By Sodiq Adelakun In a remarkable turn of events, Nigeria’s mining and quarrying sector has seen an unprecedented surge in bank loans in the third quarter of 2023. According to the Central Bank of Nigeria’s (CBN) latest quarterly statistical bulletin,…
In a move that will impact importers nationwide, the Central Bank of Nigeria (CBN) has once again adjusted the exchange rate used for calculating Customs duties. Effective from yesterday morning, February 14, 2024, the rate has been increased from N1,444.56…
In a proactive move to safeguard the stability of the Nigerian banking sector, the Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN) have intensified their supervisory efforts. The joint initiative aims to keep the non-performing loan…
By Sodiq Adelakun In a strategic move to stabilise the Nigerian currency, the Central Bank of Nigeria (CBN) re-entered the spot foreign exchange market on Tuesday with a significant sale of $30 million, marking its first direct intervention since September…
President Bola Tinubu on Tuesday forwarded the names of five directors for the board of Central Bank of Nigeria (CBN) for confirmation by the Senate. Tinubu’s request was contained in a letter addressed to President of Senate, Godswill Akpiabio and…
…Set to relief pressure on naira in FX market …As EFCC moves to restrain business owners from charging in dollars Nigeria’s treasury bills have yielded a 23.45 percent increase marking the highest profit the Central Bank of Nigeria (CBN) has…
…Justifies relocation of departments, says headquarters currently overpopulated By Sodiq Adelakun In a recent development, the Governor of the Central Bank of Nigeria, Yemi Cardoso, announced on Arise Television that approximately $2.4 billion of the foreign exchange backlog reported as…
…Raises Customs exchange rate to N1,413.62 amidst opposition from importers …FG dismiss rumours of converting domiciliary deposits to Naira By Sodiq Adelakun The Central Bank of Nigeria (CBN) has announced a significant overhaul of its Cash Reserve Requirement (CRR) policy.…
The Central Bank of Nigeria (CBN) says it has no plans to convert domiciliary account holdings valued at 30 billion dollars into Naira. Mrs Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications Department, made the clarification in a statement in Abuja…
…Says action threatens operational efficiency of NNPC Ltd Presidential Candidate of the Peoples Democratic Party (PDP) in the 2023 General elections and former Vice President, Atiku Abubakar, has condemned the recent directive for Central Bank of Nigeria (CBN) to take…
