Business

MAN aligns with CBN unified exchange rates

Ihesiulo Grace 11 July 2020 0

The Manufacturers Association of Nigeria (MAN) says the unification of the country’s exchange rate is a will enshrine increased investment inflow in the real sector of the economy. MAN President, Mr Mansur Ahmed, made this remark in a statement made available to newsmen on Friday in Lagos.

Business

DisCos seeks CBN intervention to improve metering process in Nigeria 

Ihesiulo Grace 10 July 2020 0

Power Distribution Companies (DisCos) is seeking Central Bank on Nigeria-funded massive meter rollout project to ensure electricity customers are adequately metered. The intervention they say will prepare Nigerians in advance of the full take-off of the proposed Service Reflective Tariff (SRT). Speaking on behalf of the DisCos at the House of Representatives public hearing

Business

CBN approves Stirling Trust For Cash-In-Transit Services

Ihesiulo Grace 9 July 2020 0

The Central Bank of Nigeria (CBN) has approved Stirling Trust Company Limited’s request to begin Cash-In-Transit (CIT) operations in the country. The approval, which became effective in April this year, was just announced by the apex bank in a circular  addressed to all deposit money banks as well as all licensed CITs and CPCs in […]

Business

CBN approves Stanbic IBTC’s management reshuffles

Ihesiulo Grace 7 July 2020 0

The Central Bank of Nigeria (CBN) has approved the executive management promotions recently announced by the Boards of Directors of Stanbic IBTC Holdings PLC and Stanbic IBTC Bank PLC. Top on the list of these approved promotions is that of Dr Demola Sogunle, who moves up to the position of Chief Executive, Stanbic IBTC Holdings […]

Business

CBN approves Stanbic IBTC’s management reshuffles

Ihesiulo Grace 6 July 2020 0

The Central Bank of Nigeria (CBN) has approved the executive management promotions recently announced by the Boards of Directors of Stanbic IBTC Holdings PLC and Stanbic IBTC Bank PLC. Top on the list of these approved promotions is that of Dr DemolaSogunle, who moves up to the position of Chief Executive, Stanbic IBTC Holdings PLC. […]

Business

CBN to support rice, eight other commodities with N432bn

Ihesiulo Grace 19 June 2020 0

Introduces non-interest window in loans to SMEs, households The Central Bank of Nigeria (CBN) has concluded plan to fund the value chains of nine commodities to the tune of N432 billion in the 2020 wet season. This is even as the apex bank yesterday revealed plans to integrate non-interest loan window in all its intervention programmes, […]

Business

CBN releases revised guidelines for dispense errors, refund complaints

Ihesiulo Grace 1 June 2020 0

In a bid to enhance transaction quality and efficiency especially in the areas of failed transactions and dispense errors, the Central Bank of Nigeria (CBN), has revised timelines for reversals and/or the resolution of refund complaints on electronic channels, with effect from June 8, 2020. In a statement by Isaac Okoroafor, Director, Corporate Communications department of

Business

Manufacturing PMI drops to 42.4 index points in May-CBN

Ihesiulo Grace 31 May 2020 0

The Central Bank of Nigeria (CBN) said that the Manufacturing Purchasing Managers Index, (PMI) dropped to 42.4 index points in May, indicating contraction in the manufacturing sector for the first time after recording expansion for 36th consecutive months. According to the CBN PMI survey, “Of the 14 surveyed subsectors, only the electrical equipment sector reported […]

Business

MPC: CBN reduces benchmark interest rate to 12.5%

Ihesiulo Grace 29 May 2020 0

 .Retains other economic parameters .Decision will ensure the economy is afloat -Uwaleke The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Thursday reviewed downwards Monetary Policy Rates from 13.5 per cent to 12.5 per cent. It, however, held all other economic parameters unchanged. The MPR is the instrument used by the […]

Business

CBN approves reliefs on loans in OFIs sector

Ihesiulo Grace 28 May 2020 0

.Reduces interest rates on OFIs facilities from 9% to 5% per annum In a bid to curtail the impact of the coronavirus pandemic on households, businesses and regulated institutions, the Central Bank of Nigeria (CBN), has reduced interest rates on its facilities through participating Other Financial Institutions (OFIs) from 9 per cent to 5 per […]

