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Economy News

Banks to deposit excess FX in CBN Lagos, Abuja offices

The Central Bank of Nigeria on Friday published updated guidelines for Deposit Money Banks to deposit surplus foreign currency notes at its Lagos and Abuja offices. This initiative seeks to harmonize exchange rates between parallel and official markets. The official foreign exchange closed at N1,505.30 on Friday, but the black market rate was N1,520. The […]

Economy News

FG raises N284b in treasury bills auction

The Federal Government, through the Central Bank of Nigeria, raised a total of N284.26 billion in the latest Nigerian Treasury Bill auction. This follows as its T-Bills debts surged to N10.4 trillion between December 2023 and March 2024, representing a 60% increase in just three months, according to The Punch. According to the Debt Management […]

Economy News

CBN stops FX price verification portal for importers

The Central Bank of Nigeria has announced that the foreign exchange price verification system portal used by importers will be discontinued from July 1. It also said that the Price Verification Report will no longer be required for the completion of Form ‘M’. The Form ‘M’ is a declaration of intention to import physical goods […]

News

CBN record $172m rise in diaspora remittance one month

The Central Bank of Nigeria recorded a $172 million rise in direct remittances in one month. The recent CBN statistics reviewed indicated that remittances totaled $138.56 million in January, $39.14 million in February, $104.90 million in March, $193.31 million in April, and $365.44 million in May 2024, according to The Punch. The data shows a […]

News

Banks’ loan from CBN declines 10.6% to N10.9trn

Bank borrowing from the Central Bank of Nigeria decreased by 10.6 per cent month on month in May to N10.9 trillion. The CBN lends money to banks through the SLF at an interest rate of 100 basis points (bpts) higher than the Monetary Policy Rate (MPR), it also lends money to banks through the Repurchase […]

News

CBN, IFC partner to develop strategies on private sector growth

The Central Bank of Nigeria, the members of the World Bank Group, and the International Finance Corporation have partnered to develop strategies for bolstering the expansion of the private sector in Nigeria. This disclosure was made by the CBN via its official X account on Thursday. This follows the visit of the IFC delegation led […]

News

Pastor spearheaded Islamic Bank in Nigeria, says Cardoso

The Central Bank of Nigeria announced that there will be an increase in Islamic banking in the financial sector. This disclosure was made by the  CBN governor at a reception in Abuja honoring Dr. Umar Oseni, the Secretary-General of the Organisation of Islamic Cooperation Arbitration Centre, according to Vanguard. Cardoso, represented by the CBN Director […]

News

CBN grants provisional licence to Greenwich Merchant Bank

Greenwich Merchant Bank has secured approval in principle from the Central Bank of Nigeria to transition into a holding company structure. This was disclosed by the bank’s Chairman, Kayode Falowo, at the recently concluded Annual General Meeting in Lagos, according to The Punch. According to Falowo, the move will allow Greenwich Group to improve productivity, […]

News

JUST IN: CBN lifts ban stopping Opay, Palmpay, others from onboarding new customers

Alex Omenye The Central Bank of Nigeria has lifted a six-week ban on onboarding new customers for five of the country’s leading fintech startups: Paga, OPay, Kuda, Palmpay, and Moniepoint. The ban, which began on April 29, 2024, followed the blocking of over 1,000 accounts involved in peer-to-peer crypto trading. The National Security Adviser had […]

News

CBN revokes Heritage Bank’s license

The Central Bank of Nigeria has revoked the banking license of Heritage Bank. This comes following a report that officials from the Nigeria Deposit Insurance Corporation had visited the bank. “In accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks […]

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CBN clears $831m foreign airlines’ trapped funds – IATA

The International Air Transport Association has confirmed that the Central Bank of Nigeria has cleared foreign airlines trapped funds worth $831m from June last year to date. This was disclosed by the Director-General of IATA, Willie Walsh, in a statement on Sunday, according to The Punch. International airlines now have over $1.8 billion in funds […]

News

International oil firms get CBN’s permission to sell 50% of proceeds

The Central Bank of Nigeria has said that international oil companies can sell their retained 50 per cent earnings of repatriated export proceeds in the Nigerian Foreign Exchange Market. This decision was made in response to the CBN’s February 14 restriction on IOCs’ ability to transfer crude export earnings to offshore parent company accounts, according […]

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