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Tag: Central Bank of Nigeria

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, […]

New naira'll make ransom payment difficult - CBN
Banking

Banking sector remains resilient, says CBN

The Nigerian banking sector remained resilient in February, according to a report released by the Central Bank of Nigeria. The CBN disclosed that a member of the Monetary Policy Committee, Festus Adenikinju, said this at the last meeting of the MPC. He said, “The report on banking system stability showed that the banking system remains […]

Naira falls N777 against dollar after CBN announcement
News

BDC operators demand new forex window

The Association of Bureaux De Change Operators of Nigeria has called on the Central Bank of Nigeria to establish BDCs’ Autonomous Foreign Exchange Trading window with a determined maximum daily limit. This, according to the association, will enable eligible BDCs to access dollars from banks, autonomous market, and Diaspora forex widow at the prevailing market […]

Agribusiness

Agric imports reach N2.7tn despite N129bn intervention loans

Despite spending no less than N129.084bn on agriculture loans to farmers, Nigeria’s agricultural imports continued to take an upward trajectory, hitting N2.7tn in 2021 alone. According to findings by our correspondent, the Central Bank of Nigeria and the Federal Government, through the Agricultural Credit Guarantee Scheme Fund, has guaranteed a total of N129.084bn in agriculture […]

New naira'll make ransom payment difficult - CBN
Banking

Bank loans to govt rise to N16.32tn – CBN

The total net credit by the Nigerian banking sector to the government rose by N2.2tn in the first quarter ended March 2022 to N16.32tn. Figures obtained from the Central Bank of Nigeria’s data on ‘Money and credit statistics’ have shown. According to the data, the net credit to the government rose from N14.12tn as of […]

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

Forex remittances crash by 48% amid dollar shortage – CBN report

The country’s total direct remittances dropped by $119.4m to $130.12m as of January 2022 from $249.52m as of December 2021, figures obtained from the Central Bank of Nigeria have revealed. The development indicates a 48 per cent over a period of one month. According to the CBN’s record on weekly international payments, the country recorded […]

Power generation dropped 43mw after worker's strike - FG
Electricity

Power firms owe banks N861.14bn amid electricity crisis

THE debt owed to Nigerian banks by operators in the power sector rose by 12.83 per cent in one year to N861.14bn in December 2021 amid the lingering problems plaguing the sector since it was privatised over eight years ago, according to the Central Bank of Nigeria data. In July 2020, core investors in the […]

100% cashless economy possible in Nigeria - Emefiele
Economy

External reserves fall by $196m in eight days

Nigeria’s external reserves fell slightly by $196m in eight days to $39.62bn as of April 28, according to figures obtained from the Central Bank of Nigeria. The CBN revealed that the reserves, which had earlier gained $243.83m in 19 days from $39.54bn as of April 1, 2022 and rose to $39.78bn as of April 19, […]

Power generation dropped 43mw after worker's strike - FG
Electricity

Blackout hits CBN, army headquarters, others

The headquarters of the Central Bank of Nigeria, the Nigerian Army as well as the Federal Ministry of Finance, among others, suffered blackouts on Sunday due to the vandalism of the power network in the Central Business District of the Federal Capital Territory. In a notice to power users in Nigeria’s capital city, the Abuja […]

US deficits projected $1trn higher over next decade
Uncategorized

Economic crisis worsens as forex inflows fall by $9.58bn

Foreign exchange inflows into the economy declined in the fourth quarter of 2021, owing to lower receipts from the Central Bank of Nigeria and autonomous sources. This is an indication of a worsening crisis for a forex-strapped economy. The latest figures from the Central Bank of Nigeria’s quarterly report on “Foreign Exchange Flows through the […]

Debt
Economy

Manufacturers borrow N1.03tn from banks, debts hit N4.2tn

Operators in the nation’s manufacturing sector saw their combined debt to Nigerian banks rise to N4.19tn in January 2022. This is as they borrowed the sum of N1.03tn between January 2021 and January 2022. This implies that banks’ credit to the sector increased by 32.79 per cent in the one-year period from N3.16tn as of […]

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