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Tag: CBN

CBN's demand for customers' social media handles unlawful - NDPC
News

CBN’s demand for customers’ social media handles unlawful – NDPC

The Central Bank of Nigeria’s new instruction to banks to gather the social media handles of their clients as part of expanded Customer Due Diligence standards is illegal, according to the Nigerian Data Protection Commission. According to Nairametrics, the commission claimed that it has begun discussions with the apex bank on the matter because there […]

eNaira balances hit N2.5bn in 2022
News

CBN approves eNaira as payment option for diaspora remittance

The Central Bank of Nigeria announced that it has given recipients of diaspora remittances the opportunity to make payments using its digital currency, also known as the eNaira. Nairametrics reported that the decision, according to the apex bank, is part of its efforts to liberalize the distribution of diaspora remittances. This information is provided in the […]

United Capital endorses CBN's stakeholder partnership
News

CBN ends naira for dollar, issues new forex regulations

The Nigerian Central Bank has announced operational adjustments to the foreign exchange market. The Nigerian Foreign Exchange Market will no longer operate with segmentation, according to a statement from the central bank on Wednesday evening which was signed by its Director of Financial Markets, Angela Sere-Ejembi, and distributed to all authorized dealers and members of the […]

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

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 […]

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