Business
CBN confirms merit-based selection of Remita to provide electronic platform
The Director of Banking Services, Central Bank of Nigeria (CBN), Hamisu Abdullahi, highlighted the merit-based selection of Remita to provide an electronic platform essential for facilitating payments from Ministries, Departments, and Agencies (MDAs) to beneficiary accounts across commercial banks. He said this when officials of the Central Bank of Nigeria…
Read More »CBN unveils new minimum capital requirements of N10b to N500b for banks
Days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system, the Central Bank of Nigeria (CBN) on Thursday, March 28, 2024, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international…
Read More »CBN Clears all Valid FX backlog, as external reserves increase by $993 million
The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Mr. Olayemi Cardoso, to process an inherited backlog of US$7 billion in claims. This was disclosed by the Bank’s Acting Director, Corporate Communications, Mrs.…
Read More »CBN Reports Upsurge In Dollar Inflow as Remittances Quadruple, Foreign Investors’ Return
The Central Bank of Nigeria (CBN) reported a significant increase in foreign exchange inflow into the economy in February 2024, with marked increments in remittance payments by Nigerians overseas and purchases of naira assets by foreign portfolio investors. Speaking with newsmen in Abuja, the Bank’s Acting Director of Corporate Communications,…
Read More »CBN axes 4,173 Bureaux De Changes
The Central Bank of Nigeria (CBN), has announced revocation of operational licences of 4,173 Bureaux De Change (BDCs) for failure to observe some regulatory provisions. According to a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi, the move is in exercise of the powers conferred on…
Read More »CBN’s MPC raises interest rate by 400 basis points to 22.75%
Story by: Abiodun Folarin The Monetary Policy committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday increased interest rate- the Monetary Policy Rate (MPR) by 400 basis points from 18.75 per cent to 22.75% saying that the hike in policy rate will help tame inflation pressure. The…
Read More »CBN approves $20,000 for BDCs to meet demands
The Central Bank of Nigeria (CBN) on Tuesday approved allocation of 20,000 dollars to all eligible Bureau De Change (BDC) operators across the country as part of its on-going reforms. Dr Hassan Mahmud, Director, Trade and Exchange Department, CBN, in a circular, said the move was aimed at tackling distortions…
Read More »NNPC, CBN to Strengthen Relationship to Guarantee Seamless Commercial Operation
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mallam Mele Kyari, and the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, have reviewed the decision of the NNPC Ltd. to domicile a significant portion of its revenues and other banking services…
Read More »CBN dismisses speculation to convert domiciliary account holdings into Naira
The Central Bank of Nigeria (CBN) has been reacted to a story alleging that the Federal Government is considering converting $30 billion domiciliary deposits to Naira, saying the allegation is absolutely false. CBN is a statement signed by Sidi-Ali, Hakama (Mrs.), Ag. Director, Corporate Communications said the “aims of the…
Read More »CBN confirms clearance of more verified Forex liabilities backlog, releases $500m to various sectors
The Central Bank of Nigeria (CBN) said it had released US$500 million to various sectors in its determination to address the backlog of verified foreign exchange transactions. This comes barely a week after the bank paid approximately US $2.0 billion to settle outstanding commitments across manufacturing, aviation, and petroleum sectors.…
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