The Central Bank of Nigeria (CBN) has objected the National Industrial Court’s order asking it to pay entitlements totaling N2.5 billion to 110 disengaged staff of the Ahmadu Bello University ( ABU), Zaria that were sacked in 1996. Joined in the suit as respondents are the 110 disengaged staff, ABU, Zaria, Minister of Education, Federal […]
Travelex Nigeria Limited, a subsidiary of Travelex UK, in collaboration with the Central Bank of Nigeria (CBN) and the Economic & Financial Crimes Commission (EFCC), has concluded plans to engage the Bureau De Change (BDCs) on international best practices. The collaborative initiative is part of the efforts of Travelex and its partners towards ensuring transparency […]
The Central Bank of Nigeria (CBN) has indicted majority of Deposit Money Banks (DMBs) in the country for their failure to comply with the regulatory anti-money laundering requirements of the banking sector. The apex bank, in its latest anti-money laundering system examination report contained in 2017 CBN Half-year Economic Report, indicated that the anti-money laundering […]
The Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee yesterday started the disbursement of N26 billion Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS) fund to the first set of beneficiaries. The Governor of the apex bank, Mr. Godwin Emefiele, who flagged off the inauguration of the scheme in Abuja, said that […]
In a major move that is bound to improve banking services efficiency and bring more unbanked people into the banking net nationwide, the Nigerian Communication Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) on the nation’s payment system. Speaking on the partnership, the Executive Vice Chairman of […]
The Central Bank of Nigeria (CBN’s) Monetary Policy Committee yesterday cautioned the fiscal authorities on the increasing sharing of of crude oil proceeds by the three tiers of government in view of the need to save and stabilize the economy against future oil price related shocks. This advice was among the key decisions taken by […]
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) today retained the Monetary Policy Rate (MPR) at 14 per cent and left other ratios intact at the conclusion of its two-day meeting in Abuja. In addition to the MPR which was retained at 14 per cent, the committee also retained the Cash […]
The number of bank customers in the country dropped significantly in 2017 when compared with the depositors’ number in 2016, indicating that more Nigerians are not really positioned to save. Official data on the depositors sourced from the Nigeria Inter-Bank Settlement System’s, NIBSS’, website showed that the total number of bank customers dropped from 61 […]
Analysts at Moody’s Investor Service have identified lower capital of Nigeria’s midsize banks as a major constraint to the financial institution’s capacity to grow their business. The rating agency in its report published Monday titled ‘Nigeria’s midsize banks’ declining capital is credit negative’ noted that the capital deficiency would also harm the banks’ revenue and […]
Nigeria’s external reserves rose to $46 billion as at last Friday, brightening prospects of the nation’s sustained economic recovery in the months ahead. Figures provided by the Central Bank of Nigeria (CBN) at the weekend on the reserves’ trend, indicated the reserves grew by about $3.2 billion between February and March 2018, up from the […]