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Several innovations ongoing in banking industry-CBN

DailyTimesNGR DailyTimesNGR 15 October 2024 0

Innovations are currently ongoing in the banking industry across the world, Dr. Adetona Adedeji, the Acting Director, Banking Supervision Department at the Central Bank of Nigeria (CBN) says. Adedeji, who said this at the 30th Nigerian Economic Summit (NES) in Abuja on Monday, said that these

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CBN introduces electronic foreign exchange matching system to curb speculation

DailyTimesNGR DailyTimesNGR 4 October 2024 0

The Central Bank of Nigeria (CBN) has announced the introduction of an Electronic Foreign Exchange Matching System (EFEMS) for Foreign Exchange (FX) transactions in the Nigerian Foreign Exchange Market (NFEM). According to a statement issued by Omolara Duke, the Director, Financial Markets Department , the EFEMS will be implemented latest by Dec.1. Duke said that […]

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CBN partners MFBs to promote financial inclusion

DailyTimesNGR DailyTimesNGR 29 September 2024 0

The Central Bank of Nigeria (CBN), says it is partnering with Microfinance Banks (MFBs), to enhance financial inclusion to stimulate growth of Micro, Small and Medium Enterprises (MSMEs) in the country. Mr Sah Nyashi, CBN Controller, Yola Branch, said this on Saturday at the inauguration of Dabtikir Microfinance Bank Limited in Hong, headquarters of Hong […]

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CBN refutes reinstatement of cybersecurity levy

Ihesiulo Grace 21 September 2024 0

BY TEMITOPE ADEBAYO Following reports that the Central Bank of Nigeria (CBN) had reintroduced the controversial cybersecurity levy, the apex bank has said the levy remains suspended, even as it recalled the biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on September 17, 2024. News reports had quoted the publication which

News

CBN Africa celebrates 30 years anniversary in grand style

DailyTimesNGR DailyTimesNGR 12 September 2024 0

By Nsikak Ekpenyong The Christian Broadcasting Network Africa Africa (CBN), has earmarked activities to celebrate its 30th year anniversary on the continent of Africa in grand style. Regional Director of CBN Felix Oisamajo, at a press conference and unveiling of a logo on Wednesday in Abuja, said in the coming days and months, the organisation […]

Money

Naira outside banks hits record high of 93.6%, reaching N4.04trn – CBN

DailyTimesNGR DailyTimesNGR 12 August 2024 0

BY TEMITOPE ADEBAYO A striking 93.6 per cent of Nigeria’s currency is now held outside the banking sector, according to recent data from the Central Bank of Nigeria (CBN). This unprecedented figure, which surged to N4.04 trillion in June 2024, reflects a dramatic increase in the amount of money circulating beyond the banks. The CBN’s […]

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CBN adopts Retail Dutch Auction to boost liquidity

DailyTimesNGR DailyTimesNGR 8 August 2024 0

The Central Bank of Nigeria (CBN) says it undertook the sale of foreign exchange (Fx) to end users through a Retail Dutch Auction System (rDAS). According to a statement by Omolara Duke, Director, Financial Markets Department of the apex bank, the step was taken on Tuesday to reduce the demand pressure in the Fx market […]

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CBN continues rates tightening, raises interest rate to 26.75%

DailyTimesNGR DailyTimesNGR 24 July 2024 0

BY TEMITOPE ADEBAYO The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday raised the country’s baseline interest rate by another 50 basis points to 26.75 per cent. Mr Yemi Cardoso, Governor, CBN, who doubles as the Chairman of the MPC, made this known while presenting the communique from the 296th […]

Politics

CBN rolls out indices on growth, stability, assures of better days ahead

DailyTimesNGR DailyTimesNGR 20 July 2024 0

BY TUNDE OPALANA The Central Bank of Nigeria CBN on Friday in Abuja , rolled out indices , signaling improved growth and stability of the Nation’s economy. This is as the apex bank through its Governor , Olayemi Cardoso assured Nigerians of better days ahead . Rolling out the growth and economic stability indices during […]

Business

IMTO: CBN tells banks to pay diaspora remittances in Naira not dollar

DailyTimesNGR DailyTimesNGR 26 June 2024 0

By Mathew Brangyet The Central Bank of Nigeria (CBN) has announced it will begin the supply of Naira liquidity to eligible International Money Transfer Operators (IMTO) for settlement of diaspora remittances. It disclosed this on Tuesday in a circular dated June 24, addressed to all Deposit Money Banks and International Money Transfer Operators (IMTO). The […]

