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Tag: CBN

Naira falls N777 against dollar after CBN announcement
News

Naira falls N777 against dollar after CBN announcement

The Naira reportedly crashed to N775 against the dollar a few days after the Central Bank of Nigeria revealed its plan to redesign the Naira. AMBusiness on Wednesday reported that the CBN Governor, Godwin Emefiele said that the bank would release re-designed naira notes by December 15, 2022. The affected Naira notes are N100, N200, […]

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

Trapped funds: CBN to give foreign airlines $150m

The Central Bank of Nigeria has decided to proceed with plans to release another $150 million in frozen cash to international airlines. Although, CBN Governor, Godwin Emefiele, announced on Monday that the bank would release $120 million in trapped funds owed to foreign airlines operating in the nation, a source with one of the airlines […]

New naira: Beware of currency hoarders, EFCC warns BDC operators
Economy

New naira: Beware of currency hoarders, EFCC warns BDC operators

The Economic and Financial Crimes Commission has urged Bureau de Change operators to be wary of currency hoarders who would attempt to offload the currencies they had illegally stashed away. The EFCC made this known in a statement released on Wednesday while backing the Central Bank of Nigeria’s plan to redesign the naira notes. While […]

New naira'll make ransom payment difficult - CBN
Banking

New naira’ll make ransom payment difficult – CBN

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that the payment of ransom to kidnappers and criminal elements will be difficult once it introduces the new naira notes. AMBusiness reported that the apex bank on Wednesday announced the plan to redesign the N200, N500, and N1,000 notes by December 15. The […]

'Remove Arabic inscriptions from new naira notes'
Banking

CBN to redesign naira notes

The Central Bank of Nigeria announced plans to redesign the N200, N500, and N1000 notes. CBN Governor, Godwin Emefiele, made the announcement during a special briefing on Wednesday. The intention behind this move is yet to be known as of the time of filing this report. More to come…

100% cashless economy possible in Nigeria - Emefiele
Banking

100% cashless economy possible in Nigeria – Emefiele

The Governor of the Central Bank of Nigeria, Godwin Emefiele has said that the goal of the apex bank to make Nigeria 100 per cent cashless is achievable. As the eNaira recorded over N8 billion in transactions in its first year of operation, Emefiele revealed that the CBN is committed to taking decisive steps in […]

CBN opens eNaira to USSD transaction
News

eNaira records N8bn worth transaction – CBN

The Central Bank of Nigeria has recorded 700,000 eNaira transactions worth N8bn in the last year. According to Channels, this was stated by the CBN Governor, Godwin Emefiele who delivered a keynote address at the ‘eNaira 1 year Anniversary’ held at the CBN Main Auditorium on Tuesday. “Since its launch, the eNaira has offered Nigerians […]

Reps stops CBNs sale of Polaris Bank
Banking

CBN sells Polaris Bank N50bn

Strategic Capital Investment Limited has completed the acquisition of the entire Polaris Bank shares for N50 billion. The Central Bank of Nigeria which announced the sale of the bank in a press release on its website on Thursday said it worked in partnership with AMCON to complete the sale. “The Central Bank of Nigeria (CBN) […]

Reps stops CBNs sale of Polaris Bank
Banking Uncategorized

Reps stops CBNs sale of Polaris Bank

The House of Representatives has asked the Central Bank of Nigeria to halt the planned sale of Polaris Bank Plc. According to reports, the lawmakers urged the CBN to wait until all processes for an open, transparent, and competitive bid are completed in accordance with best practices and procedures for divestment of this type. The […]

100% cashless economy possible in Nigeria - Emefiele
News

Analysts kick as CBN loans to FG hit N22tn

A recent report has revealed that the Federal Government is owing the Central Bank of Nigeria the sum of twenty-two trillion naira, leaving analysts fuming. According to The PUNCH, FG, in August 2022, borrowed N1.46tn from the Central Bank of Nigeria through Ways and Means Advances, raising its debt to the Apex bank from N20.61tn […]

New naira'll make ransom payment difficult - CBN
Economy

Nigeria’s foreign reserves plunge to $38.3bn

The Central Bank of Nigeria has revealed that the nation’s external reserves at the end of September dropped to $38.318 billion signifying a 5.42% decrease. According to the financial institution, it was gathered that the nation’s foreign reserves have dropped by $2.202 billion to $38.318 billion as of September 29, 2022, from $40.520 billion as […]

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

We raised interest rate to control inflation – CBN

The Central Bank of Nigeria on Wednesday disclosed that the Monetary Policy Rate was increased by its Monetary Policy Committee in order to control the rising inflation. According to The PUNCH, this was disclosed by the CBN’s Director, Monetary Policy Department, Hassan Mahmoud at a post-MPC briefing tagged: “Unveiling Facts behind the Figures’’. The MPC […]

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