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Tag: CBN

United Capital endorses CBN's stakeholder partnership
Economy

Inflation: Nigeria doing better than other African countries – CBN

According to the Central Bank of Nigeria, the country’s inflation rate is lower than that of the majority of African countries. This was said on Tuesday at the 2023 Zenith Bank International Trade Seminar by the acting governor of the Central Bank of Nigeria, Folashodun Shonubi.  The CBN’s Deputy Governor for Economic Policy, Kingsley Obiorah, spoke […]

SMEs blame economy as non-performing loans hit N1.32trn
Business

SMEs blame economy as non-performing loans hit N1.32trn

Data acquired from the Central Bank of Nigeria has revealed that the total amount of non-performing loans held by banks hit N1.32 trillion by the end of April 2023. According to The Punch, data from the CBN show that this amount accounted for 4.3% of the N30.64 trillion in total credit given to the banking industry. Following […]

Nigerians hold N2.26trn outside banks - CBN
News

Nigerians hold N2.26trn outside banks – CBN

  The Central Bank of Nigeria has stated that the value of currency held by the public climbed to N2.26tn by the end of June 2023. According to CBN data obtained by The PUNCH, the currency outside banks increased by 185.68% (N1.47tn) between January 2023 (N792.18bn) and June 2023 (N2.26tn). It was also revealed that […]

Tinubu assigns special investigator to probe CBN
featured

Tinubu assigns special investigator to probe CBN

The Financial Reporting Council of Nigeria’s Chief Executive Officer, Jim Obazee, has been appointed by President Bola Tinubu as a special investigator to look into the Central Bank of Nigeria and associated organizations. According to reports, this information was contained in a letter signed by President Tinubu. The letter from Tinubu reads,” This administration is today continuing the fight […]

Banks record N72bn from account maintenance
featured

Banks provide $533.48m for foreign education

The Central Bank of Nigeria has received $533.48 million from banks to be used towards international education. The Punch reported that the sum of the funds disbursed between October 2022 and March 2023 was used to calculate the figure that was taken from the central bank’s most recent statistical bulletin. However, experts anticipate that given the CBN’s […]

CBN unveils plan to revamp eNaira
Banking

CBN unveils plan to revamp eNaira

The Central Bank of Nigeria is taking steps to revitalize its digital currency, the eNaira, in a bid to boost adoption and usage. This marks the latest update in the country’s ongoing efforts to enhance its Central Bank Digital Currency and attract more users to the innovative financial system. In a recent statement posted on […]

CBN lifts ban on Bamboo, Nairabet, AbokiFX, others
featured Tech

CBN lifts ban on Bamboo, Nairabet, AbokiFX, others

The Central Bank of Nigeria has instructed banks to remove the post-no-debit restriction on the bank accounts of 440 individuals and companies, including renowned fintech platforms like Bamboo and Risevest, along with the well-known sports betting company Nairabet. The directive was communicated through a circular signed by A.M. Barau, the Director of Banking Supervision at […]

Gradual removal of old naira notes continues – CBN
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Gradual removal of old naira notes continues – CBN

      The Central Bank of Nigeria has reiterated its dedication to gradually discontinuing the old N200, N500, and N1,000 notes in favour of releasing new money. The Monetary Policy Committee met on Tuesday at the CBN headquarters in Abuja, where the acting governor of the top bank, Folashodun Shonubi, announced this pronouncement. The […]

CBN increases interest rate to 18.75%
featured

CBN increases interest rate to 18.75%

    The Central Bank of Nigeria’s Monetary Policy Committee has voted to raise the benchmark interest rate by 25 basis points to 18.75%. The disclosure was made by the Acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, during the reading of the communiqué of the fourth Monetary Policy Committee meeting of the […]

SERAP sues Wike, governors, over failure to account for N40tn LGA allocations
Business

Why SERAP sued CBN over KYC social media policy

The Central Bank of Nigeria is being sued by the Socio-Economic Rights and Accountability Project over its proposed Know-Your-Customer social media policy. SERAP’s attorneys, Mr. Kolawole Oluwadare and Ms. Blessing Ogwuche filed the lawsuit on behalf of the organization, alleging “the failure to delete the patently unlawful provisions in the Central Bank of Nigeria (Customer Due Diligence) […]

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