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 […]
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 […]
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 […]
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 […]
The Central Bank of Nigeria (CBN) has licensed new 366 Bureau De Change (BDC) operators between January 2018 and May this year.. A new report by the apex bank on the ‘Functions, Operational Guidelines And Compliance For BDC Operations In Nigeria’ showed that with the newly licensed operators, the number of registered BDCs in the […]
The Central Bank of Nigeria (CBN) is set to issue fresh Treasury Bills (TBs) worth N1.02 trillion in the last quarter of this year This hint was given in the apex bank’s TB issuance programme for the fourth quarter released at the weekend. According to the programme’s analysis, the fresh TBs to be issued comprised […]
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 […]
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 […]
The Central Bank of Nigeria (CBN) has published a new report on the deposit and lending rates available in commercial and merchant banks in Nigeria. The report is titled: ‘Deposit and Lending Rates in the Banking Industry’. The apex bank stated that making the rates public was in furtherance of its transparency and full disclosure […]
The Central Bank of Nigeria (CBN) has disclosed that 31 million bank account customers have been captured so far through the Bank Verification Number (BVN) project nationwide. The apex bank’s CBN Director, Banking and Payment System, Mr Dipo Fatokun, gave this hint in a paper titled, `Nigeria’s progress towards the creation of a robust, trusted […]