…SMEs to get maximum of N25m, households N3m Due to the severe consequences of the epidemic outbreak on livelihoods of Nigerians and business activities across the country, the Central Bank of Nigeria (CBN) has unveiled N50 billion targeted credit facility for households and Small and Medium Enterprises (SMEs) that are badly affected by the virus. […]
…To support 12 local pharmaceutical coys to fight Coronavirus In order to curtail the impact of Coronavirus in the country, the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said the apex bank in collaboration with Bankers Committee are set to revamp the nation’s economy with N3.5 trillion intervention funds. This is just […]
…Meets with bank executives March 21 to work out modalities In a bid to cushion the harsh effect of the Coronavirus on the Nigerian economy and supply chains round the globe, the Central Bank of Nigeria (CBN) has announced plans to increase its intervention in boosting local manufacturing and import substitution by another N1 trillion […]
The Central Bank of Nigeria (CBN) says market fundamentals do not support Naira devaluation this time around. The CBN made this known in a statement by the bank’s Director, Corporate Communications, Mr Isaac Okorafor in Abuja on Friday. Okorafor expressed dismay at speculative activities at the foreign exchange market from impressions that the CBN would […]
…Limits cash deposits to cash withdrawals …Lifts retail secondary market with injection of $292.34m The Central Bank of Nigeria (CBN) has restricted the process of cash withdrawal of electronic transfer deposits made into domiciliary accounts. The apex bank on Sunday explained that bank customers can deposit dollars into their domiciliary accounts but are not allowed […]
…Industry NPL ratio stables at 6.1% The Central Bank of Nigeria (CBN) has disclosed that the net banking system liquidity position rose by 267 per cent from N160.03 billion on December 31, 2018, to N587.21 billion in December 31, 2019. This extract is from the personal statement of January Monetary Policy Committee (MPC) meeting which […]
The FMDQ OTC securities Exchange limited has disclosed that the Central Bank of Nigeria (CBN) has sold $34.83 billion Over the Counter (OTC) Foreign Exchange (FX) futures since June 2016 it was launched. The apex bank has yet again shown its commitment towards the development of the FX market in collaboration with FMDQ Holdings, to […]
A member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) and Deputy Governor, Corporate Services, Central Bank of Nigeria (CBN), Edward Adamu, has said that excess liquidity in the banking system is a real threat to the stability of the naira exchange rate just as it is to inflation. The […]
The Central Bank of Nigeria (CBN) Purchasing Managers Index (PMI) report for January shows production level index on the decline to 59.6 points as against 61.8 points in December 2019. The latest report by CBN showed that the production level thus at 59.6 points for manufacturing sector show growth for the 35th consecutive month in […]
…CBN will be able to sustain its Naira defence through H1-2020 – Analysts Amidst the Central Bank of Nigeria (CBN) continuous interventions in the foreign exchange market, so as to strengthen the naira against other foreign currencies, the external reserves has reduced by $539.3 million in January. The reserves, which is monitored by the apex […]
The Nigerian Stock Exchange (NSE) equities market segment suffered its first weekly loss of 2020 as the impact of the Central Bank of Nigeria’s(CBN) hike in the Cash Reserve Ratio (CRR) spike investors selloffs in listed banks shares. The Monetary Policy Committee (MPC) of the apex bank had voted last week to increase CRR to […]
The Central Bank Of Nigeria (CBN) has said all authorised dealers of fertilizer in the country are now prohibited from accessing foreign exchange for the importation of all NPK fertilizers. This was according to a circular signed by the Director of Trade and Exchange Department of CBN, A.S jibrin. Jibrin said any dealer that tries […]
The Senate has received a request from President Muhammadu Buhari for the confirmation of Dr. Kingsley Obiora and Prof. Adeola Akande as deputy governor of the Central Bank of Nigeria and chairman of the Nigerian Communications Commission (NCC) respectively. Both requests were contained in a letter addressed to the Senate President, Ahmad Lawan and dated […]
…Say Banks may have little to lend to key sectors …Mopping up liquidity behind MPC decision-Emiefele Experts have raised concern over the decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to raise Cash Reserve Ratio (CRR) from 22.5 per cent to 27.5 per cent. The MPC, on Friday, maintained […]
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has raised Nigeria’s Cash Reserve Ration by 500 points from 22.5 per cent to 22.7 per cent. The Committee said the decision is to help address ‘Monetary induced inflation’ It also said banks must be compelled to grant loans to the private sector which […]
There is no doubt about the effects of the Bureaux De Change (BDCs) contributions towards Nigeria’s economic growth agenda and the Central Bank of Nigeria (CBN’s) commitment to exchange rate stability over the years. MOTOLANI OSENI writes on the BDCs access to multiple streams of forex earnings to deepen the market, keep the naira stable […]
…‘We can’t survive with charges on us – Dealers …It is difficult for oil merchants to absolve the new policy – Oil merchant Oil merchants in the country have lamented over 0.75 per cent to N50 Point of Sales (POS) charges currently levied on merchants by the Central Bank of Nigeria (CBN). The apex bank […]
The National Association of Government Approved Freight Forwarders (NAGAFF) on Friday said the freight forwarding business was affected negatively by the operating environment and some government policies during the year. The President of the association, Mr Increase Uche, disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos. According to him, […]
…Reduces electronic transfer charges ….Imposes N2m fine on Banks per infraction …Removes card maintenance fee on all cards linked to current accounts The Central Bank of Nigeria (CBN) has slashed withdrawal fees usually charged after the third withdrawal from Automated Teller Machines (ATM) within the same month from the current charges of N65 to N35. […]
The Central Bank of Nigeria will increase banks’ Loan to Deposit Ratio (LDR) to 70% by 2020. CBN Director, Banking Supervision, Mr. Hassan Belllo disclosed this while speaking at the 2019 workshop for Finance Correspondents and Business Editors organised by the Nigeria Deposit Insurance Corporation (NDIC) in Yola, Adamawa State. Recall that the Apex bank […]