cbn

CBN DUMPS 12-MONTH FOREX POLICY WITH $876M AUCTION Key Points: 1. CBN Forex Auction: - Amount Auctioned: $876.26 million. - Participating Banks: 26 commercial banks. - Objective: Strengthen the naira by improving foreign exchange liquidity. 2. Impact on Naira: - Naira...

WHAT YOU SHOULD KNOW BEFORE INVESTING IN BANK SHARES - Author: Damilola Aina Key Points: 1. Central Bank Directive: - Reason for Investment Focus: The Nigerian banking sector is a current investment hotspot due to a new Central Bank of Nigeria (CBN) directive. - Mandate: Increase in...

BREAKING: The Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate (MPR), which measures interest rates by 50 basis points, from 26.25% to 26.75% amid soaring inflation and skyrocketing food prices.

INFLATION: OPS OPPOSES FRESH INTEREST RATE HIKE AS MPC MEETS TODAY 1. Overview: - The Organised Private Sector (OPS) has expressed opposition to any increase in interest rates as the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) meets in Abuja. 2. Previous Interest Rate...

JAIZ BANK PLANS N70BN CAPITAL BASE BY DECEMBER 2024 Jaiz Bank has announced plans to increase its capital base to N70 billion by the end of 2024, reaffirming its commitment to becoming a central hub for Islamic banking in Africa. This information was disclosed by the Chairman of the Board of...

NGX LISTS WEMA BANK’S RIGHTS ISSUE OF 8.572 BILLION SHARES The Nigerian Exchange Limited (NGX) has listed Wema Bank Plc’s Rights Issue of 8.572 billion ordinary shares of 50 Kobo each at N4.66 per share on its Daily Official List. This addition was detailed in the NGX weekly report, as seen by...

SUBSCRIPTION FOR 9 BILLION SHARES OF GTCO AT N44.50 PER UNIT OPENS Guaranty Trust Holding Company (GTCO) Plc has commenced a public offer to raise N400.5 billion to strengthen its operations, including its banking subsidiary, GTBank Nigeria Limited. This move follows a Central Bank of Nigeria...

CBN TO AUCTION N166bn T-BILLS The Central Bank of Nigeria (CBN) will auction N166.1 billion in Treasury bills. The auction includes N27.11 billion for 91-day bills, N1.49 billion for 182-day bills, and N137.50 billion for 364-day bills. The CBN plans to issue N1.56 trillion in Treasury bills in...

The Central Bank of Nigeria (CBN) raised N284.26 billion from yield-hungry investors in its latest Nigerian Treasury Bills (NTBs) auction on Wednesday, June 26, 2024. According to the Debt Management Office (DMO), the auction attracted significant interest, with total subscriptions amounting to...

HERITAGE BANK: SHAREHOLDERS PUSH FOR MD, EDs’ PROBE Some minority shareholders of the failed Heritage Bank have called for an investigation into the management and directors of the bank following the revocation of its license by the Central Bank of Nigeria (CBN). The CBN stated that the...

CAPITALISATION: FIDELITY BANK OPENS N127BN PUBLIC OFFER Fidelity Bank has initiated a public offer and rights issue to raise N127.1 billion to comply with the Central Bank of Nigeria’s new capitalisation requirements. The bank aims to collect N97.5 billion from the public offer and N29.6...

NIGERIAN BANKS SUBMITTING RECAPITALISATION PLANS, CENTRAL BANK SAYS Nigerian banks have started submitting their plans to meet the new minimum capital requirements set by the Central Bank of Nigeria (CBN) to enhance the financial system and support economic growth. This comes after the CBN...

Yesterday, the Central Bank of Nigeria ordered the new implementation of a 0.5% levy on all electronic transactions as part of its effort to address the high rate of cybercrime in the financial system. The implementation follows the enactment of the Cybercrime (Prohibition, Prevention, etc.)...

CBN orders banks to deduct 0.5% cybersecurity levy from every transaction The Central Bank of Nigeria has ordered all commercial banks to deduct 0.5% cybersecurity levy on all transactions. The levy is to be remitted into the account of the National cybersecurity Fund and all banks are mandated...

On Monday, 29th of January 2024, the President of Nigeria, Bola Ahmed Tinubu reportedly demanded that some departments within the Central Bank of Nigeria and the Federal Airport Authority of Nigeria relocate from Abuja to Lagos to improve productivity and save costs. The Minister for...

Court fixes January 8, 2024 to deliver Godwin Emefiele judgment The date for Godwin Emefiele’s judgment has been fixed by the court. The court has settled on the 8th of January 2024 to deliver his judgment. A Federal Capital Territory High Court will deliver the judgment in the enforcement...

Latest information about the new naira Note About the New naira note The new naira notes are the redesigned naira notes in Nigeria. These newly redesigned notes consist of just 3 denominations out of 8 denominations. Only the higher denominations of the Nigerian currency which are the N200...

Old and New Naira notes to remain legal tender till further notice – supreme court In a recent development, the supreme court of Nigeria has ruled that both the old and new naira notes will remain legal tender until further notice is given. They gave the ruling today, the 29th of November...

Update: Court grants Godwin Emefiele bail once again The court has once again granted Godwin Emefiele bail. Godwin Emefiele is the former Governor of the Central Bank of Nigeria (CBN). He began serving as the Governor of CBN on the 4th of June, 2014 until June 2023 when president Bola Tinubu...

The Central Bank of Nigeria (CBN) has declared that the old N200, N500 and N1000 will continue to remain a legal tender for transactions and exchange in the country. Recall that at the end of October 2022, the Central Bank of Nigeria introduced the redesign of N200, N500 and N1000 notes and...