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Tag: CBN

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BREAKING: CBN raises interest rate to 26.25%

The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark interest rate to 26.25 per cent. This disclosure was made by the CBN Governor who doubles as the Chairman of the MPC at the end of the 295th MPC meeting held in Abuja on Tuesday. At the March meeting of the […]

featured

CBN pulls cybersecurity levy circular

Alex Pmenye The Central Bank of Nigeria has canceled its order for banks and payment service providers to collect and send a cybersecurity levy, which was part of the Cybercrime Prevention and Prohibition Amendment Act of 2024. The cancellation was announced in a new circular dated May 17, 2024, signed by Chibuzor Efobi, Director of […]

News

Nigeria recorded $282.61m diaspora remittance in Q1 2024

Nigeria recorded $282.61m in diaspora remittance in Q1 2024. Nigeria recorded a total direct foreign exchange remittance of $282.61 million in the first quarter of 2024. The figure shows a decline of $18.96 million or 6.28% when compared to $301.57 million diaspora remittances obtained in Q1 2023, according to the Central Bank of Nigeria data […]

News

CBN unveils 11 Nigerian pre-shipment agents

The Central Bank of Nigeria has approved the appointment of 11 pre-shipment monitoring and evaluation agents for oil and gas exports in Nigeria. This was disclosed via a circular TED/FEM/PUB/FPC/OO1/014, by The CBN’s Director of the Trade and Exchange Department, Dr. Hassan Mahmud dated May 13, 2024, according to Nairametrics. The appointments include nine pre-shipment […]

Economy

Interest rates may stay high, says Cardoso

The Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, has said that the members of the Monetary Policy Committee would do whatever is necessary to tame the country’s high inflation. Cardoso told the Financial Times on Monday, indicating that interest rates would stay high for as long as necessary to tackle inflation, according […]

Banking

Banks halt collection of processing deposit fees

Some of the major banks have stopped the collection of processing fees on deposits in line with the Central Bank of Nigeria’s directive on the suspension. The CBN on Wednesday announced in a circular the suspension of the collection of processing fees on deposits to September 30, 2024. This followed the initial activation of the […]

CBN warns public against fake contracts, grants, intervention fund scams
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FG releases list of licensed Deposit Money Banks

The Central Bank of Nigeria has unveiled a comprehensive roster of licensed Deposit Money Banks currently operating within the country, shedding light on the banking landscape in Nigeria. The list, which was publicly disclosed on the CBN’s official website on Tuesday, provides valuable insights into the various players in the Nigerian banking sector. Among the […]

News

CBN suspends cash deposits charges till September 30

Banks have been instructed by the Central Bank of Nigeria to stop charging for cash deposits until September 30th, 2024. This was disclosed in a circular signed by its Director of Banking Supervision, Adetona Adedeji, according to The Punch. Several bank customers raised concerns after the banks started collecting processing fees for cash deposits on […]

Economy

CBN impose 0.5% Cybersecurity Levy on electronic transfers

The Central Bank of Nigeria has directed the banks in the country to start charging a 0.5 per cent cybersecurity levy on electronic transfers. This was disclosed by the CBN via a circular signed by the director of payments system management, Chibuzor Efobi, and the director of financial policy and regulation, Haruna Mustafa. According to […]

10 facts about CBN governor-nominee Cardoso The President, Bola Tinubu, on Friday named Olayemi Michael Cardoso as the substantive Governor of the Central Bank of Nigeria. He is expected to replace the Acting Governor of the CBN Folashodun Shonubu if confirmed by the Senate. Below are 10 facts about him. i. Dr. Olayemi Cardoso hails from Lagos State, a city renowned for its vibrant economic and cultural diversity. ii.His parents were descendants of Brazilian returnees who belonged to prominent families in Popo Aguda, adding a rich cultural heritage to his background. iii. Dr. Cardoso's father, Felix Bankole Cardoso, made history as Nigeria's first indigenous Accountant-General of the Federation in 1963, setting a high bar for public service. iv. His academic journey began at Corona School Ikoyi, where he received his primary education, followed by St. Gregory's College in Lagos for his secondary education. v. Dr. Cardoso's pursuit of knowledge took him to Aston University, where he earned a Bachelor's degree (B.Sc.) in Managerial and Administrative Studies in 1980. vi. He continued his academic journey, earning a Master's degree in Public Administration in 2005 as a Mason Fellow, showcasing his commitment to continuous learning and growth. vii. Dr. Cardoso's career in finance included serving as the former chairman of Citibank Nigeria, where he undoubtedly honed his financial acumen. viii. His commitment to public service led him to serve as the Commissioner for Economic Planning and Budget in Lagos State during President Tinubu's tenure as the governor. ix. Dr. Cardoso is not just a participant in Lagos's economic development but also an architect. He is the founding chairman and co-chair of the Ehingbeti Summit, the Lagos State economic summit. x. Behind the impressive resume, Dr. Cardoso is a family man. He is married with five children and three grandchildren, embodying the values of responsibility and dedication.
Economy

CBN gov blames huge palliatives purchase for food price hike

The Governor of Central Bank of Nigeria, Olayemi Cardoso has said that government purchases of palliatives are a contributing factor to rising food prices in Nigeria. This was disclosed in a statement by the Cardoso at the recent monetary policy committee meeting held between march 25 and 26, 2024, according to nairametrics. According to the […]

News

$2.4bn of total forex claims false, says CBN

The Deputy Governor of Corporate Services at the Central Bank of Nigeria, Mohammed Bello, has disclosed that about $2.4 billion out of the $7 billion backlog for foreign exchange claims were fictitious. This disclosure was made by Bello during the 2024 Law Week event of the Nigerian Bar Association at the Garki Branch in Abuja […]

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