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Tag: CBN

ESCAP urges urgent CBN MPC meeting to raise interest rates
Banking

ESCAP urges urgent CBN MPC meeting to raise interest rates

The director of ESCAP Management, Esili Eigbe urged Olayemi Cardoso, the governor of the Central Bank of Nigeria to convene an urgent Monetary Policy Committee (MPC) meeting in order to raise interest rates at the bank. He added that while the Central Bank’s reforms on the Forex market are a positive development, they were implemented later than necessary. Despite […]

World Bank bans Nigerian companies, CEO over fraudulent practices
Banking

World Bank MD to visit Nigeria

By Christian George The World Bank’s Managing Director of Operations, Anna Bjerde, will visit Nigeria on February 6, 2024 to meet with ministers and Central Bank of Nigeria governor. Bjerde who is expected to spend two days in the country will focus more on the key pillars of Nigeria’s development strategy. According to a statement, […]

United Capital endorses CBN's stakeholder partnership
Banking

CBN denies plan to convert $30bn dom account dollars to naira

The Central Bank of Nigeria has debunked the news of planning to convert $30bn domiciliary deposits to naira. AMBusiness earlier reported that the Federal Government may be considering a policy that would convert foreign cash in residents’ domiciliary accounts to naira in order to stabilize the currency, which earlier this week saw its worst performance in history. […]

Full list: Licensed IMTO’s in Nigeria
Banking

Full list: Licensed IMTO’s in Nigeria

Alex Omenye The recent guidelines introduced by the Central Bank of Nigeria regarding the operations of International Money Transfer Operators have led to uncertainty surrounding the status of certain fintechs, such as Flutterwave and Interswitch, that are licensed to offer international money transfer services. The CBN’s new guidelines explicitly state that both banks and fintechs […]

Nigeria's FX reserves hits $32.3bn, rises by $262m
Economy

CBN bans banks, fintechs from operating foreign exchange services

Central Bank of Nigeria has prohibited Banks and financial technology firms from operating foreign money transfer services. The updated standards for IMTO operations, which were formally issued on January 31, 2024, include this change. The CBN stated, “All banks are prohibited from operating International Money Transfer services but can act as agents.” Individuals who are […]

Economy featured

Senate summons CBN governor over naira decline

The Senate, through its Committee on Banking, Insurance, and other Financial Institutions, called upon Central Bank of Nigeria Governor Olayemi Cardoso before it next Tuesday. The summons pertains to queries regarding the economy’s status and the drastic fall of the naira in the forex market. Chaired by Senator Adetokunbo Abiru (APC Lagos East), the committee […]

The Central Bank of Nigeria has issued a circular aimed at addressing suspected cases of excessive foreign currency speculation and hoarding by Nigerian banks.
Economy

CBN moves to curb FX circulation, naira hoarding

The Central Bank of Nigeria has issued a circular aimed at addressing suspected cases of excessive foreign currency speculation and hoarding by Nigerian banks. The circular, titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” emphasizes the CBN’s concerns over the growing trend of banks holding large foreign currency positions. To tackle these […]

CBN stops foreign oil corporations from sending all fx proceeds abroad
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Relocated CBN staff to resume Lagos office February 2

The Central Bank of Nigeria’s redeployed staff, estimated at 1,533 or 36.22 per cent, are due to resume in the Lagos headquarters on Friday, February 2. According to The PUNCH, a person who was privy with the situation stated the plan was still in place and affected employees would return this weekend. “Yes, the plan is […]

CBN clears $64.44m forex backlog for airlines
Aviation

CBN clears $64.44m forex backlog for airlines

Bisola David The Central Bank of Nigeria has announced that it has fulfilled its commitment by clearing a $64.44 million backlog of foreign exchange owed to airlines. The Times reported that this new payout increases the total verified amount paid to airlines to $136.73 million, completing the settlement of proven FX claims in the industry. However, this […]

CBN stops foreign oil corporations from sending all fx proceeds abroad
Banking featured

CBN releases additional $500m to clear FX backlog

The Central Bank of Nigeria has granted an additional $500 million to get rid of the verified FX backlog. According to The Times, the Acting Director of the apex bank’s Corporate Communications Department, Mrs Hakama Sidi Ali, verified this on Monday in Abuja. The central bank’s new release of $500 million comes just a few days after […]

Economy

Inflation’ll drop to 21.4% in 2024 – CBN gov

The Governor of the Central Bank of Nigeria anticipates that headline inflation will decrease to 21.4 percent in 2024. This projection was revealed in his keynote address at the unveiling of the Nigerian Economic Summit Group’s macroeconomic outlook report for 2024. During his speech, he explained, “Owing to the CBN’s inflation-targeting measures, we expect a […]

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