decreased by 10.6 per cent month on month in May to N10.9 trillion. The CBN lends money to banks through the SLF at an interest rate of 100 basis points (bpts) higher than the Monetary Policy Rate (MPR), it also lends money to banks through the Repurchase […]

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CBN, IFC partner to develop strategies on private sector growth

The Central Bank of Nigeria, the members of the World Bank Group, and the International Finance Corporation have partnered to develop strategies for bolstering the expansion of the private sector in Nigeria. This disclosure was made by the CBN via its official X account on Thursday. This follows the visit of the IFC delegation led […]

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Pastor spearheaded Islamic Bank in Nigeria, says Cardoso

The Central Bank of Nigeria announced that there will be an increase in Islamic banking in the financial sector. This disclosure was made by the  CBN governor at a reception in Abuja honoring Dr. Umar Oseni, the Secretary-General of the Organisation of Islamic Cooperation Arbitration Centre, according to Vanguard. Cardoso, represented by the CBN Director […]

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CBN grants provisional licence to Greenwich Merchant Bank

Greenwich Merchant Bank has secured approval in principle from the Central Bank of Nigeria to transition into a holding company structure. This was disclosed by the bank’s Chairman, Kayode Falowo, at the recently concluded Annual General Meeting in Lagos, according to The Punch. According to Falowo, the move will allow Greenwich Group to improve productivity, […]

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JUST IN: CBN lifts ban stopping Opay, Palmpay, others from onboarding new customers

Alex Omenye The Central Bank of Nigeria has lifted a six-week ban on onboarding new customers for five of the country’s leading fintech startups: Paga, OPay, Kuda, Palmpay, and Moniepoint. The ban, which began on April 29, 2024, followed the blocking of over 1,000 accounts involved in peer-to-peer crypto trading. The National Security Adviser had […]

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CBN revokes Heritage Bank’s license

The Central Bank of Nigeria has revoked the banking license of Heritage Bank. This comes following a report that officials from the Nigeria Deposit Insurance Corporation had visited the bank. “In accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks […]

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CBN clears $831m foreign airlines’ trapped funds – IATA

The International Air Transport Association has confirmed that the Central Bank of Nigeria has cleared foreign airlines trapped funds worth $831m from June last year to date. This was disclosed by the Director-General of IATA, Willie Walsh, in a statement on Sunday, according to The Punch. International airlines now have over $1.8 billion in funds […]

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International oil firms get CBN’s permission to sell 50% of proceeds

The Central Bank of Nigeria has said that international oil companies can sell their retained 50 per cent earnings of repatriated export proceeds in the Nigerian Foreign Exchange Market. This decision was made in response to the CBN’s February 14 restriction on IOCs’ ability to transfer crude export earnings to offshore parent company accounts, according […]

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FX demand drops by $9bn I. 12 months – CBN

Data from the Central Bank of Nigeria shows that demand for foreign exchange fell by 42 per cent year-on-year by individuals and companies engaged in importation and other forex-related activities. The analysis showed that in 2023, 19 sectors and services received 21.12 billion dollars of foreign exchange allocations from the total sector’s currency use. The […]

Nigeria's external reserves rise to $36.89bn — CBN gov
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CBN amends guidelines for BDC operators

The Central Bank of Nigeria has revised its regulatory guidelines for Bureau De Change operators after consulting with stakeholders. The changes include the removal of the mandatory caution deposit of N200 million for tier-1 BDC license holders and the waiver of the N50 million deposit for tier-2 license holders. Additionally, the non-refundable annual license renewal […]

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