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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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Nigeria’s foreign trade payments plummet by 57%

Nigeria’s payments through Letters of Credit have significantly declined, dropping by 57.04% to $391.91 million in the first seven months of 2024, compared to $912.35 million during the same period in 2023. This reduction, as reported by the Central Bank of Nigeria, highlights a sharp decrease in the use of this payment method for the […]

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Inflation drove Nigerians to borrow N4.82tn in Q1 2024 – CBN

Nigerians borrowed approximately N4.82 trillion from banks between January and March 2024, driven by the rising cost of living. In the Central Bank of Nigeria’s First Quarter 2024 Economic Report, consumer credit outstanding surged by 268.9%, reaching N8.24 trillion at the end of March, up from N3.42 trillion in December 2023 The sharp increase reflects […]

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