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Tag: CBN

New naira'll make ransom payment difficult - CBN
Economy

CBN responsible for export exchange rate – NCS

The Nigeria Customs Service said the Central Bank of Nigeria is responsible for the exchange rate increase on imported goods. According to the Nation, NCS said this in a statement yesterday by it’s Public Relations Officer, Timi Bomodi saying it is only the CBN that has the power to do so. The statement reads, “The […]

100% cashless economy possible in Nigeria - Emefiele
Banking

Trapped forex: CBN releases $265m to airlines

In a move to curtail the crisis parading the aviation sector, the Central Bank of Nigeria released the sum of $265 million to airlines operating in the country to settle outstanding ticket sales. According to BusinessDay, breaking the figures, the apex bank released the sum of $230 million as special FX intervention while another sum […]

CBN opens eNaira to USSD transaction
Banking

eNaira hits $9m transactions, 840k downloads

The eNaira has recorded ₦4 billion ($9.3 million ) transactions and 840,000 app downloads, Gadgets Africa reports. This comes a few days after the Governor of the Central Bank of Nigeria, Godwin Emefiele, disclosed that eNaira will be available on  Unstructured Supplementary Service Data. According to Tech Cabal, the CBN governor, Godwin Emefiele, stated that […]

CBN opens eNaira to USSD transaction
News

CBN opens eNaira to USSD transaction

Beginning next week, Nigerians will be able to access eNaira through the Unstructured Supplementary Service Data code on their mobile phones, the Central Bank of Nigeria has said. This was disclosed by the apex bank’s Governor, Godwin Emefiele, at the Grand Finale of the 2022 eNaira Hackathon in Abuja on Thursday. Emefiele revealed that Nigerians can […]

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”. […]

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