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Fraud losses decline in Nigerian banks in Q1 2024 - Report

Banking sector attracts record $13.53bn foreign capital inflows

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Tag: CBN

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 […]

Pension remittances: 20 firms default, pay N211.5m penalty
News

PFAs invest N74.54bn in infrastructure, investors eye pension funds

Pension Fund Administrators invested N74.54bn in infrastructure from the N13.76tn under the Contributory Pension Scheme as of the end of February 2022. This was contained in the latest figures obtained from the National Pension Commission. Investors have continued to lobby operators of the scheme to pump more of the funds into infrastructure development. The Governor […]

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

Massive job cut looms as dollar hits N590

The lingering foreign exchange scarcity in the country has continued to worsen even as the exchange rate on the parallel market is inching towards N590/$1, our correspondent has learnt. The development may lead to massive job loss in the manufacturing industry, among other sectors, according to the Manufacturers Association of Nigeria. The development comes over […]

Reps pass tax crimes commission bill for second reading
Policy and Regulations

Enforce use of coins, Reps urge CBN

The House of Representatives has urged the Central Bank of Nigeria to “reinforce the use of coins as a legal tender and ensure that banks comply with the use of coins to the fullest.” Members of the House had at the plenary on Tuesday unanimously adopted the motion moved by a member, Muda Umar, titled ‘Call […]

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