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Tag: CBN

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 […]

featured

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 […]

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

CBN drops exchange rate for import duties to N1303/$1

The Central Bank of Nigeria has reduced the exchange rate for customs import duties collection, marking the lowest level seen in eight weeks. The customs exchange rate window indicates a decrease in the rate for duties collection from N1405/$ to N1303.8 against the USD, according to Nairametrics. This signifies a notable decline of N102 or […]

Bankers oppose removal of retained earnings in CBN terms
Banking

Bankers oppose removal of retained earnings in CBN terms

Bankers are expressing their disapproval of the Central Bank’s decision to exclude retained earnings from the calculation of share capital in its recent recapitalization terms. The Central Bank introduced new capital thresholds for Nigerian banks, mandating international, national, and regional banks to maintain minimum share capital of N500 billion, N200 billion, and N50 billion, respectively. […]

CBN gov Cardoso vows crackdown on illicit funds via Binance
featured

CBN raises commercial banks capital base to N500bn

Nigeria’s Central Bank has raised the capital base of commercial banks with international authorisations to 500 billion Naira and of national banks to 200 billion Naira. This massive reform, which was announced on March 28, 2024, requires banks to increase their Minimum Capital Bases in a variety of ways depending on the nature of their […]

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

CBN clears all ‘valid’ FX backlog

The Central Bank of Nigeria has officially confirmed the settlement of all valid foreign exchange backlogs totaling $7 billion, fulfilling a significant commitment made by its Governor, Mr. Olayemi Cardosoo. Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at the apex bank, affirmed in a statement released on Wednesday in Abuja that independent […]

CBN clears $64.44m forex backlog for airlines
News

Senate discovers new infractions on N30tn loans, summons CBN gov

The Senate Ad-hoc Committee probing how the N30tn Ways and Means loans were obtained from the Central Bank of Nigeria, and spent by the former President Muhammadu Buhari-led administration, says it has uncovered some infractions in the process of obtaining the overdraft. As a result, the Committee has decided to summon the Governor of the […]

News

Customs exchange rate for cargo clearance reduce to N1593/$

The exchange rate for cargo clearance decreased to N1593.41/$, which represents a decrease of about N18.87  from last week’s record value of N1612.28. The Central Bank of Nigeria, through the customs, raised the exchange rate for cargo clearance by N18.44 compared to its previous value. The decline in the exchange rate for cargo clearance is […]

FG unveils plan to revamp cooperative sector, targets $1trn economy
News

External reserves rise to $993m – Report

Recent data released by the Central Bank of Nigeria reveals a significant increase in external reserves, surging by $993 million within a month and reaching an eight-month peak. As of March 7, 2024, the external reserves totaled $34,110,027,381, compared to the previous month’s figure of $33,116,051,881 recorded on February 8, 2024. Analysis of the data […]

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