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Tag: CBN

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

FX debt: CBN owes just five banks, says Cardoso

With the exception of five banks, foreign exchange backlogs have been resolved, according to Olayemi Cardoso, Governor of the Central Bank of Nigeria. According to The PUNCH, Cardoso made this announcement on Thursday during an investor call that was organized by the Nigerian Exchange Group. He also promised to resolve the remaining foreign exchange backlogs […]

New expatriate levy sparks concerns over regional integration
News

CPPE urges CBN to peg custom duty FX rate at N1000/$1

By Melvin Onwubuke The Centre for the Promotion of Private Enterprise has urged the Central Bank of Nigeria to take bold steps in mitigating the challenges faced by businesses and citizens, by pegging the customs duty exchange rates at N1000/$1. In a statement by Mr Muda Yusuf, Chief Executive Officer at CPPE , according to […]

Banking

CBN to meet with foreign investors today

By Alex Omenye   The Central Bank of Nigeria Governor, Yemi Cardoso, is scheduled to participate in a significant meeting with foreign portfolio investors on Wednesday, February 28, 2024. Facilitated by the Nigerian Exchange Group in collaboration with the CBN and supported by prominent financial institutions such as Standard Bank, Citi Bank, J.P. Morgan, and […]

Banking

CBN prepares tough financial sanction for banks

In order to lower violations in the nation’s financial sector, the governor of the Central Bank of Nigeria, Olayemi Cardoso, has committed to pursue an aggressive regulatory environment. Cardoso made the disclosure at the first meeting of the Apex bank’s Monetary Policy Committee after taking office in September 2023, he made this statement on Tuesday […]

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

CBN pledges to recover N10tn intervention loans

The Central Bank of Nigeria, which continues to stand by its previous position of withdrawing direct development funding, has pledged to retrieve all of the over N10 trillion in intervention loans it has issued to various economic sectors. According to BusinessDay, in addition to delivering the results of the two-day meeting of the Monetary Policy […]

CBN warns public against fake contracts, grants, intervention fund scams
Tech

CBN clears $400m FX backlog

Melvin Onwubuke The Central Bank of Nigeria has announced it has cleared the backlog of verified, genuine, forward requests of $400 million. This was disclosed on Tuesday, by the CBN Governor, Yemi Cardoso during a media briefing after a two-day MPC meeting, where the MPR was raised by 400 basis points to 22.75 per cent […]

CBN gov Cardoso vows crackdown on illicit funds via Binance
Economy

CBN gov Cardoso vows crackdown on illicit funds via Binance

The Governor of the Central Bank, Yemi Cardoso, has restated the government’s determination to monitor and put a stop to the illicit flow of funds impacting the economy through various entities. Addressing the Monetary Policy Committee meeting, Cardoso mentioned that the CBN is collaborating with the National Security Adviser and other security agencies to trace […]

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

CBN resumes sales of FX to BDC operators

The Central Bank of Nigeria has made a firm decision to close the growing exchange rate difference in an effort to address the enduring inefficiencies in the retail sector of Nigeria’s foreign currency market. According to The Times, the Director of Trade & Exchange Department, Dr. Hassan Mahmud, released a fresh circular on behalf of […]

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

CBN raises interest rate to 22.75%

The Central Bank of Nigeria on Tuesday, implemented the first increase in its benchmark interest rate, the Monetary Policy Rate, in eight months, setting it at 22.75 percent. Simultaneously, the Cash Reserve Ratio was raised to 45 percent. This move, noted as the highest ever Monetary Policy Committee rate, aims to absorb excess naira liquidity, […]

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

CBN sells over $300m to deposit money banks

By Melvin Onwubuke   The Central Bank of Nigeria in its efforts to stabilize the exchange rate has sold over $300 million to Deposit Money Banks. This was disclosed by the Association of Corporate Treasurers of Nigeria, in an advisory memo, made available to its members, according to The Punch. The memo read in part […]

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

CBN’s monetary policy will increase market dividends – Analyst

By Melvin Onwubuke   The analyst at FBNQuest, asset management division of FBN Holdings, have projected a significant market yield for the whole year, provided the tight monetary policy of the CBN is sustained. According to it’s economic outlook report, FBNQuest highlights that, inspite of the prevailing food crisis, inflation and the foreign exchange crisis, […]

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