CBN Archives

Bankers oppose removal of retained earnings in CBN terms

PR crucial for Nigeria’s economic growth, says Cardoso

The Governor of the Central Bank of Nigeria, Yemi Cardoso, has stated that Public Relations is an essential instrument for any country to achieve economic success. This was disclosed by Cardoso, represented by the Assistant Director and Head of Corporate Communications of the apex bank, Lagos, Mr. Uchenna Ogbonna, during the just concluded annual National […]

monwubukepdnlimited-com
30th April 2024
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CBN raises Customs rates for cargo clearance by 14%

The Central Bank of Nigeria has again announced a hike in the exchange rate for paying import duty by 14 per cent. According to Information from the official trade portal of the Nigeria Customs Service, the apex bank raised the Customs FX duty rate from N1,164.84/$ to N1,327.35/$ on Monday, April 29, according to Businessday. […]

monwubukepdnlimited-com
29th April 2024
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183 Views

CBN warns public against fake contracts, grants, intervention fund scams

News

FG borrows additional N3.8trn from CBN in six months

The Federal Government of Nigeria acquired an additional N3.8 trillion through what appears to be fresh Ways and Means Borrowing within the last six months of 2023. This is according to the latest data bulletin for the fourth quarter of 2023 released by the central bank, The provisional data from the Central Bank of Nigeria […]

aomenyepdnlimited-com
26th April 2024
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116 Views

Economy

FG borrows additional N3.8trn from CBN in six months

The Federal Government in what appears to be Ways and Means has received an additional N3.8 trillion in the last six months. This is based on preliminary data published in the last statistical bulletin for the first quarter of 2023, which was recently made public by the Central Bank, according to nairametrics. The Central Bank […]

monwubukepdnlimited-com
26th April 2024
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134 Views

News

CBN’s moves to stabilise naira commendable – Osun cleric

The aggressive policies introduced by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to stabilise the naira have been commended by the Diocesan Bishop of Ife, Rt Rev. Olubinmi Akinlade. This disclosure was made by Akinlade in a statement on Tuesday ahead of the first session of the 12th synod of the Diocese […]

monwubukepdnlimited-com
25th April 2024
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152 Views

News

CBN sells dollars to BDCs at N1,021/$ as naira falls

The Central Bank of Nigeria has issued a circular to all Bureau De Change operators, detailing a new initiative to directly sell US dollars to BDCs at a reduced rate of N1,021 per dollar. This initiative underscores the proactive strategy of the Central Bank to manage currency volatility and to ensure the availability of essential […]

monwubukepdnlimited-com
23rd April 2024
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144 Views

News

CBN reduces banks’ loan-deposit ratio to 50%

The Central Bank of Nigeria has reduced the loan-to-deposit ratio of commercial banks from 65 % to 50 % as part of measures to deepen its monetary tightening policy. As a result, Deposit Money Banks are now allowed to lend only 50 % of their deposits to their customers, according to The Punch. This was […]

monwubukepdnlimited-com
18th April 2024
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224 Views

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 featured

Nigeria’s FX reserves shrink linked to debt repayments – CBN

The Central Bank of Nigeria has thrown more light on the reasons for the notable decline in the nation’s foreign exchange reserve, stating that it was not aimed solely at defending the naira as suggested, but rather to offset debt owed to creditors. In addition, the Central Bank also pointed out its desire to promote […]

monwubukepdnlimited-com
18th April 2024
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155 Views

Nigeria's FX reserves hits $32.3bn, rises by $262m

News

Nigeria’s FX reserves shrink, sparks naira float speculation

The Nigerian foreign reserves are depleting at a pace not observed in four years, sparking concerns that the central bank is using its dollar holdings to bolster the naira’s value following its commitment to allowing the currency to float more freely. Since March 18, when the naira began its recovery from record lows against the […]

aomenyepdnlimited-com
17th April 2024
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156 Views

News

Court grants Emefiele N50m bail

The Lagos high court in Ikeja has granted the former Central Bank of Nigeria, Godwin Emefiele, a N50 million bail on Friday. In the ruling, Judge Rahmon Oshodi granted Emefiele bail with the condition of providing two sureties for the same amount, according to The Punch. The former CBN is facing trial for accusations of […]

monwubukepdnlimited-com
12th April 2024
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148 Views

Aviation

Keyamo affirms airline industry’s FX backlog cleared

The Minister of Aviation and Aeronautics, Festus Keyamo said the Central Bank of Nigeria has cleared a backlog amounting to approximately $160 million for the air transport sector. This was disclosed by the Keyamo in a live appearance on Arise television on Monday. The minister noted that in Nigeria, there are two different backlogs of […]

monwubukepdnlimited-com
8th April 2024
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122 Views

featured

Bankers worry over 12,000 job losses

The Nigeria Labour Congress, NLC, and the Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI, have raised concerns over job security among others in the new banks’ recapitalization ordered by the Central Bank of Nigeria. This follows reports of the loss of 12, 000 jobs in 2005 and 2010 as a result […]

monwubukepdnlimited-com
7th April 2024
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212 Views

FG unveils N12bn research scheme to drive digital

Middle East crisis threatens Nigeria’s manufacturing sector, MAN

No iPhone hacked with Lockdown feature turned on

Lagos ranked first in Nigeria’s ease of doing

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We’re ready to pay high tariff for stable power

Banking sector attracts record $13.53bn foreign capital inflows

Late-night fire razes Cross River timber market

NDLEA intercepts consignment with cocaine hidden in stockfish

Tag: CBN

PR crucial for Nigeria’s economic growth, says Cardoso

CBN raises Customs rates for cargo clearance by 14%

FG borrows additional N3.8trn from CBN in six months

FG borrows additional N3.8trn from CBN in six months

CBN’s moves to stabilise naira commendable – Osun cleric

CBN sells dollars to BDCs at N1,021/$ as naira falls

CBN reduces banks’ loan-deposit ratio to 50%

Nigeria’s FX reserves shrink linked to debt repayments – CBN

Nigeria’s FX reserves shrink, sparks naira float speculation

Court grants Emefiele N50m bail

Keyamo affirms airline industry’s FX backlog cleared

Bankers worry over 12,000 job losses

We’re ready to pay high tariff for stable.

Banking sector attracts record $13.53bn foreign capital inflows

Late-night fire razes Cross River timber market

NDLEA intercepts consignment with cocaine hidden in stockfish

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