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Emefiele’s trial: Witness can’t confirm whether former CBN gov’s wife signed Architekon documents

DailyTimesNGR DailyTimesNGR 26 June 2024 0

BY ANDREW OROLUA In continuation of the trial of former Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele on Tuesday by the Federal Government, a prosecution witness, Abibia Ockiya- Ogeleye said she could not tell whether Emefiele’s wife signed documents of a firm, Architekon Nigeria Limited, that was linked to her. Ockiya-Ogeleye, who […]

Politics

CBN: No plans to revoke more bank licences

DailyTimesNGR DailyTimesNGR 5 June 2024 0

The Central Bank of Nigeria (CBN) says it has no plan to revoke the licences of more Deposit Money Banks (DMBs). The Acting Director, Corporate Communications of the apex bank, Mrs Hakama Sidi-Ali, said this in a statement on Tuesday in Abuja. Sidi-Ali’s statement was a response to allegations in some quarters of plans to […]

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Heritage Bank finally sinks as CBN removes life support

DailyTimesNGR DailyTimesNGR 4 June 2024 0

…NDIC takes over the bank, begins liquidation process By Motolani Oseni and Temitope Adebayo In a decisive move, the Central Bank of Nigeria (CBN) has revoked the licence of Heritage Bank Plc, marking the end of the bank’s struggle to stay afloat. This is even as the Nigeria Deposit Insurance Corporation (NDIC) has taken over […]

News

Fourteen directors of the Central Bank of Nigeria, others sacked by Apex bank

Ihesiulo Grace 25 May 2024 0

Fourteen directors of the Central Bank of Nigeria and over 300 other officials of the CBN were on Friday sacked by the apex bank; And another 200 Shortlisted For Sacking in the coming days. The sacking brings the list of those so far disengaged from the bank under the CBN Governor, Olayemi Cardoso to over […]

News

CBN’s regulations risk hampering economic stability, Fitch warns

DailyTimesNGR DailyTimesNGR 14 May 2024 0

..Revises Zenith, UBA, 3 others outlook to positive BY TEMITOPE ADEBAYO Fitch Ratings has said the Central Bank of Nigeria(CBN), may be issuing regulations that would hinder the banking sector’s support to revive the Nigerian economy as it revised the Outlook on the Long-Term Issuer Default Ratings (IDRs) of five Nigerian banks and one bank […]

News

Halt implementation of cybersecurity levy, HoR orders CBN

DailyTimesNGR DailyTimesNGR 10 May 2024 0

…Directs Apex bank to withdraw ambiguous circular in existence …LCCI commends lauds Reps over directive to Apex bank …NESG faults timing of cybersecurity levy, says Nigerians battling high food prices By Tom Okpe The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend the proposed implementation of the cyber security levy

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CBN lending to banks grows by 447% to N21.7trn

DailyTimesNGR DailyTimesNGR 3 April 2024 0

By Dominion Adebisi The Central Bank of Nigeria (CBN) lending to Nigerian banks grew significantly by 447 per cent Year-on-Year (YoY) to N21.74 trillion in March 2024 when compared to N3.98 trillion the apex bank lends to banks in March 2023. The Business Times gathered that CBN in the previous month, February 2024, lent a […]

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CBN increases capital base of Nigerian banks to N200bn, N50bn

DailyTimesNGR DailyTimesNGR 29 March 2024 0

..Sets 24 months deadline for recapitalisation ..It’ll strengthen Nigeria’s financial system, potentially boost to stock market- Prof Uwaleke By Motolani Oseni The Central Bank of Nigeria CBN has set new minimum capital requirements for Nigeria banks. While the new minimum capital base for commercial banks with national authorisation is now N200 billion, the new

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CBN raises benchmark interest rate by 200 basis points to 24.75%

DailyTimesNGR DailyTimesNGR 27 March 2024 0

BY TEMITOPE ADEBAYO The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to increase the benchmark interest rate by 200 basis points or two per cent, from 22.75 per cent to 24.75 per cent. This was disclosed by the Governor of the CBN who doubles as the Chairman of the […]

Business

CBN slashes customs exchange rate by 1.5%

DailyTimesNGR DailyTimesNGR 19 March 2024 0

For the second time in 7 days, the Central Bank of Nigeria (CBN) has slashed the exchange rate for computing Customs duties at the nation’s seaports and airports from N1,617.96/$1 to N1,593.41/$1 representing a 1.5% reduction. The slash, analysts argued, was as a result of the naira that strengthened against the dollar at the official […]