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

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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 […]

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CBN’s liquidity challenges hampering support for Naira–EIU

DailyTimesNGR DailyTimesNGR 12 March 2024 0

By Temitope Adebayo Economist Intelligence Unit (EIU) has said that the Central Bank of Nigeria (CBN) faces a significant liquidity crisis in supporting the naira, as nearly $20 billion of its $33 billion in foreign reserves is tied up in various derivative deals. EIU revealed this in its latest Country Report on Nigeria, highlighting the […]

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CBN to sanction MFBs, PMBs, DFIs for failing to file returns

DailyTimesNGR DailyTimesNGR 8 March 2024 0

By Temitope Adebayo The Central Bank of Nigeria (CBN) is set to impose sanctions on Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs) and Development Finance Institutions (DFIs) if they fail to file in their monthly returns as when due. This was stated in separate letters issued by the Director, Financial Policy and Regulation Department of […]

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CBN sells fresh N1.3trn in T-Bills at 21.5 per cent to curb inflation

DailyTimesNGR DailyTimesNGR 7 March 2024 0

By Temitope Adebayo The Central Bank of Nigeria (CBN) has further moved to curb inflation and stabilise the exchange rate, thereby fostering a more balanced economic environment, through the completion of another round of Treasury Bills (T-Bills) auction, offloading about N1.3 trillion at a striking 21.490 per cent. The auction, which took place on March […]

News

CBN releases cash reserve ratio survey

Ihesiulo Grace 4 March 2024 0

The Central Bank of Nigeria (CBN) has requested feedback from Nigerians regarding the resolutions reached during its latest Monetary Policy Committee (MPC) meeting. Naija News reports that the recent MPC meeting, which marked the inauguration of Olayemi Cardoso as the Governor of CBN, witnessed the formulation of five significant resolutions by the policy organ. In […]

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Reps to probe CBN, DisCos over meter funds

DailyTimesNGR DailyTimesNGR 1 March 2024 0

By Tom Okpe The House of Representatives on Thursday resolved to probe the funds disbursed to electricity distribution companies by the Central Bank of Nigeria (CBN). The funds were loans given to the companies under the national mass metering programme. This resolution to investigate the disbursement of the funds was sequel to the adoption of […]

Politics

CBN Board: South East nominee rejects appointment as Senate confirms 4 others

DailyTimesNGR DailyTimesNGR 1 March 2024 0

By Tunde Opalana Mr. Urum Kalu Eke, a nominee of President Bola Tinubu to represent the South East geopolitical zone on the Board of Directors of the Central Bank of Nigeria (CBN) has rejected the nomination. However, four other nominees on the board who were successfully screened had their appointments confirmed by the Senate on […]

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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 which was obtained by The […]

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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

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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 […]