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Nigeria eyes Africa’s second-largest cloves production with 74,000

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Tag: CBN

News

NNPCL board authorizes transfer of dollar revenue to CBN

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, revealed on Thursday that the Central Bank of Nigeria has established a department to handle transactions involving the sale of crude oil by the company. The PUNCH reported that the decision to shift a sizable chunk of the company’s revenue to the central […]

Equities market investors lose N481bn as glory trend continues
News

Equities market investors lose N481bn as gloomy trend continues

Equity market investors lost about N481 billion at the end of trading on Thursday due to sell-offs and declining interest. The PUNCH reported that the yield on the one-year Nigerian Treasury Bill increased to 19% on Wednesday as a result of investors in Nigeria shifting their focus to Treasury Bills during the country’s main market auction. […]

United Capital endorses CBN's stakeholder partnership
News

United Capital endorses CBN’s stakeholder partnership

Asset management company, United Capital Group, has stated that it supports the Central Bank of Nigeria’s decision to work with stakeholders on upcoming intervention measures. This was stated by the company in a brief message that it released after CBN Governor, Dr. Olayemi Cardoso’s Monday interview with Arise TV. The governor of the CBN declared that participants […]

ESCAP urges urgent CBN MPC meeting to raise interest rates
Banking

ESCAP urges urgent CBN MPC meeting to raise interest rates

The director of ESCAP Management, Esili Eigbe urged Olayemi Cardoso, the governor of the Central Bank of Nigeria to convene an urgent Monetary Policy Committee (MPC) meeting in order to raise interest rates at the bank. He added that while the Central Bank’s reforms on the Forex market are a positive development, they were implemented later than necessary. Despite […]

World Bank bans Nigerian companies, CEO over fraudulent practices
Banking

World Bank MD to visit Nigeria

By Christian George The World Bank’s Managing Director of Operations, Anna Bjerde, will visit Nigeria on February 6, 2024 to meet with ministers and Central Bank of Nigeria governor. Bjerde who is expected to spend two days in the country will focus more on the key pillars of Nigeria’s development strategy. According to a statement, […]

United Capital endorses CBN's stakeholder partnership
Banking

CBN denies plan to convert $30bn dom account dollars to naira

The Central Bank of Nigeria has debunked the news of planning to convert $30bn domiciliary deposits to naira. AMBusiness earlier reported that the Federal Government may be considering a policy that would convert foreign cash in residents’ domiciliary accounts to naira in order to stabilize the currency, which earlier this week saw its worst performance in history. […]

Full list: Licensed IMTO’s in Nigeria
Banking

Full list: Licensed IMTO’s in Nigeria

Alex Omenye The recent guidelines introduced by the Central Bank of Nigeria regarding the operations of International Money Transfer Operators have led to uncertainty surrounding the status of certain fintechs, such as Flutterwave and Interswitch, that are licensed to offer international money transfer services. The CBN’s new guidelines explicitly state that both banks and fintechs […]

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

CBN bans banks, fintechs from operating foreign exchange services

Central Bank of Nigeria has prohibited Banks and financial technology firms from operating foreign money transfer services. The updated standards for IMTO operations, which were formally issued on January 31, 2024, include this change. The CBN stated, “All banks are prohibited from operating International Money Transfer services but can act as agents.” Individuals who are […]

Economy featured

Senate summons CBN governor over naira decline

The Senate, through its Committee on Banking, Insurance, and other Financial Institutions, called upon Central Bank of Nigeria Governor Olayemi Cardoso before it next Tuesday. The summons pertains to queries regarding the economy’s status and the drastic fall of the naira in the forex market. Chaired by Senator Adetokunbo Abiru (APC Lagos East), the committee […]

The Central Bank of Nigeria has issued a circular aimed at addressing suspected cases of excessive foreign currency speculation and hoarding by Nigerian banks.
Economy

CBN moves to curb FX circulation, naira hoarding

The Central Bank of Nigeria has issued a circular aimed at addressing suspected cases of excessive foreign currency speculation and hoarding by Nigerian banks. The circular, titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” emphasizes the CBN’s concerns over the growing trend of banks holding large foreign currency positions. To tackle these […]

CBN stops foreign oil corporations from sending all fx proceeds abroad
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Relocated CBN staff to resume Lagos office February 2

The Central Bank of Nigeria’s redeployed staff, estimated at 1,533 or 36.22 per cent, are due to resume in the Lagos headquarters on Friday, February 2. According to The PUNCH, a person who was privy with the situation stated the plan was still in place and affected employees would return this weekend. “Yes, the plan is […]

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