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Tag: CBN

Speculative FX demands cause of weak naira - CBN
Uncategorized

CBN, NIMC, others to create consumer credit framework in Nigeria

The Presidential Council on Industrial Revitalization has formed a Technical Working Group comprised of representatives from the Central Bank of Nigeria, the National Identity Management Commission, and the Federal Competition and Consumer Commission to develop a framework to improve consumer credit in Nigeria. According to Nairametrics, the National Insurance Commission, the National Institute of Credit Administration, […]

CBN to rename forex market amidst economic shifts
Banking

Nigerian banks didn’t fail international authorization requirements – CBN

The Central Bank of Nigeria has assured the public that the Nigerian banking industry is strong and that banks are meeting various regulatory requirements. According to Nairametrics, reports claiming that Nigerian banks are failing the Capital Adequacy Ratio stress test for international authorization ought to be disregarded, according to a statement titled “CBN Assures That Nigerian […]

CBN
Business

NES seeks CBN collaboration

The Nigerian Economic Society has identified two areas in which it hopes to enhance cooperation in order to support development and growth with the Central Bank of Nigeria. The Punch reported that the governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, received a courtesy visit from the President of NES, Prof. Adeola Adenikinju, according to a […]

Equity investors lose N1.5tn as bond yield rises
Banking

FX backlog: CBN pays 31 banks in parts

The Central Bank of Nigeria announced that it made tranche payments to 31 banks in order to erase a backlog of foreign exchange forward obligations. According to The Times, in order to handle the foreign exchange concerns, the apex bank further revealed that it had established frameworks for foreign exchange. This information was revealed on Friday […]

Equities market investors lose N481bn as glory trend continues
News

CBN postpones MPC meeting

Juliet Buna The Central Bank of Nigeria has postponed the Monetary Policy Committee meeting yet again after the same was done in September. According to Nairametrics, this development indicates that the new Governor of the CBN, Mr Olayemi Cardoso, has yet to hold the crucial rates-setting meeting since he took over the post. The central […]

CBN, NBET, others owe N180bn energy debt - NDPHC
Electricity

CBN, NBET, others owe N180bn energy debt – NDPHC

The Central Bank of Nigeria and the Nigeria Bulk Electricity Trading Company are estimated to owe between N150 billion and N180 billion for their debts related to Nigeria’s power system, according to the Managing Director of the Niger Delta Power Holding Company, Chiedu Ugbo. According to The Times, the MD said “The market owes NDPHC hundreds of […]

Abbey Mortgage Bank Plc appoints four new directors
Business

Abbey Mortgage Bank Plc appoints four new directors

The Central Bank of Nigeria has authorized the appointment of four new non-executive directors to Abbey Mortgage Bank Plc. The Times reported that this information was contained in a notice sent by the company to the Nigerian Exchange Limited and the investing public. The directors are Mr. Obinna C. Ufudo, Ms. Jewel Okwechime, Ms. Chika Ochonogor, Mrs. […]

Old, new naira notes remain legal tender - CBN
featured

Old, new naira notes remain legal tender – CBN

  The Central Bank of Nigeria has directed all its branches across the country to maintain a steady supply of both old and redesigned banknotes in different denominations to commercial banks. This decision was communicated through a statement signed by the Director of Corporate Communications, Isa AbdulMumin, at the central bank, and posted on its […]

Equity investors lose N1.5tn as bond yield rises
Banking

Tackle high inflation, Lamido Sanusi urges CBN

The former governor of the Central Bank of Nigeria, Governor Lamido Sanusi, has urged the Central Bank’s current governor, Olayemi Cardoso, to use strategic measures to reduce the country’s inflation rate. The PUNCH reported that the former Emir of Kano offered this guidance last week in Abuja when he escorted the Impact Investing Community team to the CBN […]

Oil revenue drops by 36% in May, says CBN
featured

Oil revenue drops by 36% in May, says CBN

  In May 2023, the Federal Government’s oil revenue target saw a significant drop from N804 billion to N223 billion, marking a substantial 72 percent reduction in federal earnings, as per statistics from the Central Bank of Nigeria’s Monthly Economic Report for May 2023. According to the report; “oil revenue at N223bn for May was […]

Nigeria to produce food worth €62bn by 2024 - Report
Business

Lower interest rates to boost food security, farmers urge CBN

Nigeria’s Central Bank has been encouraged to lower loan rates in order to increase food production by the Agriculture Development Farmers Association of Oyo State. According to The PUNCH, the association’s chairman, Salihu Imam, stated that a large decrease in financing costs would spur agricultural growth and improve the country’s food security. “Bringing down lending rates […]

CBN clears forex backlogs – Report
featured

CBN clears forex backlogs – Report

            Reports have indicated that the central bank has “cleared” forex backlogs of banks and airlines. According to Nairametrics, sources indicated that airlines are also seeing their backlogs being cleared. “Yesterday, the apex bank began clearing the backlog of outstanding Retail SMIS obligations. The total amount cleared is yet to […]

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