BY TEMITOPE ADEBAYO Nigeria’s Federal Government revenue plunged to N1.94 trillion at the end of January 2025, marking a steep 31 per cent decline from December figures, according to the Central Bank of Nigeria CBN. The drop, driven by weak oil and non-oil earnings, has widened the country’s fiscal deficit and fallen significantly short of […]
BY BUKOLA ARO-LAMBO Over three years after it was first launched, the Central Bank of Nigeria(CBN) is planning a comeback for its Central Bank Digital Currency (CBDC), the e-naira, a project that has since lost steam for many Nigerians as 98 per cent of the eNaira wallets already inactive. Nigeria had been among the few […]
BY TEMITOPE ADEBAYO The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) said, the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, will chair its secretariat fundraising event. According to the president of the institute, Mrs Funmi Ekundayo, the event is scheduled to take place on April 14 in Abuja, the initiative […]
BY TEMITOPE ADEBAYO The Central Bank of Nigeria (CBN) has stepped in with a $197.71 million intervention to stabilise the foreign exchange market amid global shocks that have unsettled emerging and developing economies, including Nigeria. In a statement signed by the Director of Financial Markets Department, Dr Omolara Omotunde Duke, the apex bank disclosed that […]
BY TEMITOPE ADEBAYO The Central Bank of Nigeria (CBN) has dismissed as false the viral reports claiming it has introduced new ₦5,000 and ₦10,000 banknotes, warning the public against spreading misinformation. The fake report, which surfaced online, alleged that the CBN had launched the high denomination notes to enhance cash transactions and reduce handling costs, […]
The central bank CBN, of any country is a uniquely influential institution. Due to its mandate of maintaining monetary and financial stability in line with the economic vision of the government, everything it does can impact everyone. That is why PhD. economists and experienced bankers are the top picks for heading the banks. This is […]
By Patrick Wemambu The Senate Ad-hoc Committee investigating Ways and Means facility granted to the federal government between 2015 to 2023 has taken a swipe at the Central Bank of Nigeria for frustrating its efforts to uncover how the loans were spent. Speaking after receiving an interim report from its consultants at meeting on Tuesday, […]
By Tunde Opalana The Central Bank of Nigeria’s (CBN) has raised the hope that the 27.5% Monetary Policy Rate (MPR) recently declared is adjustable. Though the CBN Monetary Policy Committee (MPC) insisted it will hold all key rates steady as it monitors inflation and exchange rate dynamics. The MPC has signaled that it will “remain […]
BY BABATUNDE OPALANA The Central Bank of Nigeria (CBN) insisted that banks and other financial institutions in the country must publish the names of individuals whose bank accounts have gone dormant on their websites and national newspapers in line with the Guidelines on Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks […]
…as market closed between N1540/$1 and N1545/$1 on Friday. By Tunde Opalana The Federal Government through the strict monetary policy of the Central Bank of Nigeria CBN, has been commended for measures put in place to stem the downward slide of the Naira against major international currencies, particularly the American Dollar. The apex bank in […]
BY TEMITOPE ADEBAYO The Central Bank of Nigeria (CBN) has waived the 2025 licence renewal fee for all existing Bureau De Change (BDC) operators, with immediate effect. This decision is part of the ongoing implementation of the regulatory and supervisory guidelines for bureau de change operations in nigeria, 2024, and the transition to a revised […]
By Isah Aliyu Chiroma In 2024, the Central Bank of Nigeria (CBN) experienced a pivotal transformation under the innovative leadership of Governor Yemi Cardoso. Faced with a myriad of economic challenges that have hindered growth and stability for years, Governor Cardoso introduced a series of comprehensive reforms designed to rejuvenate Nigeria’s economy, stabilize the banking […]
BY TEMITOPE ADEBAYO The Central Bank of Nigeria (CBN) said, it has suspended the extension of approvals for the extension of export proceeds repatriation on behalf of exporters, taking effect from Wednesday, January 8, 2025. The suspension was announced in a circular dated January 8, 2025, issued on the website of the apex bank on […]
BY ANDREW OROLUA Thirty three staff members of the Central Bank of Nigeria (CBN), who were among 1000 staff relieved of their jobs in a mass layoff last year have dragged the bank before the National Industrial Court of Nigeria in Abuja asking for N30bn compensation. In an originating summons, filed on July 4, 2024, […]
By Tom Okpe Governor, Central Bank of Nigeria, CBN, Olayemi Cardoso has said staff of the bank who left in December, resigned voluntarily, with full payment of benefits. He reiterated that the 1,000 members of staff, disengaged were not forced to quit. Cardoso made this disclosure in Abuja on Friday, during resumed investigative hearing to […]
..As Nigerians struggle with Cashless Economy BY TEMITOPE ADEBAYO Despite the Central Bank of Nigeria’s (CBN) cashless policy, which has been in place for over a decade, currency in circulation has surprisingly surged to N4.8 trillion. Contrary to the policy’s aim, the cash outside the banking system rose significantly by 41 per cent to N4.87 […]
BY MOTOLANI OSENI The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have mandated banks to clear a cumulative N250 billion debts owed to telecom operators for Unstructured Supplementary Service Data (USSD) services, setting strict timelines for compliance. This directive comes as USSD usage for financial transactions sees a steep decline, with […]
The Central Bank of Nigeria’s (CBN) recent directive imposing a N100,000 daily withdrawal limit for individuals has elicited strong reactions from Point-of-Sale (POS) operators nationwide. While the policy aims to drive a cashless economy and combat illicit financial activities, many operators view it as a threat to their businesses, especially during the bustling Yuletide season. […]
By Tom Okpe An adhoc committee of the House of Representatives, probing retirement of over 1000 staff of the Central Bank of Nigeria, CBN, has promised fair hearing to all parties involved. Chairman of the Committee, Rep Bello Kumo, made this known at the commencement of hearing on the matter at the National Assembly Complex […]
BY TEMITOPE ADEBAYO The Central Bank of Nigeria (CBN) has reiterated that both the old and redesigned naira notes of N1,000, N500, and N200 denominations will remain legal tender indefinitely, putting to rest rumours of a 31 December deadline for the phasing out of the old notes. The Apex Bank in a statement signed by […]