Business

MPC may retain all parameters, Uwaleke predicts

Ihesiulo Grace 25 May 2020 0

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) may retain all the policy parameters except for the Cash Reserve Ratio (CRR) in its upcoming meeting, renowned Professor of Finance and Capital Market at the Nasarawa State University, Keffi, Uche Uwaleke predicted. Recall, Prof. Uwaleke had earlier predicted the CRR’s reduction from […]

Featured Top Stories

COVID-19: CBN, NNPC move to save evacuees in Lagos, Abuja

Ihesiulo Grace 19 May 2020 0

.Says despite efforts made so far, Nigeria not yet ripe to fully reopen economy .Identifies 9 densely populated LGAs with high number of COVID-19 cases .To engage in aggressive scaling up of community participation As the Coronavirus pandemic otherwise referred to as COVID-19 continue to spread across the country, the Federal Government has announced the […]

News

COVID-19: CBN to fund Nigerian researchers, institutions that develop vaccine

Ihesiulo Grace 12 May 2020 0

Abuja – The Central Bank of Nigeria (CBN) says it is developing a framework under which grants and long term facilities will be provided to researchers, science institutions and biotechnology firms to develop COVID-19 Vaccine. The Governor of CBN, Mr Godwin Emefiele disclosed this at the unveiling of the THISDAY Dome Testing, Tracing and Treatment […]

Featured Top Stories

CBN, Bankers’ c’ttee shelve workers lay-off

Ihesiulo Grace 4 May 2020 0

.As expert projects CRR reduction at next MPC meeting Following the impact of COVID-19 pandemic on Nigeria’s banking industry, the Central Bank of Nigeria (CBN) and the Bankers’ Committee have agreed to shelve the planned sack of workers. Some commercial banks operating in the country had proposed to the idea of laying-off certain percentage of […]

Business

Tinubu wants CBN to review high interest rate policy

Ihesiulo Grace 4 May 2020 0

.Says Naira is overvalued in Nigeria’s trade internationally Due to the economic fallout from the coronavirus pandemic, the All Progressives Congress (APC), National Leader, Asiwaju Bola Ahmed Tinubu has called on the Central Bank of Nigeria (CBN) to review its high-interest rate policy. The ex-Lagos state governor made this disclosure in a well-reasoned position

Business

Recapitalisation: CBN extends deadline for MfBs to April 2022

Ihesiulo Grace 1 May 2020 0

The Central Bank of Nigeria (CBN) has extended the deadlines issued to Microfinance banks (MfBs) to comply with its revised minimum capital requirements. This was contained in a circular issued to all microfinance banks on April 29, 2020, and signed by the CBN’s Director, Financial Policy and Regulation Department, Kevin Amugo. In the circular, the […]

Business

CBN resumes dollar sale for SMEs, school fees

Ihesiulo Grace 30 April 2020 0

The Central Bank of Nigeria (CBN) has resumed the sale of foreign exchange to all commercial banks for onward sales to parents to pay schools fees and operators of small and medium scale enterprises (SMEs) wishing to make essential imports needed to revamp economic activities across the country. READ ALSO: Buhari didn’t appoint ‘dead’ man […]

Business

Private-sector donations to fight COVI-19 hit N27.1bn

Ihesiulo Grace 29 April 2020 0

Donations from individuals and corporate groups in Nigeria to the Private Sector Coalition Against COVID-19 (CACOVID) Relief Fund domiciled at the Central Bank of Nigeria (CBN) now stands at N27.1 billion. This was revealed in a statement issued on behalf of the coalition by the Director, corporate communications, Central Bank of Nigeria, Isaac Okorafor, on […]

Business

Buhari orders CBN, others to provide stimulus packages for SMEs

Ihesiulo Grace 28 April 2020 0

.Commends insurance sector for N11bn cover for 5,000 health workers In recognition of  the critical role that the Small and Medium Scale Enterprises (SMEs) play in Nigeria’s economy, President Muhammadu Buhari on Monday directed the Central Bank of Nigeria (CBN) and other financial institutions to make further plans and provisions for financial stimulus packages for the

Business

CBN lifts suspension on cheque clearing

Ihesiulo Grace 28 April 2020 0

Indications are rife that the Central Bank of Nigeria (CBN) may have lifted its hold on interbank cheques clearing. This indication emerged from the Secretary to the Government of the Federation Boss Mustapha, when answering questions from the newsmen during the daily Presidential Task Force on COVID-19 press briefing in Abuja on Monday. COVID-19: All […]