The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) concluded its meeting in Abuja on Wednesday by increasing the benchmark interest rate (MPR) for the third time this year by 50 basis points to 18.5%. The latest 18.5% MPR is the highest approved by the committee in the past 22 years in […]
The Central Bank of Nigeria (CBN) has revoked the licences of 132 Microfinance Banks (MFBs), three four Primary Mortgage Banks (PMBs) and two other finance companies in furtherance of its regulatory roles in the nation’s financial system. The revocation of the licensed MFBs and other financial institutions (OFIs) licences was contained in a gazetted circular […]
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has projected that the commencement of operations of the Dangote Refinery had the potential of saving Nigeria over $25 billion in foreign exchange (FX) in energy imports and provide $10 billion as exports. Emefiele, who made this forecast on Monday during the commissioning of the […]
The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has solicited financial system regulators operators and other stakeholders’ support for successful the operations of the newly launched SabiMONI e-Learning Platform by the apex bank in view of its immeasurable benefits to the economy. Emefiele made this appeal on Monday in his keynote address at […]
The Centre for the Promotion of Private Enterprise (CPPE) had described the Supreme Court ruling on the use of the old currency Naira notes as legal tender as commendable and expressed the hope that President Muhammadu Buhari, the Central Bank Governor and the Attorney General of the Federation would comply with the court order in […]
The Central Bank of Nigeria (CBN) has reported that currency outside the vaults of Nigerian banks declined to an all-time of N788.92 billion in January as the currency swap implementation continues to gain deeper traction nationwide. The apex bank indicated that the policy measure had enabled banks to mop up about N1.78 trillion from the […]
The Central Bank of Nigeria (CBN) on Thursday directed deposit money banks (DMBs) to immediately begin the payment of the newly redesigned naira notes to customers over the counter subject to a maximum daily withdrawal of N20,000 per customer. In a statement issued by apex bank’s Director, Corporate Communications, Osita Nwanisobi, the new directive was […]
The Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement Systems (NIBSS) on Thursday unveiled Nigeria’s maiden national payment card, AfriGo, in furtherance of their collective drive towards fully digitalizing the nation’s financial system. The AfriGo card, which will function like other international payment cards, according to the partners, is designed to deepen the apex […]
The governor of the Central Bank of Nigeria, Godwin Emefiele, on Tuesday debunked ongoing rumour that the apex bank was withholding N89 trillion revenue accruals from Stamp Duty, saying the rumour is ill-founded and untrue. Emefiele made this clarification while briefing journalists at the end of the 289th meeting of the Monetary Policy Committee (MPC) […]
The Senate on Tuesday reiterated the need for the Central Bank of Nigeria (CBN) to extend the January 31st deadline for old banknotes’ withdrawal to July 31st, 2023. The upper Legislative chamber of the National Assembly adopted this resolution during the day’s plenary session presided over by Senate President, Senator Ahmad Lawan. It stressed that […]