The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says lifting of petroleum products from the Dangote Refinery will moderate foreign exchange demand pressures. Cardoso who said this on Tuesday in Abuja, while presenting a communique from the apex bank’s 297th Monetary Policy Committee meeting, said that...
CBN
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has further increased the Monetary Policy Rate (MPR) by 50 basis points to 27.25 per cent from 26.75 per cent. The Governor of the CBN, Yemi Cardoso, made this known on Tuesday in Abuja, while reading the...
A legal practitioner, Mr Junaid Sanusi who is a customer of Access Bank Plc, has sued the bank for N100 million for allegedly deducting his money unlawfully. While arguing his originating summons before the Federal High Court at Ibadan on Monday, Sanusi informed the court that he operated a...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has directed payment service providers to begin the tracking of all Point of Sale (PoS) transactions. In a circular issued recently, , the CBN ordered Payment Service Providers (PSPs) to regularize their connections with Payment Terminal Service Aggregators...
The Minister for Finance and Coordinating Minister of the Economy, Mr Wale Edun, has said that Federal Government’s revenue for the first quarter of 2024 has increased to N9.1 trillion. According to Edun, this is more than double in the same period in 2023. Edun said this at the...
By CHRISTIANA LOT, Jos – The Conference of Autochthonous Ethnic Communities Development Association (CONECDA) has criticized the Central Bank of Nigeria (CBN) leadership for its lack of response to serious allegations of misappropriation, calling on the institution to publicly address the issues and clear its name. During a press...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has approved 20,000 dollars each for eligible Bureaux De Change (BDCs) at the rate of N1,580 to a dollar. The Acting Director, Trade and Exchange Department, Dr. Williams Kanaya, disclosed this in a statement on Saturday in Abuja....
As the inflation occasioned by weak naira inflation, a wide dollar gap and high energy cost impacts on Nigeria’s economy the Federal Government of Nigeria (FGN) is conceiving various means to ameliorate the situation. Improving the volume of Foreign Exchange (FX) into the economy as means of moderating the...
The Director General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has advocated policy consistency in Nigeria regardless of change from one administration to another. “Maintaining good economic and social policies; maintaining policy consistency and adding more reforms on top of that will lead us along the path of...
By CHRISTIANA LOT, Jos – No fewer than 100 former employees of the Central Bank of Nigeria (CBN) have initiated legal action at the National Industrial Court in Abuja, contesting their alleged unlawful termination during a reorganization exercise in May 2024. It is pertinent to note that on May...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN), on Tuesday said it has recorded a significant increase in remittance inflows of 553 million dollars in July. The CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, who disclosed this in a statement, said the all-time high remittances...
The Federal Government says it will begin crude oil sales in Naira to Dangote Refinery and others in October. This is according to a statement by the Director Press and Public Relations, Federal Ministry of Finance and Economic Planning, Mr Mohammed Manga in Abuja on Monday. Manga said that...
The Central Bank of Nigeria (CBN) says it has reintroduced the publication of several key economic reports to foster transparency in the economy. This is contained in a statement by the CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali on Tuesday in Abuja. Sidi-Ali said that it...
The Nigeria Deposit Insurance Corporation (NDIC) has paid 82.36 per cent of depositors with above N5 million as insured sum in the defunct Heritage Bank. The NDIC Director of Communication and Public Affairs, Mr Bashir Nuhu, in a statement on Sunday, said that the step underscored the...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN), has offered 876 million dollars to the foreign exchange (fx) markets to fulfil bids submitted by customers at an auction concluded on Wednesday. The CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, disclosed this in a statement...
The Central Bank of Nigeria (CBN) has said it undertook the sale of foreign exchange (Fx) to end users through a Retail Dutch Auction System (rDAS). According to a statement by Omolara Duke, Director, Financial Markets Department of the apex bank, the step was taken on Tuesday to...
Bank customers have thronged their banks to reactivate their dormant accounts in line with the Central Bank of Nigeria (CBN) guidelines on the management of dormant accounts and unclaimed balances. Some of the customers, who spoke to the News Agency of Nigeria (NAN) in Abuja on Tuesday,...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has sold a cumulative amount of 148 million dollars to authorised dealers in the Nigerian Foreign Exchange Market (NFEM). The CBN Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, disclosed this in a statement on Saturday. Mrs. Sidi-Ali...
The stock market’s performance index closed 0.08 per cent weaker on Tuesday as investors reacted negatively to the Central Bank of Nigeria’s (CBN) hike in the Monetary Policy Rate (MPR). The News Agency of Nigeria (NAN) reports that CBN’s Monetary Policy Committee (MPC) earlier announced another increase in...