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Tag: Central Bank of Nigeria

Emefiele: Five things you should know about acting CBN gov
News

Emefiele: Five things you should know about acting CBN gov

    By Christian George Folashodun Adebisi Shonubi has been appointed as the acting governor of the Central Bank of Nigeria. This followed the suspension of Mr Godwin Emefiele on Friday by President Bola Tinubu. Emefiele was mandated to immediately hand over to Shonubi. The acting governor of the apex bank is expected to run […]

Monarchs begs CBN to extend old naira deadline
Business

CBN debunks viral recruitment advert

The Central Bank of Nigeria has debunked the news that has gone viral, stating the bank is currently carrying out its recruitment exercise.  This announcement about the fake information was in a statement released by the bank on its verified Twitter account. It was titled, “CBN disown Fake Recruitment Portal” The statement reads, ” The […]

TETFund urges FG to increase education tax
Business

Buhari holds emergency meeting over naira, fuel crises

President Muhammadu Buhari will call an emergency Council of State meeting on Friday in order to address the issues plaguing the country, including the naira, petrol shortage, and insecurity ahead of the February 25 presidential election. According to Daily Post, on Friday at 10 a.m., the Central Bank of Nigeria, and the Independence National Electoral Commission […]

Why CBN won't print naira again - Budget minister
Banking

Naira crisis: CBN to fine banks hoarding new notes

The Central Bank of Nigeria may levy fines of N5 million on banks holding fresh notes and N50,000 against individuals selling them. According to Punch, this was based on the Banks and Other Financial Institutions Act of 2020 as well as the Central Bank of Nigeria Act of 2007. In accordance with the Banks and […]

Uncategorized

How bank borrowing from CBN hit N21.87trn

Data from the Central Bank of Nigeria financial information has revealed that deposit money banks borrowed N21.87 trillion from the CBN in 2020 through the Standing Lending Facility window and the Repurchase Lending platform. When compared to the N5.744tn recorded via the same windows in 2022, this is a 260 percent increase. However, when compared […]

PoS transactions hit N8trn in 2022 - NIBSS
News

PoS operations boom in urban neighbourhoods amid rising challenges

The Central Bank of Nigeria’s Vision 2020, released in 2007, was a calculated move by the apex bank to create a robust financial framework and promote a cashless economy in the country. The CBN launched the programme officially in September of 2013 as its response to the growing financial pressures on the banking systems, leading […]

New naira'll make ransom payment difficult - CBN
Banking Uncategorized

CBN retains 5% interest rate for power sector, others

Sequel to its development finance initiative, the Central Bank of Nigeria has agreed to leave interest rates at five per cent per annum for critical sectors and manufacturing industries until March 2023. The decision followed the resolution of the Monetary Policy Committee to increase benchmark interest rate to 13 per cent from 11.5 per cent. […]

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

Banks tighten access to forex as reserves hit seven-month low

The country’s external reserves hit a seven-month low after falling to $38.57bn as of May 25, 2022, figures obtained from the Central Bank of Nigeria have revealed. Findings have shown that the continuous decline in the country’s external reserves used to defend the naira value is making the banks tighten access to foreign exchange to […]

Banking

Banks borrow N338.4bn from CBN in one month

Cash-strapped banks borrowed N338.5bn from the Central Bank of Nigeria in January to bridge their funding gap, according to the banking data. Figures from the CBN’s monthly report for January on ‘Standing facilities window operation’ showed that the banks continued to utilise the Standing Lending Facility and Deposit Lending Facility in the sector. It stated […]

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

Forex inflow falls by 37% in one month -CBN

The foreign exchange inflows into the country fell by 36.7 per cent in one month to $4.36bn in January, figures obtained from the Central Bank of Nigeria have shown. The CBN  revealed in its report on ‘Foreign exchange flows through the economy’ that the economy recorded lower net foreign exchange inflow in January, driven, mainly, […]

Banking

Paper currency will soon be out of circulation -CBN official

The Central Bank of Nigeria has said that paper currency will soon be out of circulation, urging market men and women to sign into the e-Naira. The Delta State Branch Controller of CBN, Mr Godwin Okafor, stated this on Friday at the popular Ogbogonogo market during the market sensitisation on e-Naira. He urged traders to […]

100% cashless economy possible in Nigeria - Emefiele
Policy and Regulations

CBN issues open banking guidelines to enhance competition

The Central Bank of Nigeria has issued the regulatory framework for Open Banking in Nigeria in its efforts to enhance competition and innovation in the banking system. It disclosed this in its ‘Operational guidelines for open banking in Nigeria’ released in May, 2022. The guidelines said, “The Central Bank of Nigeria, hereafter called the Bank, […]