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Tag: CBN

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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 […]

News

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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Accounts not used in 10-years are classified dormant – CBN

The Central Bank of Nigeria has stated that an account can only be designated as dormant and used for investment purposes if they have not been used for more than ten years. The apex bank disclosed this on Friday in its recently issued document titled, “FAQs – Guidelines on Dormant Account and Unclaimed Balances – […]

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CBN to setup office for dormant account funds management

The CBN has revealed that a separate office would be created to manage dormant accounts and unclaimed balances. This was disclosed in the CBN’s recently issued document, “FAQs – Guidelines on Dormant Account and Unclaimed Balances – July 25, 2024.” It reads read, “The CBN shall establish a dedicated office for this purpose. The office […]

Osun resubmits state's nomination for bank role, challenges CBN’s rejection
News

Naira decline: CBN disburses $148m to 29 authorised dealers

The Nigerian Central Bank has distributed $148 million to 29 authorized dealers as part of its efforts to stabilise the foreign exchange market in the wake of the naira’s recent depreciation. A statement posted on the apex bank’s website on Friday noted that the sales were made to the dealers on Monday, July 22 and […]

Trapped funds: CBN to give foreign airlines $150m
News

Nigeria’s external reserves hit $37.05bn

Nigeria’s external reserves have climbed once more to $37.05 billion as of July 18, 2024. This disclosure was made by the Governor of the Central Bank of Nigeria, Yemi Cardoso, at a press briefing at the end of the 296th Monetary Policy Committee meeting in Abuja on Tuesday, according to Nairametrics. According to Cardoso, the […]

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

FX inflow via IMTOs reach $1.07bn in three months – CBN

Foreign exchange inflows from International Money Transfer Operators increased by 38.86 per cent to $1.07bn in the first quarter of 2024, from $770.23m recorded in the same period in the previous year. This disclosure was made in the Central Bank of Nigeria’s quarterly statistical bulletin for the first quarter of 2024, recently published on its […]

News

CBN raises interest rate to 26.75% 

The Central Bank of Nigeria Monetary Policy Committee has increased the interest rate from 26.25% to 26.75%, a 50 basis point increase. This was disclosed by the CBN governor, Olayemi Cardoso at the end of the apex bank’s 296th MPC meeting held in Abuja. The MPC has been aggressive in its efforts to control inflation, […]

News

FX inflow via IMTOs reach $1.07bn in three months – CBN

Foreign exchange inflows from International Money Transfer Operators increased by 38.86 per cent to $1.07bn in the first quarter of 2024, from $770.23m recorded in the same period in the previous year. This disclosure was made in the Central Bank of Nigeria’s quarterly statistical bulletin for the first quarter of 2024, recently published on its […]

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