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Tag: CBN

CBN fines banks ₦150m for selling mint Naira notes
Business

CBN to stop BDC’s street trading, limit FX purchase to $500

The Central Bank of Nigeria is contemplating significant regulatory changes for Bureau De Change operators, as outlined in its revised guidelines. The proposed measures include prohibiting BDCs from engaging in street trading, limiting cash payments for FX sales to a maximum of $500, and enhancing transparency by requiring sellers of forex above $10,000 to declare […]

MPC to raise interest rates on Monday despite high inflation - Analysts
News

Analyst projects rate hike as MPC meeting holds Monday

By Melvin Onwubuke The Central Bank of Nigeria will on Monday and Tuesday hold the Monetary Council Policy meeting under Yemi Cardoso, with many analyst projecting an increase in the monetary policy rate. According BusinessDay, the CBN has made use of the Open Market Operations to control its monetary policy, in its bid to tackle […]

Senate approves Yuguda, Cardoso, others as MPC members
Appointments

Senate approves Yuguda, Cardoso, others as MPC members

The appointment of twelve individuals to the Central Bank of Nigeria’s Monetary Policy Committee has been approved by the Senate. According to Channels TV, this confirmation follows the discussion of a report by the CBN’s Committee on Banking, Insurance, and Other Financial Institutions Committee in plenary on Thursday. Days before the top bank’s first policy […]

Banks increase lending rates after CBN’s MPR hike
Economy

Naira decline continues in parallel market, N1,700/$1

By Melvin Onwubuke   Nigeria Naira strengthened against the dollar in the official market, as there was a significant rise of 76.61% to $117.32 million in the foreign exchange turnover on Tuesday, February 2024. According to nairametrics however, inspite of this improvement, the Naira experienced a decline in the parallel market, slipping to N1,700/$1 which […]

Senate approves Yuguda, Cardoso, others as MPC members
News

Senate to probe Buhari regime, Emefiele over N30trn loan

By Melvin Onwubuke   The senate has launched an inquiry to how N30 trillion ways and means loans was obtained and utilized by the administration of former president, Mohammadu Buhari on Tuesday 20, 2024. According to The Punch, ways and means is a loan facility through which the CBN finances the government’s budget shortfalls. The […]

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

FX Crisis: NSA, CBN, others to target speculators

Under the leadership of the Office of the National Security Adviser, Nuhu Ribadu, and the Central Bank of Nigeria have joined forces to address the problems impacting the nation’s economic stability and fight foreign exchange speculation. Nairametrics stated that “the partnership is expected to involve coordinated actions with top law enforcement organizations like the Nigeria […]

Exchange rate for cargo clearance hits N1605.8/$1
Economy featured

CBN slashes import duty exchange rate to N1,472/$

The Central Bank of Nigeria has revised the exchange rate utilized by the Nigeria Customs Service for calculating import duty at the country’s seaports. Import duty, or Customs duty, is a tax collected by customs authorities on behalf of the federal government from importers during the clearance of goods at the seaport. The amount paid […]

CBN, others to review 2.9tTn tax credit scheme
Business

CBN, others to review 2.9tTn tax credit scheme

Federal Inland Revenue Service, the Ministry of Works, and the Central Bank of Nigeria will convene to discuss the N2.59 trillion tax credit scheme intended for the nation’s road development and repair projects. According to The Times, the FIRS Chairman, Zacheus Adedeji, also voiced his severe displeasure of the N2.59 trillion tax credit program that […]

Tinubu signs seven bilateral agreements with Qatar
Appointments

Tinubu writes Senate for approval of five CBN directors

President Bola Tinubu sent a list of names to the Senate on Tuesday for the screening and confirmation of five nominees for Central Bank of Nigeria directors. Tinubu made a formal request in a letter to Senate President Godswill Akpabio, which was read aloud on Tuesday during the plenary session. The Senate President, Godswill Akpabio, […]

featured News

CBN releases updated rules for consumer protection

The Central Bank of Nigeria released an exposure document for revised consumer protection regulations yesterday. The legislation was established, according to the central bank, because of the substantial changes in the financial sector that expose customers to new risks and challenges. “The review of the 2019 Consumer Protection Regulations was necessary to safeguard the interests […]

News

NNPCL board authorizes transfer of dollar revenue to CBN

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, revealed on Thursday that the Central Bank of Nigeria has established a department to handle transactions involving the sale of crude oil by the company. The PUNCH reported that the decision to shift a sizable chunk of the company’s revenue to the central […]

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