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Tag: CBN

Nigeria, others spent $1.4trn on debt servicing in 2023 - World Bank
News

Avoid forex auction interventions, W’Bank advises CBN

The Central Bank of Nigeria has been advised against intervening in the foreign exchange market through forex auctions. The World Bank’s policy advisory, included in the Nigeria Development Update, emphasizes the need for a comprehensive and transparent framework for exchange rate interventions to support flexibility. On August 26, 2024, the CBN auctioned $876.26 million to […]

News

IFC, CBN partner to boost local currency financing

The International Finance Corporation has partnered with the Central Bank of Nigeria to enhance local currency financing, supporting the growth of private businesses in Nigeria. This agreement, signed by IFC’s Hlazo Mkandawire and CBN’s Hakama Sidi Ali, aims to manage currency risks and increase investments in the Nigerian naira across key sectors such as agriculture, […]

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CBN optimistic of securing $12bn in diaspora remittances

The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, announced in Washington DC that the CBN is optimistic about attracting $1 billion in monthly remittances. This confidence follows the resolution of concerns raised by International Money Transfer Operators and positive feedback from Nigerians in the Diaspora. Cardoso made this disclosure during a joint […]

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Old naira notes remain legal tender beyond 2024 – CBN

The Central Bank of Nigeria has addressed concerns regarding the old series of N200, N500, and N1000 banknotes, stating that they will not cease to be legal tender on December 31, 2024. This follows recent discussions at various forums suggesting that the CBN plans to withdraw the old banknotes by the end of December. In […]

Reps calls for gradual withdrawal of old naira notes
News

Reps calls for gradual withdrawal of old naira notes

The House of Representatives has urged the Central Bank of Nigeria to begin a gradual withdrawal of old naira notes while introducing new denominations of N200, N500, and N1,000 to the public. This resolution came during a plenary session on Thursday, prompted by a motion of urgent national importance from Mr. Victor Ogene, the representative […]

Former CBN employees sue for reinstatement, compensation
News

CBN disburses N1.73tn for food imports in six months

The Central Bank of Nigeria in the second quarter of 2024 allocated $547.7 million (N823.19 billion at the official exchange rate of N1,503.3/$1 as of June 30, 2024) for food item imports. This represents a decrease of $142.48 million, or 20.6%, compared to the $689.88 million released in the first quarter. In naira terms, this […]

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FG eyes 5% tax on telecommunications, other services

The Federal Government of Nigeria has proposed a five per cent excise duty on telecommunications services, gaming, and betting activities as part of a new bill aimed at overhauling the country’s tax framework. This move is intended to boost revenue collection and enhance fiscal sustainability. The bill, titled, “A Bill for an Act to Repeal […]

News

Banks refund N7.05bn, $714,569 to customers, says CBN 

The Central Bank of Nigeria has announced that banks operating in the country have refunded approximately N7.05 billion and $714,569.03 to customers as a result of its intervention. This information was disclosed on Tuesday in the Central Bank’s monthly bulletin, CBN UPDATE September Special Edition, published on its website. In sharing the scorecard for Olayemi […]

Dangote Refinery loses N32.5bn after petrol price cut
News

Lagos, Abuja airports incur over N1bn monthly electricity bills

The Minister of Aviation, Festus Keyamo has stated that the Lagos and Abuja airports each incur over N1 billion in monthly energy costs. In an interview aired on Channels TV on Tuesday, Keyamo explained that the rising electricity expenses have further strained the financial operations of both flight services and the airline industry. He further […]

News

CBN initiates global partnerships for improved banking system

The Central Bank of Nigeria has signed Memoranda of Understanding with countries that host subsidiaries of Nigerian banks. This initiative aims to enhance regulatory coordination and ensure safe banking operations both locally and internationally. This was disclosed in a statement by the Acting Director of Corporate Communications on Tuesday. She stated that this approach allows […]

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Nigeria’s debt servicing hits N6.04tn in H1 2024 – CBN

Nigeria’s debt servicing expenses surged to N6.04 trillion in the first half of 2024, a 68.8% increase from N3.58 trillion in the same period of 2023, according to the Central Bank of Nigeria. This spending is approximately three times the N2.32 trillion allocated for personnel costs, which rose by 17.6% from N1.97 trillion the previous […]