cbn

Stakeholders Debate Investment Bill Provisions ️ Key government agencies, including the Central Bank of Nigeria (CBN) and the Ministry of Finance, have raised concerns over the Investment and Securities Bill (ISB) 2024 at a public hearing in the National Assembly. The bill aims to replace the...

CBN Unveils New Initiatives to Boost Financial Inclusion and Economic Development in Nigeria In a significant move to enhance financial inclusion and economic empowerment across Nigeria, the Central Bank of Nigeria (CBN) has launched three groundbreaking initiatives. These initiatives were...

Rising Fuel Costs and Flooding Threaten to Drive Nigeria’s Inflation Even Higher, Analysts Warn As Nigeria’s October inflation data release approaches, analysts are sounding the alarm that inflationary pressures are set to remain high. Driven by increased fuel prices, currency depreciation, and...

Nigeria’s External Reserves Reach 33-Month High of $40 Billion Amid CBN’s Economic Reforms Detailed Report: 1. Overview of Reserve Growth The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has announced a notable increase in Nigeria’s foreign exchange reserves, which...

CBN and NERDC Set to Introduce Financial Literacy Education in Nigerian Schools Detailed Summary: The Central Bank of Nigeria (CBN), in partnership with the Nigerian Educational Research and Development Council (NERDC), is gearing up to introduce financial literacy into the national school...

IFC and CBN Partner to Boost Nigeria’s Economy with $1 Billion Local Currency Investment Initiative Detailed Breakdown: The International Finance Corporation (IFC), a member of the World Bank Group, and the Central Bank of Nigeria (CBN) have announced a new partnership aimed at strengthening...

CBN Confirms NNPC’s Autonomy in FX Purchases as Nigeria Pushes for Local Currency Transactions Details: At the World Bank/IMF Annual Meetings in Washington DC, Central Bank of Nigeria (CBN) Governor Yemi Cardoso clarified that NNPC Limited operates independently in the foreign exchange market...

CBN Governor to Engage Finance Professionals on Strategies to Curb Inflation and Stabilize Rates Amid Economic Challenges Details: The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, is set to lead discussions with finance and corporate treasury professionals from Nigeria and...

House of Representatives Urges CBN to Withdraw Old Naira Notes and Increase Circulation of New Currency Detailed Summary: The Nigerian House of Representatives has called on the Central Bank of Nigeria (CBN) to begin a phased withdrawal of old naira notes (N200, N500, and N1,000) and to ensure...

Nigerians in Diaspora to Get Non-Resident BVN Platform by December – CBN Governor Cardoso Detailed Breakdown: The Nigerian Inter-Bank Settlement System (NIBSS) is set to launch a non-resident Bank Verification Number (BVN) platform by December 2024, which will allow Nigerians living abroad to...

Several Nigerian Banks Face Delays in Meeting Recapitalization Deadline Detailed Breakdown: As the June 2026 deadline set by the Central Bank of Nigeria (CBN) for recapitalization approaches, some Nigerian commercial banks are experiencing delays in raising the required capital. While...

CBN Governor Cardoso Urges Increase in Skilled Finance Graduates to Drive Economic Growth The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has emphasized the pressing need to address the shortage of skilled professionals in finance-related disciplines across Nigerian...

CBN AND SEC IMPOSE N1.5BN FINES ON 10 NIGERIAN BANKS FOR FOREX VIOLATIONS In the first half of 2024, the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) sanctioned 10 major banks for violations related to foreign exchange guidelines and other regulatory...

CBN FACILITATES N7.05BN AND $714,569 REFUND TO CUSTOMERS AS PART OF CONSUMER PROTECTION DRIVE Breakdown of the News: 1. Consumer Protection and Refunds: The Central Bank of Nigeria (CBN) announced that Nigerian banks have refunded a total of N7.05 billion and $714,569 to customers. This action...

CBN WITHDRAWS N1.3 TRILLION FROM BANKING SYSTEM IN SEPTEMBER TO TIGHTEN LIQUIDITY The Central Bank of Nigeria (CBN) withdrew N1.3 trillion from the banking system in September 2024 through Nigerian Treasury Bills (NTB) and Open Market Operations (OMO) auctions, according to a report by...

CBN’s BOLD MOVE: CARDOSO DEFENDS 27.75% INTEREST RATE HIKE TO TACKLE INFLATION Detailed Breakdown: The Central Bank of Nigeria (CBN) recently raised the Monetary Policy Rate (MPR) to 27.75%, a move Governor Yemi Cardoso described as necessary but "painful" for borrowers. While addressing the...

NIGERIAN BANKS DEPLETE N132BN OF CBN's INTERVENTION FUND AMID SCRUTINY Summary: A recent report reveals that Nigerian banks have reduced the intervention funds left in their possession to N399.34bn, following a Central Bank of Nigeria (CBN) decision to end the scheme a year ago. Between...

INTEREST RATE HIKE AND NAIRA STABILITY The Central Bank of Nigeria (CBN) raised the monetary policy rate (MPR) by 50 basis points (bps) to 27.25% and the cash reserve ratio (CRR) by 200 bps to tackle inflation and stabilize the naira. This move is aimed at curbing inflationary pressures...

CBN GOVERNOR HIGHLIGHTS DANGOTE REFINERY’s IMPACT ON EASING FX PRESSURE AND REDUCING FOOD PRICES The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has stated that lifting petroleum products from the Dangote Refinery will help reduce foreign exchange demand pressures and moderate...

SEC GUIDELINES ENHANCED TRANSPARENCY IN BANK'S RECAPITALIZATION PROCESS The Securities and Exchange Commission (SEC) has highlighted that its guidelines played a pivotal role in ensuring the transparency of Nigeria’s recent banking recapitalisation exercise. Dr. Emomotimi Agama, the...