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Tag: CBN

Trapped funds: CBN to give foreign airlines $150m
Economy

Harmonise foreign exchange rate – Group tells CBN

The Nigerian Economic Summit Group has urged the Central Bank of Nigeria to harmonise foreign exchange rates as the nation battles scarcity of forex and dwindling value of the naira, amongst other economic challenges. NESG’s call comes hours after the Nigeria Employers Consultative Association asked the government to allocate available forex to manufacturing and other […]

100% cashless economy possible in Nigeria - Emefiele
Economy

CBN vows to curb further naira devaluation

The Central Bank of Nigeria has reiterated its commitment to preventing a further devaluation of the Nigerian naira in the foreign exchange market. This was disclosed by the Director of Corporate Communications, CBN, Mr Osita Nwanisobi, in a statement on Friday, according to The PUNCH. The apex bank advised Nigerians to resist the urge of […]

Naira falls N777 against dollar after CBN announcement
Economy

Dollar conversion: CBN to block bank customers’ account

The Central Bank of Nigeria has said it will place A ‘Post no Debit’ on the accounts of customers, especially politicians, converting the naira to the dollar as electioneering spending spiked. CBN Governor, Godwin Emefiele, stated this during the Monetary Policy Committee meeting in Lagos, where he disclosed the increase in the interest from 13 […]

US deficits projected $1trn higher over next decade
Economy

External reserves get $679.12m boost in one month

Figures obtained from the Central Bank of Nigeria have revealed that the country’s external reserves returned to a growth path after gaining $679.12m in June. According to The PUNCH, the figures showed that the reserves, which stood at $38.48bn as of June 2, 2022, rose to $39.16bn as of the end of June 30, 2022. […]

eNaira hits 905k downloads
Banking

eNaira may drop remitting cost to Nigeria —IMF

Washington-based lender, the International Monetary Fund, has disclosed that central bank digital currencies could drop the cost of sending and receiving the money to Nigeria and other Sub-Saharan African countries. It stated that Sub-Saharan Africa is the most expensive region to send and receive money, with the average cost pegged at a little under eight […]

Trapped funds: CBN to give foreign airlines $150m
News

Dollar shortage persists after party primaries

Dollar exchanged at N603 (average) at Lagos and Abuja parallel markets on Tuesday, indicating a worsening liquidity crisis in the foreign exchange market of Africa’s biggest oil producer. Between June 2021, and June 2022, dollar-to-naira exchange rate has risen from N500 to N603 at the parallel market, signifying the greenback appreciated by 21 per cent […]

eNaira hits 905k downloads
Banking

CBN introduces USSD to boost eNaira

The Central Bank of Nigeria plans to introduce the Unstructured Supplementary code as part of steps to improve the Central Bank Digital Currency. This was disclosed by the Deputy Governor of the CBN, Kingsley Obiora, at the IMF African Department Speakers Series held virtually on Friday, according to Nairametrics.  Obiora said that Nigeria was doing […]

100% cashless economy possible in Nigeria - Emefiele
Economy

CBN raises interest rate to 13%

The Central Bank of Nigeria on Tuesday announced that it has raised the interest rate to 13 per cent. CBN Governor, Godwin Emefiele, made this known while addressing the reporters after the Monetary Policy Committee meeting in Abuja. Justifying the move, Emefiele said the MPC is suspicious “there might be an aggressive accretion of inflation”. […]

Trapped funds: CBN to give foreign airlines $150m
News

Nigerians spend $221m on overseas education in three months –CBN report

An analysis of data obtained from the Central Bank of Nigeria showed that Nigerians spent at least $220.86 million on foreign education between December 2021 and February 2022. This is according to the CBN data on the amount spent on educational service under the sectoral utilisation for transactions valid for foreign exchange for December 2021 […]

100% cashless economy possible in Nigeria - Emefiele
News

Emefiele must resign to preserve CBN’s credibility – Experts

Economic experts at a local think-tank, the Centre for the Promotion of Private Enterprise, have urged the Governor of the Central Bank of Nigeria to resign in order to preserve the integrity, credibility, independence, neutrality, and professionalism of the apex bank. They said the partisan disposition of the CBN governor had cast doubts over the […]

Banking

Premium Trust Bank commences operations, promises service delivery

Premium Trust Bank has launched its first branch in Port Harcourt, Rivers State, joining the list of licensed commercial banks operating in Nigeria. The bank said in a statement that it was on a mission to provide solutions to peculiar financial challenges of customers through innovation and speed of execution, improving lives, communities and businesses. […]

Banking News

Kuda Bank defends customer’s harassment amid criticisms

KUDA Bank has said the event leading up to one of its customers being forcibly dragged out of its office by law enforcement officers is a result of the customer’s refusal to cooperate with the security agents after his account was flagged for criminal activity. In a statement on Kuda’s verified Twitter handle, the microfinance […]

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