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CBN orders payment service providers to implement PoS transaction tracking

The Central Bank of Nigeria has mandated that all Point of Sale transactions from merchant and agent locations be routed through an approved Payment Terminal Service Aggregator. This directive, issued with a 30-day compliance deadline, is designed to enhance the monitoring of electronic transactions and decentralize the routing process. The CBN’s circular, signed by Oladimeji […]

Economy

Economic expansion recorded first time in 13 months – CBN PMI

The Central Bank of Nigeria’s latest Purchasing Manager’s Index report reveals that economic activities expanded in August for the first time in 13 months. According to the PMI data released on Wednesday, the composite PMI for August 2024 registered at 50.2 index points, signaling a growth in economic activities after a prolonged period of contraction. […]

Economy News

CBN, SEC, NDIC team up to streamline bank recapitalization

The Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigeria Deposit Insurance Corporation have united to streamline the bank recapitalization process, aiming to boost efficiency and transparency in the financial sector. This was revealed in a statement by the Director General of SEC, Emomotimi Agama, according to The Punch. In the statement, […]

News

Banks’ deposits with CBN soar to N3.42tn – Report

Deposits held by banks with the Central Bank of Nigeria surged to a weekly record of N3.42 trillion at the end of the last week. This spike follows the CBN’s recent adjustment of the Standing Deposit Facility (SDF) asymmetric corridor, raising it to +500/-100 basis points from +100/-300 basis points around the monetary policy rate, […]

News

Nigeria’s foreign trade payments plummet by 57%

Nigeria’s payments through Letters of Credit have significantly declined, dropping by 57.04% to $391.91 million in the first seven months of 2024, compared to $912.35 million during the same period in 2023. This reduction, as reported by the Central Bank of Nigeria, highlights a sharp decrease in the use of this payment method for the […]

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Inflation drove Nigerians to borrow N4.82tn in Q1 2024 – CBN

Nigerians borrowed approximately N4.82 trillion from banks between January and March 2024, driven by the rising cost of living. In the Central Bank of Nigeria’s First Quarter 2024 Economic Report, consumer credit outstanding surged by 268.9%, reaching N8.24 trillion at the end of March, up from N3.42 trillion in December 2023 The sharp increase reflects […]

Osun resubmits state's nomination for bank role, challenges CBN’s rejection
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CBN survey reveals insecurity as major business constraint in July

A recent survey by the Central Bank of Nigeria has identified insecurity as the foremost challenge facing businesses in Nigeria. The findings, detailed in the CBN’s “Business Expectation Survey,” highlight that insecurity significantly hampers business operations across the country. According to the survey, insecurity topped the list of constraints, followed by high interest rates, insufficient […]

News

CBN foresees improved business climate in Nigeria

The Central Bank of Nigeria has said that business owners are hopeful that in August 2024 and the ensuing six months, the business environment in Nigeria will improve. The apex bank’s Business Expectations report, which was made public on Wednesday, states that company owners anticipate improved business performance in August, with an optimism index of […]

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CBN remittance inflows hits $553m in July  

The Central Bank of Nigeria has disclosed a 130% increase in remittance inflows, with the figure reaching $553 million in July 2024. This figure represents the highest monthly remittance inflows ever documented, showing a significant increase from the same period in 2023. This was disclosed in a statement signed by the Acting Director of Corporate […]

News

Banking sector benefiting from IFRS adoption – Cardoso

The Governor of the Central Bank of Nigeria, Olayemi Cardoso announced that the Nigerian banking and financial system are currently benefiting from the implementation of the International Financial Reporting Standards. This was disclosed by Cardoso at the opening of the Regulatory Roundtable on the Implementation of ISSB’s Sustainability Standards in Nigeria, which was organized by […]