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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

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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 […]

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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 […]

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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. […]

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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 […]

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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

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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 […]

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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,

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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 […]

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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 […]