In a significant milestone, Wema Bank Plc has successfully completed its N150 billion Rights Issue, gaining full approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). The bank announced this achievement in a statement released on Thursday in Lagos. The Rights Issue, which...
Central Bank of Nigeria (CBN)
Central Bank of Nigeria (CBN) has set an ambitious target of achieving a $1 billion diaspora reserve by 2026, according to CBN Governor Dr. Olayemi Cardoso. Speaking at the 18th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday,...
If a man cooks for a community ,the meal would scarcely go round, However, if a community decides to cook for a man, the feast will overwhelm him – old African proverb. The foregoing may have aptly captured the likely outcome of the current standoff between the Department of...
President Bola Ahmed Tinubu said on Tuesday in Abuja that the revenue target for 2025 was achieved in August, following economic reforms focused on stimulating the non-oil sector. He said that the bulk of the revenue came from the non-oil sector. The President assured Nigerians that the Renewed Hope...
By SADIQ ABUBAKAR, Maiduguri – Professor Ibrahim Umara of the University of Maiduguri (UNIMAID) has called on the Federal Government and the Central Bank of Nigeria (CBN) to strengthen the naira by allowing its free flow in domestic markets and encouraging foreign investors to purchase Nigerian goods and services...
Central Bank of Nigeria (CBN) has reiterated that its Early Exit Package (EEP) implemented in 2024 was entirely voluntary and not designed to target or marginalize employees from Northern Nigeria. CBN Deputy Governor (Economic Policy), Muhammad Abdullahi, made this clarification during a two-day Interactive Session on Government-Citizen Engagement held...
Central Bank of Nigeria (CBN) Governor, Mr. Yemi Cardoso, attributed the reduction in June’s headline inflation to stabilized energy prices and a steady foreign exchange market. Speaking in Abuja on Tuesday during the presentation of the 301st Monetary Policy Committee (MPC) communiqué, he highlighted key factors influencing the economy....
Central Bank of Nigeria (CBN) has maintained its Monetary Policy Rate (MPR) at 27.5%. CBN Governor Yemi Cardoso, announced this on Tuesday during a press briefing in Abuja following the 301st Monetary Policy Committee (MPC) meeting. Cardoso revealed that the decision to keep the lending rate unchanged was unanimous...
Central Bank of Nigeria (CBN) has addressed recent speculations regarding charges associated with the newly launched Non-Resident Bank Verification Number (NRBVN) platform. In a statement released by the Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi-Ali, the CBN assured the public that there are no hidden fees....
The Naira appreciated by ₦4.59 against the U.S. Dollar on Thursday, closing at ₦1,586.15 at the official foreign exchange market. Data from the Central Bank of Nigeria’s website showed that the Naira recorded a 0.28 per cent gain, indicating a slight but consistent upward trend. On Wednesday, the local...
The Ministry of Housing and Urban Development has officially taken delivery of a 753-unit housing estate formerly owned by the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele. Disclosing this in a statement on Tuesday, the ministry said that the property was handed over by the...
The Central Bank of Nigeria (CBN) has reassured the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound. The CBN said this in a statement issued by its Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali According to Sidi-Ali, the attention of the CBN...
The Federal Capital Territory (FCT) High Court, Apo, Abuja, on Monday dismissed an application filed by the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, seeking to reclaim a vast estate in the city comprising 753 duplexes and apartments which has already been forfeited to the...
Group Managing Director, United Bank for Africa (UBA), Mr Oliver Alawuba, has said Nigeria requires a double-digit Gross Domestic Product (GDP) growth to achieve the projected one-trillion dollar economy target by 2030. Alawuba made this remark on Monday in Abuja, at the ongoing 36th Edition of the Finance Correspondents...
The Central Bank of Nigeria (CBN) has affirmed the preparedness of the Nigerians banks for the ongoing recapitalisation exercise. The Director of Banking Supervision Department, CBN, Dr Olubukola Akinwumi, gave this assurance on Monday in Abuja, at the ongoing 36th Edition of Finance Correspondents and Business Editors Association of...
The Central Bank of Nigeria (CBN), has said the recapitalisation of Nigerian banks is crucial to the march towards achieving a one-trillion dollar economy. CBN’s Deputy Governor, Corporate Services, Emem Usoro, said this on Monday in Abuja, at the ongoing 36th edition of the Finance Correspondents Association of Nigeria...
The Centre for the Promotion of Private Enterprises (CPPE) has urged the Central Bank of Nigeria (CBN) to adopt a framework that minimises volatility in the customs duty exchange rate. CPPE Founder, Dr Muda Yusuf, said in a statement on Wednesday in Lagos that this would boost investors’ confidence...
The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) has raised the Monetary Policy Rate(MPR) by four hundred basis points to 22.75 percent from 18.75 percent. Governor of the CBN Yemi Cardoso announced this after the first MPC meeting for the year in Abuja on Tuesday. “All...
The Central Bank of Nigeria (CBN), has scheduled its first Monetary Policy Committee (MPC) meeting with Yemi Cardoso as Governor for Monday and Tuesday. Some economic experts have projected that the benchmark interest rate known as the Monetary Policy Rate (MPR) would most likely be tightened...