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Tag: CBN

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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 […]

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 […]

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 […]

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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 […]

Nigeria's external reserves rise to $36.89bn — CBN gov
Economy

Naira sells at N1262 against dollar

The naira, on Wednesday, continued its gain against the United States dollar, appreciating both at the official foreign exchange and parallel markets, to the delight of many Nigerians. At the Nigerian Autonomous Foreign Exchange Market, the naira appreciated by N16 or 1.26 per cent as the dollar was quoted at N1,262.85/$ on Wednesday, stronger than […]

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