The Central Bank of Nigeria has issued a new directive on the recapitalisation of the capital base of banks in the country raising the minimum capital base eightfold from the previous N25 billion. The move had been in the pipeline…
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has raised apprehensions regarding the Central Bank of Nigeria’s decision to increase the Monetary Policy Rate (MPR) to 24.75 percent. The association, represented by its president, Dele Oye,…
In response to growing investor demand for attractive yields, the Central Bank of Nigeria (CBN) has announced a significant increase in its benchmark interest rate. Following a two-day Monetary Policy Committee (MPC) meeting, the CBN Governor, Olayemi Cardoso, revealed that…
In an unwavering move to address mounting inflationary pressures and stabilise exchange rates, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) announced a significant hike in the benchmark interest rate. This decision, unveiled in a Tuesday…
The Central Bank of Nigeria has issued a circular to Bureau De Change operators (BDCs), informing them that it has sold $10,000 to each BDC at a rate of N1,251 In a circular issued by the CBN, each BDC was…
A recent document obtained from the Central Bank of Nigeria (CBN) has revealed that thirty-one state governments are collectively owing N339.9bn, borrowed between 2015 and 2023 to settle workers’ salaries. This debt includes a loan default of N1.31bn as of…
In a significant move to enhance the transparency and accountability of central banks worldwide, the International Monetary Fund (IMF) has unveiled the Central Bank Transparency Code (CBT). This international code is designed to help central banks and their stakeholders align…
By Sodiq Adelakun Deputy Governor of Nigeria’s Central Bank, Muhammad Sani Abdullahi, revealed alarming projections on Nigeria’s inflation trajectory during an address at London’s CITI-CEEMA Macro Conference on March 20, 2024. Abdullahi’s analysis shed light on three critical factors driving…
Leading Financial Institution, Fidelity Bank Plc in partnership with Lagos Business School (LBS) hosted the 15th edition of its sustained Export Management Programme (EMP 15) to train entrepreneurs on the opportunities in the international market and develop their capacity to…
By Matthew Denis, Abuja The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Mr. Olayemi Cardoso, to process an inherited backlog of US$7…
