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Tag: CBN

Emefiele resigned as CBN governor in August - Report
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Emefiele resigned as CBN governor in August – Report

  A report published by Renters has indicated that suspended Governor of the Central Bank of Nigeria, Godwin Emefiele, resigned from his position in August. This paves way for the nomination of Mr. Yemi Cardoso as the new apex bank head. Am Business reported that President Bola Tinubu on Friday named Cardoso the new governor […]

10 facts about CBN governor-nominee Cardoso The President, Bola Tinubu, on Friday named Olayemi Michael Cardoso as the substantive Governor of the Central Bank of Nigeria. He is expected to replace the Acting Governor of the CBN Folashodun Shonubu if confirmed by the Senate. Below are 10 facts about him. i. Dr. Olayemi Cardoso hails from Lagos State, a city renowned for its vibrant economic and cultural diversity. ii.His parents were descendants of Brazilian returnees who belonged to prominent families in Popo Aguda, adding a rich cultural heritage to his background. iii. Dr. Cardoso's father, Felix Bankole Cardoso, made history as Nigeria's first indigenous Accountant-General of the Federation in 1963, setting a high bar for public service. iv. His academic journey began at Corona School Ikoyi, where he received his primary education, followed by St. Gregory's College in Lagos for his secondary education. v. Dr. Cardoso's pursuit of knowledge took him to Aston University, where he earned a Bachelor's degree (B.Sc.) in Managerial and Administrative Studies in 1980. vi. He continued his academic journey, earning a Master's degree in Public Administration in 2005 as a Mason Fellow, showcasing his commitment to continuous learning and growth. vii. Dr. Cardoso's career in finance included serving as the former chairman of Citibank Nigeria, where he undoubtedly honed his financial acumen. viii. His commitment to public service led him to serve as the Commissioner for Economic Planning and Budget in Lagos State during President Tinubu's tenure as the governor. ix. Dr. Cardoso is not just a participant in Lagos's economic development but also an architect. He is the founding chairman and co-chair of the Ehingbeti Summit, the Lagos State economic summit. x. Behind the impressive resume, Dr. Cardoso is a family man. He is married with five children and three grandchildren, embodying the values of responsibility and dedication.
News

10 facts about CBN governor-nominee Cardoso

  The President, Bola Tinubu, on Friday named Olayemi Michael Cardoso as the substantive Governor of the Central Bank of Nigeria. He is expected to replace the Acting Governor of the CBN Folashodun Shonubu if confirmed by the Senate. Below are 10 facts about him. i. Dr. Olayemi Cardoso hails from Lagos State, a city […]

International investors remain cautious as Cardoso seeks cash infusions - Report
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Tinubu nominates Olayemi Micheal as CBN governor

Juliet Buna President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria. A statement by the President’s spokesperson, Ajuri Ngelale said the new CBN governor will work for a term of five (5) years at the first instance, pending his confirmation […]

Equity investors lose N1.5tn as bond yield rises
Banking

CBN instructs banks to keep foreign exchange revaluation profits

Banks are required by the Central Bank of Nigeria to set aside earnings from foreign exchange revaluation as a safety net against impending economic shocks. According to Vanguard, in this case, the regulator forbade banks from using foreign exchange revaluation gains to pay dividends or cover operating costs. This information was provided by the apex bank […]

Equity investors lose N1.5tn as bond yield rises
Banking

Why CBN should dump exchange rates unification – Lemo

The Central Bank of Nigeria should dump the merger of parallel and official exchange rates, according to a former Deputy Governor of the CBN, Dr. Tunde Lemo. According to The Punch, he claimed that the naira is not an internationally convertible currency and that the central bank need not be concerned about a shortfall of up to N50. This […]

Nigerian Exchange ahead in Africa with 33.70% gain
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Why CBN’s currency swap hit $12bn despite low reserves

Fitch Ratings has reported that the Central Bank of Nigeria’s currency swaps with local banks will be worth between $10 billion and $12 billion by the end of 2022. According to The Punch, it was said that this represented 30% of the country’s gross reserves (at $37 billion as of the end of 2022) and consisted of […]

Equity investors lose N1.5tn as bond yield rises
Banking

CBN, FG to assess new regulation on bank customers

The national commissioner of the Nigerian Data Protection Commission, Dr. Vincent Olatunji, revealed that the commission had established a joint committee with the Central Bank of Nigeria to review the rule requiring financial institutions to collect customer data, including social media handles. The Punch reported that he made this announcement on Thursday during a two-day Abuja […]

Cash shortage: Bank debts to CBN hits N12tn
News

Cash shortage: Bank debts to CBN hits N12tn

          Commercial banks and merchant banks appear to be increasingly reliant on the Central Bank of Nigeria for liquidity, with borrowing from the central bank growing in the final eight months of 2022. Commercial banks and merchant banks borrowed a total of N12.46tn from the CBN during the first eight months […]

Nigeria's FX reserves hits three-month peak
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External reserves drop by $915m over naira float

Nigeria’s external reserves fell by $915 million following the Central Bank of Nigeria’s formal flotation of the naira and liberalization of the foreign exchange market. According to CBN statistics released on Sunday, reserves declined from $34.66 billion on June 14, 2023, when the naira was launched, to $33.74 billion on August 24, 2023. On June […]

Inflation causes decline in private sector productivity, employment - PMI
Banking

Stanbic IBTC delays HY results, requests CBN approval

The release of Stanbic IBTC Holdings Plc’s half-year financial results has been postponed, as the company waits for the Central Bank of Nigeria’s approval. This information was gathered by Nairametrics and included in the company’s declaration to the Nigerian Exchange Limited. The publishing of the audited interim financial statements for the six months ended June […]

United Capital endorses CBN's stakeholder partnership
Banking

How CBN issued N38bn loan to mortgage banks in 2022 – Report

The Central Bank of Nigeria disbursed loans and advances of N37.6 billion to mortgage banks in 2022, according to the top bank’s audited financial statement. The Punch reported that the Federal Mortgage Bank of Nigeria and the Nigerian Mortgage Refinance Company are two mortgage banks that have received loans from the CBN. According to the borrowings […]

Why CBN won't print naira again - Budget minister
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FG spent N74bn on new naira, others – CBN report

The Central Bank of Nigeria and its subsidiary spent roughly N74.84 billion in 2022 on the production and distribution of currencies, including new naira notes. Despite the naira shortage that gripped the country in the latter months of 2022, the CBN spent 40.42 percent more on currency rollout than it did on N53.29 billion the […]

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