An advisor and treasury manager has faulted the Central Bank of Nigeria (CBN) recent increase in the Monetary Policy Rate (MPR) in an attempt to curb inflation and stabilise the economy. Akeju, a member of the Chattered Institute of Treasury Management (CITM), made his position known while speaking...
CBN
The Central Bank of Nigeria (CBN) says mobile money operators including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint will resume the enrolment of new customers “in another couple of months”. CBN Governor, Olayemi Cardoso, stated this on Tuesday at the 295th Monetary Policy Committee (MPC) of...
Some financial and economic experts have advised the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to retain the lending rate of 24.75 per cent. The experts, who gave the advice in separate interviews with the News Agency of Nigeria (NAN) in Abuja spoke against...
By JOY ADARA, Abuja – The Socio-Economic Rights and Accountability Project (SERAP), BudgIT and 136 concerned Nigerians have filed a lawsuit against the Central Bank of Nigeria (CBN) “over its failure to withdraw the patently unlawful ‘Circular’ directing all banks and other financial institutions to deduct from customers’ account...
Reps stop implementation of cybercrime levy by CBN The House of Representatives on Thursday, May 9, directed the Central Bank of Nigeria (CBN) to immediately halt the implementation of the cybercrime levy introduced by the apex bank in compliance with the provisions of the cybercrime Act. The House said...
The Trade Union Congress of Nigeria (TUC) has threatened a shut down of the economy over the plan to begin implementation of the 0.5 per cent cyber security levy on electronic transactions. The body urged the Federal Government to direct the Central Bank of Nigeria (CBN) to withdraw...
By JOY ADARA, Abuja – Socio-Economic Rights and Accountability Project (SERAP), has urged President Bola Tinubu to immediately direct the Central Bank of Nigeria (CBN), to withdraw the cybersecurity levy on Nigerians as it patently violates the provisions of the Nigerian Constitution 1999 [as amended] and the country’s...
A financial expert, Prof. Uche Uwaleke says the newly introduced 0.5 per cent charges on electronic transactions as cybersecurity levy by the Central Bank of Nigeria (CBN) is ill-timed. Uwaleke, a professor of capital market and the president of the Capital Market Academics of Nigeria, said this in...
The Central Bank of Nigeria (CBN) has exempted 16 items from the 0.5 per cent Cybersecurity levy on all electronic transactions. CBN directed banks to begin charging 0.5% cybersecurity levy on transactions as part of efforts to contain the rising cybercrime threats in the financial system. Economic Confidential...
Sen. Ned Nwoko, has advised the Federal Government and the Central Bank of Nigeria (CBN) against any measures that is capable of `artificially` forcing the Naira to gain value against other currencies. Nwoko, who represents Delta North, gave the advice in a statement he personally signed and made...
The Naira on Monday slightly depreciated at the official market, trading at N1,234.49 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N64.50. This represents a 5.51 per...
A financial expert, Mr Okechukwu Unegbu, has urged the Federal Government to dissipate more effort in arresting and prosecuting politicians accused of looting the treasury. Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), gave the advice in an interview with the News Agency...
The Central Bank of Nigeria (CBN) has reduced the Loan-to-Deposit Ratio (LDR) of deposit money banks from 65 per cent to 50 per cent. This is according to a letter by Dr Adetona Adedeji, CBN’s Acting Director, Banking Supervision Department, addressed to all banks. Adedeji said that the...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has warned bank customers to desist from using foreign currency as collateral for Naira loans. The CBN Acting Director, Banking Supervision Department, Adetona Adedeji, gave the warning in a statement on Monday, in Abuja. Adedeji said that...
The Central Bank of Nigeria (CBN) has approved daily sales of 10,000 dollars to 1,588 eligible Bureau De Change operators at the rate of N1,101 to the dollar. The Director, Trade and Exchange Department of the CBN, W.J Kanya said this in a letter addressed to the President,...
A fresh round of squabbles is rocking the board of First Bank of Nigeria, a development shareholders fear poses major threat to the bid by the first generation financial institution to strengthen its capital base in line with the recent directive of the Central Bank of Nigeria, CBN, to...
CBN’s aggressive monetary policy tightening will boost foreign investment, strengthen Naira – Expert
CBN’s aggressive monetary policy tightening will boost foreign investment, strengthen Naira – Expert
A renowned Economist, Prof. Ken Ife, says aggressive monetary policy tightening adopted by the Central Bank of Nigeria (CBN) will attract foreign portfolio investments to the country. Ife, who is the Lead Consultant on Private Sector Development to ECOWAS Commission, said this in an interview with the News...
The founder of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, has said the upward adjustment of capital requirements for banks will improve their ability to manage risks and withstand economic shocks. Yusuf said this in a statement on Friday while responding to CBN’s...
The President, Association of Bureau De Change of Nigeria (ABCON), Aminu Gwadabe, has said the recent monetary policy decisions of the Central Bank of Nigeria (CBN) have made the Naira to gain strength. Gwadabe said this in a telephone interview with the News Agency of Nigeria (NAN) on...
The Central Bank of Nigeria (CBN), has increased the minimum capital requirement for Deposit Money Banks (DMBs) with national licences from N25 billion to N200 billion. The apex bank also increased capital requirement for banks with regional licences from N15 billion to N50 billion , and...