The Central Bank of Nigeria (CBN) has granted banks the approval to trade with foreign currencies deposited under the amnesty initiative for the foreign exchange (FX) deposit window. CBN gave the directive in a document dated November 5, 2024 signed…
The Federal High Court in Abuja has stopped the Central Bank of Nigeria, CBN, from further releasing monthly financial allocations to the Rivers State government. The court held that the receipt and disbursement of monthly allocations since January this year…
The International Finance Corporation (IFC) and the Central Bank of Nigeria (CBN) have announced a partnership and collaboration which aims to increase local currency financing for Nigeria’s priority sectors, addressing a critical gap in funding for key areas such as…
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has announced that the apex bank is engaging at the highest level to facilitate Nigeria’s removal from the Financial Action Task Force’s (FATF) “grey list,” an anti-money laundering watchlist.…
The Central Bank of Nigeria (CBN) has stated that the old N200, N500, and N1,000 banknotes will cease to be legal tender by December 31, 2024. In a statement by Mrs. Sidi Ali, the Acting Director of Corporate Communications, the…
The House of Representatives has urged the Central Bank of Nigeria (CBN) to address the issue of under-financing in the agricultural sector by providing the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) with an additional $3 billion. This…
The International Monetary Fund (IMF) has expressed support for the Central Bank of Nigeria’s (CBN) recent interest rate hikes and foreign exchange measures, describing them as suitable steps toward stabilising the economy. This endorsement was given by Tobias Adrian, the…
The House of Representatives on Tuesday called on the Central Bank of Nigeria (CBN) to raise agricultural lending from 1.4 per cent to 7 per cent of total bank lending over the next five years. The House also urged the…
The Central Bank of Nigeria released $547.7m (N823.19bn at the official exchange rate of N1,503.3/$1, as of June 30, 2024) to Nigerians for the importation of food items in the second quarter of 2024. The amount is a reduction of…
By Esther Agbo In the first year of Olayemi Cardoso’s leadership as Governor of the Central Bank of Nigeria (CBN), a renewed emphasis on customer protection and transparency within the banking sector has led to significant refunds to customers. Banks…
