Economy
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 »Reps summon CBN Governor over alleged revenue leakages
Nigeria’s House of Representatives Public Account Committee (PAC) has summoned the Central Bank of Nigeria (CBN) Governor, Mr Olayemi Cardoso to appear before it on or before Tuesday, March 5, or face arrest warrant. Rep. Bamidele Salam, the chairman of the committee said this in Abuja on Tuesday at the…
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 »Nigeria: Bill to establish state police passes 2nd reading at Reps
A Bill for an act to establish State Police and other Related Matters thereto, has passed second reading in the House of Representatives. The bill which will alter provisions of the 1999 Constitution to provide for the establishment, was sponsored by Rep. Benjamin Kalu and 12 others. Leading the debate…
Read More »Nigeria: ONSA, CBN declare war on forex speculators
The Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) are joining forces to address challenges impacting the nation’s economic stability. This is contained in a statement by the Head, Strategic Communication at ONSA, Mr Zakari Mijinyawa, on Tuesday in Abuja. Mijinyawa said the recent…
Read More »NNPC Chief Mele Kyari Highlights Energy Security’s Role in Wealth Creation
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mr. Mele Kyari, says no public wealth creation endeavour can achieve any meaningful success without energy security. The GCEO stated this in a presentation at the Ministry of Finance Incorporated (MOFI) Public Wealth Management Conference which…
Read More »Maritime workers oppose proposed 50% from NPA’s revenue, threaten to shut ports
Maritime workers have insisted on a 30 per cent deduction from Nigerian Ports Authority (NPA) revenue instead of the proposed 50 per cent automatic deduction, warning of a potential nationwide strike. They made the threat in a statement jointly issued by the Senior Staff Association of Statutory Corporations and Government-Owned…
Read More »CBN assures of stability in exchange rate sooner than later
The Central Bank of Nigeria (CBN), has assured of stability in naira/ dollar exchange rate. The CBN Governor Mr Olayemi Cardoso, said at an interface with the Senate Joint Committee on Banking and Insurance in Abuja on Friday that “In terms of volatility of the exchange rate, we are using…
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…
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