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By Seun Ibiyemi Despite economic crunch in 2024, the Central Bank of Nigeria (CBN) implemented significant reforms aimed at stabilising and revitalizing the nation’s economy. These measures have been pivotal in addressing longstanding economic challenges and setting the stage for sustainable growth in the year under review. Foreign Exchange Liberalisation One of the most impactful ...
Investors’ subscription to Nigerian Treasury Bills surged from N23.51 trillion in 2023 to N38.08 trillion in 2024, according to a report by the Central Bank of Nigeria. This growth reflects increased demand for short-term government securities as the apex bank intensifies efforts to manage liquidity in the financial sector. According to the CBN’s ‘Primary Market’ ...
The World Bank has introduced measures aimed at easing the borrowing burden for very poor and vulnerable countries. These include removing the prepayment premium on the International Bank for Reconstruction and Development loans, providing a grace period for commitment fees on undisbursed balances, and extending low-cost pricing for small, vulnerable states. Additionally, the World Bank ...
Interbank rates have surged in the money market due to an ongoing liquidity deficit within the banking sector. Short-term benchmark interest rates reached double-digit highs last week, driven by a liquidity shortfall in the money market. However, rates are expected to ease in the coming week, with expectations that inflows from the Federal Account Allocation ...
The United Bank for Africa (UBA) Plc has completed the renovation of the departure section at Murtala Muhammed International Airport, Lagos. The refurbished section was officially commissioned on Friday, 20th December 2024. The ceremony was attended by distinguished stakeholders, including the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN; the Managing Director of ...
The Association of Bureau De Change Operators of Nigeria (ABCON) has commended the Central Bank of Nigeria (CBN) for lifting the suspension on the sales of interbank foreign exchange to its members nationwide, stating that this move will help curb the country’s inflation and bring other benefits. ABCON President, Dr Aminu Gwadabe, made the remarks ...
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, revealed over the weekend that Nigeria requires an annual investment of $20 billion to achieve a 7% economic growth rate by 2027. He made this statement while presenting the implementation of the Presidential Intervention projects in Abuja. Mr. Edun explained that the ...
The Central Bank of Nigeria (CBN) has confirmed that the country’s external reserves of $42 billion are sufficient to finance imports of goods and services for more than nine months. CBN Governor, Mr. Olayemi Cardoso, made this announcement while presenting a performance report to the Senate Committee on Banking, Insurance, and other Financial Institutions on ...
The Acting Executive Chairman of the Federal Capital Territory Internal Revenue Service, Michael Ango, has disclosed that the agency generated over ₦252bn in 2024, as of the close of business on Wednesday, 18 December 2024. Ango revealed this at an end-of-year briefing in Abuja on Thursday. He stated that the revenue represents a 19% increase ...
Jaiz Bank has announced the successful completion of a N10.04 billion private placement on the Nigerian Exchange Group (NGX), following regulatory approvals from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and NGX. The bank said this achievement places it among the financial institutions that have already met the CBN’s revised ...
The Central Bank of Nigeria has introduced a policy to advance its cashless economy initiative, capping daily cash-out transactions conducted by Point of Sale agents at N100,000 per customer. This directive, issued on December 17, 2024, was signed by Oladimeji Yisa Taiwo on behalf of the Director of the Payments System Management Department. The new ...
The Policy Monitoring and Accountability Foundation (PMAF), a prominent group of policy analysts, business leaders, and civil society advocates, has expressed strong support for Dr Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), and his leadership reforms. During a meeting in Lagos, the group commended Adedeji’s contributions to enhancing tax administration, ...
The Central Bank of Nigeria (CBN) has reaffirmed that all denominations of Naira banknotes, including old and new designs, will remain valid as legal tender indefinitely. This clarification comes amid circulating misinformation regarding the validity of old Naira notes. In a statement released on Friday by the CBN’s Acting Director of Corporate Communications, Mrs. Sidi ...
MTN Nigeria Communications PLC has announced to shareholders and the Nigerian Exchange (NGX) the successful completion of its Series 13 and 14 Commercial Paper (CP) issuance, raising N72.18 billion. This achievement follows the company’s earlier notification to the NGX regarding the successful issuance of Series 11 and 12 Commercial Papers, which collectively raised N75.1 billion. ...
The Federal Government of Nigeria, through the Debt Management Office (DMO), has announced plans to raise N120 billion through the auction of two Federal Government Bonds. The auction, scheduled for December 16, 2024, will offer investors an opportunity to subscribe to reopened debt instruments, with settlement set for December 18, 2024. This was the same ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has vowed to impose a N150 million fine per branch on any bank releasing naira notes to currency hawkers in the country. The CBN gave the warning in a circular signed by its Acting Director of Currency Operations, Mohammed Olayemi, over the weekend in Abuja. The ...
The Central Bank of Nigeria (CBN) says banks facilitating illicit flow of mint naira notes will face N150 million fine per branch. In a circular signed by Solaja Olayemi, the acting director of currency operations department, the CBN expressed concern over the illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents. This, according to ...
The Central Bank of Nigeria (CBN) has reassured the public that both the old and redesigned naira notes will continue to serve as legal tender without any deadline. In a statement on Friday, Hakama Sidi Ali, CBN’s acting director of corporate communications, addressed the ongoing misinformation concerning the validity of the old N1000, N500, and ...
The naira on Thursday recovered by N25 on the parallel market also known as black market, following a moderation in demand for dollars. The naira traded at N1,690 per dollar on Thursday compared to N1,715 on Wednesday due to moderate demand amid activities of speculators on the black market. “We don’t actually know what is ...
In gratitude for their support in 2024, leading financial institution, Fidelity Bank Plc, recently hosted loyal customers to a night of entertainment, titillating cuisine and glamour. Themed, “Winning Together,” the bank’s Customer Appreciation Party held at the Fidelity Oniru Grounds in Lekki, Lagos on Saturday, 7 December 2024; and had in attendance captains of industry, ...
The House of Representatives has urged the Central Bank of Nigeria (CBN) to shut down illegal loan platforms used by criminals operating the “one chance” scheme. This resolution was passed on Wednesday following the adoption of a motion of urgent public importance moved by Billy Osawaru (APC, Edo) during plenary. In his motion, Mr Osawaru ...
The Central Bank of Nigeria (CBN) has denied the sale of foreign exchange (FX) to eligible bureau de change (BDC) operators at N1,301 per dollar. In a post on X, formerly Twitter, on Tuesday, CBN clarified that the circular did not originate from the bank. According to the fake circular, all BDCs are allowed to ...
