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Tag: CBN

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

eNaira balances hit N2.5bn in 2022

Nigeria’s central bank’s digital currency, the eNaira, saw a significant increase in total balances in 2022, reaching N2.5 billion. According to Nairametrics, this represents a 2.65-fold increase year over year compared to the N940 million reported in 2022. This is based on information from the Central Bank’s 2022 audited financial statement, which was published on […]

Shonubi takes over as acting CBN gov
News

Money launders exploiting diaspora remittances – CBN

The acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, has hinted that many cases of trafficking in persons, goods, or services, are done through diaspora remittances.   Shonubi made this assertion while delivering a lecture titled, “Diaspora Remittances and Nigeria Economic Development” at the National Institute for Security Studies in Abuja on Thursday, […]

CBN releases financial report first time in seven years
featured News

CBN releases financial report first time in seven years

The Central Bank of Nigeria has released its consolidated financial statements for the years 2015 through 2022, according a TechCabal report. For the first time in seven years, the apex bank has made its audited financial documents available to the public. It demonstrates how the lack of openness was cultivated throughout Godwin Emefiele’s tenure as […]

United Capital endorses CBN's stakeholder partnership
Banking

CBN records $2.55bn FX inflows in two months after naira unification

The Central Bank of Nigeria revealed that foreign exchange inflows into the country increased to $2.55 billion in the two months following the naira’s unification. The total inflows through the Investors and Exporters window rose to $1.41 billion in June from $1.14 billion in May, according to figures from the central bank, marking a second consecutive month […]

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
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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 […]

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