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Tag: CBN

Osun resubmits state's nomination for bank role, challenges CBN’s rejection
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CBN survey reveals insecurity as major business constraint in July

A recent survey by the Central Bank of Nigeria has identified insecurity as the foremost challenge facing businesses in Nigeria. The findings, detailed in the CBN’s “Business Expectation Survey,” highlight that insecurity significantly hampers business operations across the country. According to the survey, insecurity topped the list of constraints, followed by high interest rates, insufficient […]

News

CBN foresees improved business climate in Nigeria

The Central Bank of Nigeria has said that business owners are hopeful that in August 2024 and the ensuing six months, the business environment in Nigeria will improve. The apex bank’s Business Expectations report, which was made public on Wednesday, states that company owners anticipate improved business performance in August, with an optimism index of […]

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CBN remittance inflows hits $553m in July  

The Central Bank of Nigeria has disclosed a 130% increase in remittance inflows, with the figure reaching $553 million in July 2024. This figure represents the highest monthly remittance inflows ever documented, showing a significant increase from the same period in 2023. This was disclosed in a statement signed by the Acting Director of Corporate […]

News

Banking sector benefiting from IFRS adoption – Cardoso

The Governor of the Central Bank of Nigeria, Olayemi Cardoso announced that the Nigerian banking and financial system are currently benefiting from the implementation of the International Financial Reporting Standards. This was disclosed by Cardoso at the opening of the Regulatory Roundtable on the Implementation of ISSB’s Sustainability Standards in Nigeria, which was organized by […]

News

Investors seeks resolution to Barbican Capital, FBN Holdings legal tussle

Members of the minority investors community have asked for a resolution of the fresh legal dispute at FBN Holdings involving the shareholding of Barbican Capital Limited, which is linked to billionaire businessman, Oba Otudeko. The shareholders made their plea on Monday, after Barbican Capital sued FBN Holdings for allegedly undervaluing its interest in the financial […]

News

UBA, others disqualified from CBN’s Dutch auction

The Central Bank of Nigeria recently held a retail Dutch Auction in which six major banks were excluded, including United Bank for Africa, Wema Bank, and Stanbic IBTC. The CBN conducted the auction, in which it sold $876.26 million to 26 eligible banks. This was a component of the central bank’s continuous endeavors to mitigate […]

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CBN list guidelines for fund repatriation by companies

The Central Bank of Nigeria has announced the documentation requirements for divestments and repatriation of foreign investments related to the Certificate of Capital Importation. This was disclosed in a circular the Acting Director of the Trade & Exchange Department, CBN, Dr. W.J. Kanya restating its commitment in ensuring compliance in foreign exchange operations, according to […]

News

MAN urge CBN to resolve $2.4bn forex contracts

Manufacturers Association of Nigeria has urged the Central Bank of Nigeria to resolve the $2.4bn foreign exchange forward contracts to avoid plunging the manufacturing sector into a crisis. This was disclosed in a statement by the Director-General of MAN, Segun Ajayi-Kadir on Thursday, according to The Punch. Ajayi-Kadir said that CBN seems to be breaking […]

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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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