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Tag: CBN

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 […]

FX payments rose to $1.3bn in February - CBN
Banking

FX payments rose to $1.3bn in February – CBN

Foreign remittances into the nation increased to $1.3 billion in February 2024 from $300 million the month before according to the Central Bank of Nigeria. The Times reported that at a press conference in Abuja, the Bank’s acting director of corporate communications, Mrs. Hakama Sidi Ali revealed this. The CBN also revealed that February 2024 […]

CBN, Gluwa signs MoU to boost eNaira adoption
News

CBN, Gluwa signs MoU to boost eNaira adoption

The Central Bank of Nigeria has signed a Memorandum of Understanding with a blockchain firm, Gluwa to drive the increased adoption of Nigeria’s digital currency, eNaira. According to the statement by the blockchain firm, the main objective of the partnership is to exploit the power of cryptocurrencies, enhance financial inclusion, improve eNaira functionality and encourage […]

Naira strengthens slightly to N1,534.52/$ at official market
News

CBN sells another N1.3 trillion in treasury bills at 21.5%

Melvin Onwubuke The Central Bank of Nigeria (CBN) has completed another round of Treasury Bills (T-Bills) auction, offloading about N1.3 trillion. The auctions, which took place on 6 March 2024, saw the bills in three tenors being sold, according to nairametrics. According to the Summary of Auction Result, the highest interest, or stop rate, was […]

Analysts fear new interest rate may increase non-performing loans
Business

Analysts fear new interest rate may increase non-performing loans

By Melvin Onwubuke   There are concerns by some financial experts, regarding the aggressive monetary policy stance adopted by the Central Bank of Nigeria, which recently led to another increase in the interest rate by 22.75%. These experts pointed out the potential domino effects of the heightened MPR on existing bank loans, according to nairametrics. […]

Nigerian Exchange ahead in Africa with 33.70% gain
News

Nigerian Exchange ahead in Africa with 33.70% gain

By Melvin Onwubuke The Nigerian Exchange has emerged as the number one exchange in Africa in the first two months of 2024, as investors enjoyed 33.70 per cent returns on investors. This was revealed in a statement by the NGX on Tuesday that the local bourse was rated as the best-performing in Africa ahead of […]

Nigeria needs more stringent measures to secure macroeconomic stability - Fitch
Economy

Nigeria needs more stringent measures to secure macroeconomic stability – Fitch

By Melvin Onwubuke Fitch Ratings Inc. has highlighted the need for Nigeria to adopt more rigid monetary tightening measures to secure macroeconomic stability. The credit rating and research firm pointed out that the Nigerian authorities had taken a crucial step towards reducing inflation by significantly adjusting the MRP to 22.75%, which was aimed at fostering […]

Nigerian Exchange ahead in Africa with 33.70% gain
Economy

Naira rises against dollar, hits seven-day high

For the third day in a row, the naira and dollar increased in value, ending the day on the official market at N1,534.9/$1. The naira has not been this strong in the last seven days. According to Nairametrics, On March 1st, 2024, the official NAFEX rate which the CBN uses as a benchmark and average […]

Banks increase lending rates after CBN’s MPR hike
News

Banks increase lending rates after CBN’s MPR hike

By Melvin Onwubuke   Following the Central Bank of Nigeria’s record increase in monetary policy rate, Nigerian banks began to raise their lending rates, and businesses and individuals, who have already got credit facilities with them are going to be paying more for these loans. Zenith Bank, the country’s largest bank by market capitalization, raised […]

Natural catastrophes, conflict pose danger to countries' financial stability - Cardoso
Economy

Senate probes CBN officials over N30tn loan

By Melvin Onwubuke   The Senate has announced that, it will question some officials of the Nigeria Central Bank on how N30tn Ways and Means Loan was acquired and utilized, by the Federal Government under President Muhammadu Buhari. This was disclosed by the chairman of the senate ad-hoc committee, senator Isah Jibrin in an exclusive […]

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

CBN sells 1yr OMO bills at record 21.5%

Melvin Onwubuke The Central Bank of Nigeria sold a historical N1.056 trillion in OMO bills on Friday with the yield on the one-year bill surging to 27.3 percent as the CBN offers more, in its attempt to lure foreign portfolio inflows. CBN governor, Olayemi Cardoso had on Thursday, promised the rate would trend higher, at […]

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