Agriculture & Agribusiness Banking Economy News Extra Latest News Political Economy

Buhari Orders Zero Forex Allocation For Foods, Fertilizer Imports

President Muhammadu Buhari on Thursday directed the Central Bank of Nigeria (CBN) not to allocate foreign exchange (Forex) for the importation of food items or fertilizer in line with the monetary and fiscal authorities’ efforts to conserve the nation’s fast-depleting foreign reserves. Buhari gave the order, the second time since August 2019, at a meeting […]

Banking Economy News Extra Latest News Manufacturing Political Economy

Again, Nigeria’s Manufacturing PMI declines in August

The Central Bank of Nigeria (CBN) has reported that the Manufacturing Purchasing Manager’s Index (PMI) contracted to 48.5 index points in August 2020, indicating the fourth consecutive month it declined. The latest PMI report published by the apex bank showed that out of the 14 subsectors surveyed, only six subsectors reported expansion with eight dropping […]

Banking Power/Electricity Revenue

Banks to takeover electricity bills’ collections

The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) providing bank guarantees to Nigeria Bulk Electricity Trading (NBET) Plc and the Transmission Company of Nigeria (TCN) on behalf of the electricity distribution companies (Discos) to take over electricity bill collections from customers. Similarly, the apex bank also charged the DMBs to ensure […]

Banking Economy News Extra Housing & Real Estate Latest News

CBN Issues New Regulatory, Supervisory Guidelines For MGCs

The Central Bank of Nigeria (CBN) on Thursday issued a new for the regulatory and supervisory oversight of mortgage guarantee companies (MGCs). The apex bank stated in the guideline titled ‘Regulations For the Operations of Mortgage Guarantee Companies (MGCs in Nigeria’ that  the guideline was issued pursuant to the provisions of the Central Bank of […]

Banking Latest News Revenue

IMF Advises Nigeria On Prudent Mgt Of Foreign Reserves

The International Monetary Fund (IMF) has advised the Central Bank of Nigeria (CBN) to ensure prudent management of Nigeria’s external reserves as a strategic monetary policy option to guard against external shocks on the nation’s economy. The Head, Emerging Economies Regional Studies Division at the IMF, Anna Ilyina, who gave this advice during the unveiling […]

Banking Latest News Manufacturing

Nigeria’s PMI Index Expands To 57.1 Points In August – CBN

The Central Bank of Nigeria (CBN) has reported that the nation’s Purchasing Manufacturing Index (PMI) in the month of August expanded at 57.1 index points, thereby sustaining the expansionary trend in the real for the 17th consecutive month. The apex bank’s Statistics Department conducted the August 2018 PMI survey from between August 9th and 17th […]

Banking Latest News

CBN Directs Banks To Comply With Cybercrime Act Provisions

The Central Bank of Nigeria (CBN) has mandated all banks to comply with the statutory provision for the collection and remittance of the 0.005% levy on all electronic transactions by the businesses specified in the second schedule of the Cybercrime (Prohibition, Prevention, etc.) Act The apex bank gave this directive today in a Circular BSD/DIR/GEN/LAB/11/006 […]