The former Deputy Governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, has commended the apex bank on the proposed redesigning of the Naira. Moghalu, a Nigerian Political Economist who gave the commendation in a statement on Saturday in Lagos, advocated a 90-day window for implementation. He...
CBN
The Naira on Friday exchanged at N444.75 to the dollar at the Investors and Exporters window, a depreciation of 0.06 per cent, compared with N444.50 to the dollar it exchanged on Thursday. The open indicative rate closed at N443 to the dollar on Friday. An exchange rate of N447...
The Federal Ministry of Finance, Budget and National Planning said the ministry was not consulted on the new monetary policy announced by the CBN to redesign N200, N500 and N1000 naira notes with effect from Dec 15. Minister of Finance, Mrs Zainab Ahmed, said this in Abuja on Friday,...
A Software Development Expert, Dr Yele Okeremi has called on the Central Bank of Nigeria (CBN) to publicise it recently launched eNaira to further deepen the country’s cashless mode of payment. Okeremi, Chief Executive Officer, Precise Financial Systems (PFS) made the call during an interview with the News Agency...
Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), has urged risks managers to be vigilant in order to deal with the complex risks the country is currently facing. Emefiele gave the advice at the 2nd National Risk Management Conference, organised by the Risk Management Department of the CBN...
The Central Bank of Nigeria (CBN) in collaboration with Bizi Mobile Cashless Consult, on Wednesday sensitised students of the University of Lagos (UNILAG) on how to onboard the eNaira app. Lecturers, members of staff and traders in the University community were encouraged to open and onboard the eNaira speed...
Polaris Bank has appointed a new independent Board of Directors to lead the bank’s growth strategy. Alhaji Muhammad Ahmad, Chairman Polaris Board, said in a statement in Lagos. The statement said that the board would have six non-executive directors and three executive directors. The new board and management include:...
The Central Bank of Nigeria (CBN) in collaboration with Bizi Mobile Cashless Consult, on Friday sensitised ‘Keke Napep,’ tricycle riders and their customers at Oshodi Market on how to onboard the eNaira app. Traders in wears, shoes, kitchen items, among other commodities, were encouraged to open the eNaira wallet...
By CALLISTUS OFFOR, Abuja – The Central Bank of Nigeria (CBN) has unveiled a programme of events to commemorate the first anniversary of the launch of Africa’s First Central Bank Digital Currency (CBDC) tagged the “eNaira”, which was formally launched by President Muhammadu Buhari at the State House, Aso...
The Central Bank of Nigeria (CBN) and the has announced the sale of Polaris Bank to a new core investor, Strategic Capital Investment Ltd. (SCIL). A statement signed by Mr Osita Nwanisobi, Director, Corporate Communications and posted on CBN website on Thursday, said the sale was concluded after a...
Speaker of the House of Representatives, Femi Gbajabiamila, has scheduled a roundtable for Oct. 20 with the Central Bank of Nigeria (CBN) Governor and the Minister of Finance over the crisis in the aviation sector. Gbajabiamila said this at the end of a meeting with stakeholders in the aviation...
Vice President Yemi Osinbajo says a more market driven approach will be best for Nigeria’s exchange rate management as it will boost confidence and inwards flows. Osinbajo made this submission in his presentation at the 3rd Ministerial Performance Review Retreat for Ministers, Permanent Secretaries and top Government Functionaries on...
Vice President Yemi Osinbajo says efforts are underway to provide electricity metres for additional six million households in Nigeria. Osinbajo disclosed this in his presentation at the 3rd Ministerial Performance Review Retreat for Ministers, Permanent Secretaries and top Government Functionaries on Monday at the State House Banquet Hall, Abuja....
Angola and Libya have for the second consecutive month maintained their lead over Nigeria as Africa’s highest crude oil producers, according to a report by the Organisation of the Petroleum Exporting Countries (OPEC). OPEC said this in its Oil Market Report for October, which was obtained by the News...
The House of Representatives has directed the Central Bank of Nigeria (CBN) to immediately suspend the sale of Polaris Bank Plc. The House said the suspension should be until the CBN deposit Insurance Corporation and the Asset Management Corporation of Nigeria concluded all processes for open, transparent, and competitive...
The Central Bank of Nigeria (CBN), says it is committed to initiating programmes and policies aimed at supporting Small and Medium Enterprises (SMEs) in Nigeria. Mr Osita Nwanisobi, CBN’s Director, Corporate Communications, said this on Thursday at the apex bank’s special day at the 17th Abuja International Trade Fair....
The Association of Licensed Telecommunications Operators of Nigeria (ALTON) says banks’ Unstructured Supplementary Service Data (USSD) debt has increased to N80 billion from N42 billion reported in 2021. The President of ALTON, Mr Gbenga Adebayo, disclosed this during the ICT Growth Conference 2.0. organised by the Nigeria Information Technology...
The Naira appreciated slightly against the dollar at the Investors and Exporters window on Monday as it exchanged at 436. The rate represents a 0.08 per cent appreciation compared to the N436.33 for which the dollar exchanged Sept. 23. The open indicative rate closed at N435.67 to the dollar...
As the Central Bank of Nigeria (CBN) holds its Monetary Policy Committee (MPC) meeting on Monday, some stakeholders project a hike in policy rates. This is against the backdrop of global monetary policy trend, which has seen the American Central Bank (The Fed), and the Bank of England increasing...
When the Central Bank of Nigeria (CBN) introduced its digital currency, the eNaira in October 2021, the idea was to create an alternative to the fast growing cryptocurrencies being patronised by Nigerians. According to European Central Bank, e-money, broadly speaking, is an electronic store of monetary value on a...