Headlines

Naira gains as CBN sells $300m to banks

DailyTimesNGR DailyTimesNGR 28 February 2024 0

The Central Bank of Nigeria (CBN) has in its effort to stabilise the naira-dollar exchange rate, sold over $300m to Deposit Money Banks in the last two weeks. The Association of Corporate Treasurers of Nigeria (ACTN) disclosed this in an advisory memo made available to its members, a copy of

Headlines

MPC: Why MPR was raised by 400 basis points- Cardoso

DailyTimesNGR DailyTimesNGR 28 February 2024 0

. Says Naira grossly undervalued .Financial expert, Prof Uwaleke says MPC decision ‘an overkill’ .MPC outcome to hurt real sector- Muda Yusuf By Mathew Brangyet The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday, listed the current inflationary and exchange rate pressures, projected inflation, and rising inflation expectations as reasons

Headlines

CBN fixes duty charges to Form M amid calls for N1,000/$ rate

DailyTimesNGR DailyTimesNGR 26 February 2024 0

By Temitope Adebayo The Central Bank of Nigeria (CBN) has directed that the rate to be used by the Nigerian Customs should be what is quoted on the From M of importers. Form M is a key requirement for initiating the importation process and is used by importers or their authorised representatives to provide necessary […]

Headlines

CBN hikes exchange rate for cargo clearance

DailyTimesNGR DailyTimesNGR 16 February 2024 0

By Temitope Adebayo Customs exchange rate for clearance of cargoes at the nation’s seaports reached an all-time high, on Thursday, as the Central Bank of Nigeria (CBN), reviewed it upward by N33.61 representing 2.2 percent. The latest available data showed that the exchange rate for cargo clearance has been adjusted to N1,515.092/$1, an upward readjustment […]

Headlines

NNPCL’s Account in CBN ‘ll promote accountability, transparency, says Expert

DailyTimesNGR DailyTimesNGR 14 February 2024 0

By Mathew Brangyet Bloomfield Law Practice Partner, Dr Ayodele Oni had in an interview, said the plan to domicile crude oil sales account with the Central Bank of Nigeria (CBN) would help in promoting accountability and transparency. Oni said this would have positive effects on the operations of both companies and the country at large. […]

Headlines

CBN has no magic wand for stabilisation of naira – Cardoso

DailyTimesNGR DailyTimesNGR 10 February 2024 0

…advises Nigerians to reduce appetite for dollar, foreign goods By Tunde Opalana & Haruna Salami Governor of Central Bank of Nigeria (CBN) , Olayemi Cardoso, has said the current slide of the Naira against foreign currencies could not be immediately halted by the bank. He said there are short, medium and long term measures put […]

Headlines

Domiciliary account holdings won’t be converted into Naira, CBN assures

DailyTimesNGR DailyTimesNGR 7 February 2024 0

The Central Bank of Nigeria (CBN) has refuted news reports making the rounds that the Federal Government is considering converting $30bn domiciliary deposits to Naira in order to strengthen the foreign reserve. Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali explained this in a statement. According to the Communications director, the allegation is

Headlines

CBN stops Cash Reserve Ratio, adopts new measure

DailyTimesNGR DailyTimesNGR 7 February 2024 0

By Mathew Brangyet The Central Bank of Nigeria (CBN) said it will discontinue the daily Cash Reserve Ratio (CRR) debits and adopt an updated Cash Reserve Requirement mechanism. The move is intended to facilitate deposit money banks’ capacity for planning, monitoring, and aligning their records with the apex bank, it stated. The central bank disclosed […]

Headlines

Why Naira is on free fall-CBN gov

DailyTimesNGR DailyTimesNGR 7 February 2024 0

.Says Apex bank committed to implementing policies that will ensure stable macroeconomic environment .Expert faults Cardoso’s presentation during television programme By Ubong Ukpong and Tom Okpe The Central Bank of Nigeria (CBN), on Tuesday, explained why there is constant depreciation in the value of the National Currency (Naira) against the United States Dollar,

Headlines

CBN injects $500m to clear FX backlog as Naira sinks to N1455/$

DailyTimesNGR DailyTimesNGR 30 January 2024 0

…FG urged to sell moribund assets to raise needed FX By Temitope Adebayo The Central Bank of Nigeria (CBN) on Monday injected an additional $500 million into the foreign exchange market to clear the FX backlog. The Naira at the unofficial foreign exchange market yesterday stood at a buying rate of N1,445 and sold at […]

