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Nigeria to launch NIGCOMSAT-2A, 2B satellites by 2029

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Tag: CBN

Shonubi takes over as acting CBN gov
News

Shonubi takes over as acting CBN gov

  Kazeem Owoseni   Following the suspension of the embattled Governor of the Central Bank of Nigeria, Godwin Emefiele, by the President, Bola Ahmed Tinubu, Folashodun Adebisi Shonubi, has been directed to take over from the governor. President Tinubu had on Friday, directed that Emefiele should hand over the affairs of the CBN to the […]

CBN fines banks N1m daily over refusal of new naira
featured News

BREAKING: CBN denies naira devaluation

The Central Bank of Nigeria on Thursday, June 1, has denied devaluing the naira.   Recall that, in the early hours of Thursday, reports were in circulation that the apex bank had devalued the naira from N461.6/$1 to N631/$1.   However, in a more recent statement signed and issued by the the CBN through its […]

United Capital endorses CBN's stakeholder partnership
News

Why banks’ borrowings from CBN keep increasing – Report

CBN findings have revealed that banks’ borrowings from the apex bank, which had decreased month over month in February of this year by 14%, abruptly skyrocketed by 775 percent to N3.97 trillion in March before falling by 45.8 percent to N2.15 trillion in April. According to Vanguard, the information also revealed that bank deposits under […]

News

Inflation would be worse if not for CBN policy – Emefiele

The governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has said that the country’s inflation would have increased by more than 800 basis points had the bank not pursued a contractionary monetary policy that started in May 2022. According to Arise News, without the efforts of the bank, Emefiele stated that the inflation rate […]

Nigeria's mineral production rose by 39% in 2021 - NBS
Business

Nigeria’s GDP drops to 2% – NBS

Nigeria’s overall economic output, known as Gross Domestic Product, grew by 2.31 per cent year-on-year in the first quarter of 2023. However, this growth rate is lower than the 3.11% recorded in the first quarter of 2022 and the 3.52 per cent growth rate in the last quarter of 2022. The decline in growth according […]

United Capital endorses CBN's stakeholder partnership
Banking

CBN raises interest rate to 18.5%

The Central Bank of Nigeria has announced its increase of the Monetary Policy Rate from 18% to 18.5%. Channels TV reported the governor of CBN made this announcement on Wednesday after the policy-making committee had a meeting at the CBN headquarters in Abuja. As a result of this development, the apex bank will be increasing […]

CBN releases financial report first time in seven years
Banking

Full list of microfinance banks delicensed by CBN

Kazeem Owoseni The Central Bank of Nigeria has revoked the operating licences of 132 microfinance banks, three finance companies, and four primary mortgage banks in Nigeria. This was disclosed in an official gazette issued by the federal government, which stated that the governor of the apex bank, Godwin Emefiele revoked the licences of the institutions […]

Emefiele orders banks to dispense old naira notes - Soludo
Business

Emefiele urges risk management institutes to equip professionals

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has called on the Chartered Risk Management Institute of Nigeria to develop risk management professionals who can create and implement effective risk management strategies in the economy. The Punch reported that he made this statement on Thursday during the inauguration of the CRMI in Lagos, […]

CBN gets new spokesperson
Banking featured

Why BVN has no expiry date — CBN

By Wilson Adekumola   The Central Bank of Nigeria, has reacted to reports suggesting that the Bank Verification Number expires after 10 years, saying that it has no expiry date.   CBN’s spokesman, Dr. Isa AbdulMumin, made the clarification in a statement Wednesday night.   He explained that once the customer’s biometric has been captured […]

Logo and the photo of the Central Bank of Nigeria's building
Maritime

CBN to sanction shipping companies over undocumented cargoes

By Wilson Adekumola   The Central Bank of Nigeria has vowed to sanction shipping companies exporting undocumented cargoes from the country.   According to Vanguard, the CBN Governor, Godwin Emefiele made this known on Tuesday while speaking at the RT200 Non-Oil Export Summit 2023 in Abuja with the theme, “RT200: Challenges and Prospects”.   The […]

Experts warn FG against further violation of debt limit
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Experts warn FG against further violation of debt limit

The Nigerian government has been cautioned by a professor of capital markets, Uche Uwaleke, against continuing to exceed the permissible cap on how much money it can borrow from the Central Bank of Nigeria, as specified in the CBN Act. According to The Whistler, Nigeria’s overall debt has increased by 32.5%, from N46.25 trillion ($103.1 billion) to N68.9 […]

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