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Economy

CBN impose 0.5% Cybersecurity Levy on electronic transfers

The Central Bank of Nigeria has directed the banks in the country to start charging a 0.5 per cent cybersecurity levy on electronic transfers. This was disclosed by the CBN via a circular signed by the director of payments system management, Chibuzor Efobi, and the director of financial policy and regulation, Haruna Mustafa. According to […]

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

CBN gov blames huge palliatives purchase for food price hike

The Governor of Central Bank of Nigeria, Olayemi Cardoso has said that government purchases of palliatives are a contributing factor to rising food prices in Nigeria. This was disclosed in a statement by the Cardoso at the recent monetary policy committee meeting held between march 25 and 26, 2024, according to nairametrics. According to the […]

News

$2.4bn of total forex claims false, says CBN

The Deputy Governor of Corporate Services at the Central Bank of Nigeria, Mohammed Bello, has disclosed that about $2.4 billion out of the $7 billion backlog for foreign exchange claims were fictitious. This disclosure was made by Bello during the 2024 Law Week event of the Nigerian Bar Association at the Garki Branch in Abuja […]

Bankers oppose removal of retained earnings in CBN terms
News

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 […]

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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. […]

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 […]

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 […]

Bankers oppose removal of retained earnings in CBN terms
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 […]

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 […]

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 […]

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 […]

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