The Central Bank of Nigeria has exempted Primary Mortgage Banks and Microfinance Banks that provide banking services to the poor from its cash withdrawal limit. It gave this directive in a circular tagged, ‘PSM/DIR/PUB/CIR/001/049,’ released on Monday to banks and…
Nigeria’s rising inflation and the recent harmonisation of the foreign exchange rates have been identified as factors that have eroded the capital base of banks in the country. This was disclosed in different interviews, as two financial institutions also announced…
By Sodiq Adelakun The latest figures from the Central Bank of Nigeria revealed that currency outside banks rose to N2.26trillion at the end of June 2023. According to figures obtained from CBN, the currency outside banks rose by 185.68 per…
Wema Bank said its profit after tax rose by 97 per cent in the first half of 2023 financial period to N10.48bn from N5.30bn in H1, 2022. It disclosed this in its unaudited financial statements for the period ended June…
Declining liquidity crunch is conspiring with activities of speculators to undermine the efforts of the President Tinubu-led Federal Government to achieve stability in the nation’s foreign exchange market contrary to the intent of the forex reform. This has seen the…
The Central Bank of Nigeria said it has achieved 64.1 per cent financial inclusion. It also said it was targeting 95 per cent inclusion by 2024. The Assistant Director, of Financial Development, of CBN, Paul Oluikpe, while speaking at an…
By Sodiq Adelakun The World Bank has raised concern over government borrowing from the Central Bank. World Bank Group urged Nigeria to reduce government’s borrowing from the Central Bank if it wants to reduce the inflationary pressure on the economy.…
The exchange rate between the naira and dollar sold at an intra-day high of N869/$1 at the Investor & Exporter Window. This is according to data from the FMDQ. The intra-day high represents the highest price the dollar was traded…
The Naira on Friday ended the week losing against the dollar, exchanging at N775.76, at the Investors and Exporters window. The local currency lost 0.93 per cent when compared with N768.60 which it exchanged for the dollar on Thursday. The…
By Sodiq Adelakun The acting Governor, Central Bank of Nigeria, Folashodun Shonubi, has said the bank will address the demand pressure on the country’s exchange rate, as the naira continued to slide against the dollar. He gave the assurance while…
