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Tag: CBN

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 […]

Gradual removal of old naira notes continues – CBN
Economy featured

CBN debunks naira redenomination plans

The Central Bank of Nigeria on Tuesday, refuted claims that it has plan to redenominate or restructure the naira notes in 2024. The apex bank, in a statement signed by its Director, Corporate Communications, Isa AbdulMumin, said the rumours were misleading. The CBN urged Nigerians to disregard the wide circulation of a text message suggesting […]

How Nigerians spent $340.84m forex on education in six months - CBN
News

How Nigerians spent $340.84m forex on education in six months – CBN

Nigerians seeking admission to institutions abroad spent $340.84 million to fund their applications between January and June 2023. The Punch reported that the amount spent on educational services under sectoral utilization for transactions eligible for foreign exchange is based on statistics from the Central Bank of Nigeria. According to the CBN, a total of $40.54m was spent […]

United Capital endorses CBN's stakeholder partnership
News

How real estate firms borrowed N2.26tn in eight months – CBN

The country’s real estate and construction companies were successful in obtaining loans totaling N2.26 trillion in just eight months. The Punch reported that the money borrowed from the banks was used as capital to expand the sector’s services. The amount of loans obtained climbed from N1.90 trillion to N2.26 trillion between November 2022 and June 2023, a […]

Parallex bank gets CBN nod to collect NESS fees
Banking

Parallex bank gets CBN nod to collect NESS fees

The Nigerian Central Bank has given Parallex Bank permission to collect fees for the Nigeria Export Supervision Scheme. The approval was granted in a circular signed by Dr. W.J. Kanya on behalf of the apex bank’s Director of the Trade and Exchange Department. Parallex Bank Limited was added to the list of recognized banks permitted to […]

eNaira not a threat to Nigeria’s financial stability – CBN
Uncategorized

eNaira not a threat to Nigeria’s financial stability – CBN

The Central Bank of Nigeria refutes the assertion that the naira, the country’s Central Bank Digital Currency, poses a risk to the country’s financial stability. The Times reported that the director of corporate communications at the CBN, Isa AbdulMumin, said as much in a statement on Monday. He claimed that the assertion was a misinterpretation of the bank’s just-released […]

Tinubu signs seven bilateral agreements with Qatar
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Expect special report on past CBN activities soon – Tinubu

The Special Investigator’s report on prior operations at the Central Bank of Nigeria would soon be complete, President Bola Tinubu stated on Sunday morning. This information was provided by President Tinubu during his broadcast speech honouring Nigeria’s 63rd year of independence. On Sunday, July 30, the President designated the former CEO of the Financial Reporting […]

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

Senate confirms appointment of CBN gov-nominee Cardoso, deputies

The Senate has approved Dr. Olayemi Cardoso’s nomination to be the Central Bank of Nigeria’s next governor. According to Nairametrics, this came after the National Assembly’s Upper Chambers’ review. The nomination of the four CBN Deputy Governors was also approved by the Senate. The Senate confirmed the appointments of four deputy governors: Emem Usoro, Muhammad Dattijo, […]

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

Nigeria needs stable exchange rate – Cardoso

The President’s nominee for the Central Bank of Nigeria’s governorship seat, Dr. Olayemi Cardoso. stated that country needs a stable exchange rate in order for Nigeria to advance. Nairametrics revealed that he stated it while responding to inquiries from the Senate during his screening for potential confirmation as the new CBN Governor. Dr. Olayemi Cardoso and the other […]

Senate screens Yemi Cardoso as CBN gov
News

Senate screens Yemi Cardoso as CBN gov

    The Nigerian Senate is currently conducting a screening process for the acting Governor of the Central Bank of Nigeria, Olayemi Cardoso and four others nominated by President Bola Tinubu as deputy governors. Recall that AM Business reported that Olayemi Cardoso assumed office as the acting CBN governor last Friday following the departure of […]

Senate increases FCT’s budget to N1.282trn
News

Senate to screen nominees for CBN gov, deputy Tuesday

            The Nigerian Senate is scheduled to conduct a screening session on Tuesday for the former Chairman of the Board of Citi Bank Nigeria,Olayemi Cardoso. Cardoso is being considered for the prestigious position of Governor of the Central Bank of Nigeria. In addition to Cardoso, the Senate will also examine […]

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