News

FAAN, CBN relocation to Lagos, Northern elders call for sack of those behind it

Ihesiulo Grace 25 January 2024 0

The Katsina State Elders Forum has warned President Bola Tinubu to immediately reverse the planned relocation of some departments of the Central Bank of Nigeria (CBN) to Lagos. The northern elders also urged him to stop the scheduled relocation of the ongoing expansion project of the Umaru Musa Yar’adua International Airport in the best interest […]

Money

CBN working on price discovery for local currency, says Naira remains undervalued

DailyTimesNGR DailyTimesNGR 25 January 2024 0

By Temitope Adebayo The governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, has said the apex bank will be working on price discovery for the nation’s local currency as it believes that the naira is currently undervalued. This is even as he said, the CBN is committed to not only clearing the […]

Headlines

MPC: Why interest rate easing depends on CBN achieving 21.4% inflation target

DailyTimesNGR DailyTimesNGR 24 January 2024 0

…Adedipe suggests rates hike to boost investment, curb inflation By Temitope Adebayo As the Central Bank of Nigeria (CBN) sets for its first Monetary Policy Committee (MPC) meeting next month, various industries stakeholders and Nigerians at large may need to wait a little longer before witnessing a lowering interest rates, as the Apex bank would […]

News

CBN schedules first MPC meeting under Cardoso for February

DailyTimesNGR DailyTimesNGR 20 January 2024 0

The Central Bank of Nigeria (CBN) has scheduled the first Monetary Policy Committee (MPC) meeting, under the tenure of Mr Olayemi Cardoso as governor, for Feb. 26 and Feb. 27. According to a statement by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, the apex bank , consequently, held a two-day strategic session for […]

News

Centre Calls for Resignation of CBN Governor Over High Exchange Rate

DailyTimesNGR DailyTimesNGR 19 January 2024 0

…says Cardoso clueless, cannot drive monetary policy The Centre for Social Justice, Equity, and Transparency (CESJET) has called on Olayemi Cardoso to resign as the Central Bank of Nigeria governor. In a statement signed by its Executive Secretary, Dr. Toyin Dawodu, the Centre described Cardoso as clueless, incompetent, and unprepared for the job. Lamenting the […]

Business

As Nigerian banks brace up for new CBN capital base

DailyTimesNGR DailyTimesNGR 17 January 2024 0

Last year, the governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso announced to the banking community that Nigerian banks should brace up for a new capital base. Dominion Adebisi writes on the current status of leading banks and what is expected of other banks. The governor of apex banking regulating body, Cardoso had asked, […]

News

Angst in CBN over plans to relocate key departments to Lagos

DailyTimesNGR DailyTimesNGR 14 January 2024 0

BY BARTH EZE Palpable feeling of anger and dissatisfaction currently pervades the space at the Central Bank of Nigeria (CBN) following revelations of plans by the new management to relocate major departments from the Abuja headquarters to the former headquarters in Lagos. The decision which is being spearheaded by CBN Governor, Yemi Cardoso, has reportedly […]

Headlines

Emefiele: CBN sacks MDs, Boards of four banks as Tinubu wields the big stick

DailyTimesNGR DailyTimesNGR 11 January 2024 0

….Union, Titan, Keystone, Polaris banks affected BY OSENI OMOTOLANI The Central Bank of Nigeria (CBN), has with immediate effect, sacked the entire Board of Directors of Polaris, Titan, Union and Keystone Banks. CBN sources said the decision was taken on Wednesday in Abuja at a meeting led by the apex bank’s governor, Yemi Cardoso. The […]

News

Alleged CBN looting: Lemon, largest foreign investors risk forfeiting TTB, UBN shares to FG

DailyTimesNGR DailyTimesNGR 28 December 2023 0

…as Special Investigator warns them of dire consequences of shunning today’s invitation Strong indications emerged on Wednesday night that the Chairman of Titan Trust Bank, Mr Tunde Lemo and two foreign shareholders of TTB and Union Bank, Messrs Cornelius Vink and Rahul Savara may lose their shares in the two banks if they shun Thursday’s […]

Business

CBN lifts ban on cryptocurrency transactions, issues new guidelines

DailyTimesNGR DailyTimesNGR 24 December 2023 0

By Motolani Oseni The Central Bank of Nigeria (CBN) has lifted the ban on cryptocurrency transactions in the country. This is contained in a circular titled ‘Circular to all Banks and other Financial Institutions Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPS)’ and dated December 22, 2023, with reference number