Avoid forex auction interventions, W’Bank advises CBN
The Central Bank of Nigeria has been advised against intervening in the foreign exchange market through forex auctions. The World Bank’s policy…
CBN
IFC, CBN partner to boost local currency financing
The International Finance Corporation has partnered with the Central Bank of Nigeria to enhance local currency financing, supporting the growth of private…
CBN optimistic of securing $12bn in diaspora remittances
The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, announced in Washington DC that the CBN is optimistic about attracting…
Old naira notes remain legal tender beyond 2024 – CBN
The Central Bank of Nigeria has addressed concerns regarding the old series of N200, N500, and N1000 banknotes, stating that they will…
Reps calls for gradual withdrawal of old naira notes
The House of Representatives has urged the Central Bank of Nigeria to begin a gradual withdrawal of old naira notes while introducing…
CBN disburses N1.73tn for food imports in six months
The Central Bank of Nigeria in the second quarter of 2024 allocated $547.7 million (N823.19 billion at the official exchange rate of…
FG eyes 5% tax on telecommunications, other services
The Federal Government of Nigeria has proposed a five per cent excise duty on telecommunications services, gaming, and betting activities as part…
Banks refund N7.05bn, $714,569 to customers, says CBN
The Central Bank of Nigeria has announced that banks operating in the country have refunded approximately N7.05 billion and $714,569.03 to customers…
Lagos, Abuja airports incur over N1bn monthly electricity bills
The Minister of Aviation, Festus Keyamo has stated that the Lagos and Abuja airports each incur over N1 billion in monthly energy…
CBN initiates global partnerships for improved banking system
The Central Bank of Nigeria has signed Memoranda of Understanding with countries that host subsidiaries of Nigerian banks. This initiative aims to…
Nigeria’s debt servicing hits N6.04tn in H1 2024 – CBN
Nigeria’s debt servicing expenses surged to N6.04 trillion in the first half of 2024, a 68.8% increase from N3.58 trillion in the…
CBN defends interest rate hike as measure to combat inflation
The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has strongly defended the bank’s decision to raise the Monetary Policy…