The Central Bank of Nigeria (CBN) plans to expend the use of its digital currency, eNaira, to facilitate payments into government accounts and allow Ministries, Departments, and Agencies (MDAs) to initiate vendor and beneficiary payments. This is according to the…
The Central Bank of nigeria reserves are at risk due to the petrol subsidy removal and lower crude oil earnings. As of September 12, Nigeria’s external reserves stood at $36.08 billion, according to data from the CBN. In its ‘Monetary,…
By Matthew Denis The Central Bank of Nigeria (CBN) has announced new directives for Payment Service Providers (PSPs). Effective immediately, all transactions conducted through Point of Sale (PoS) terminals—whether at physical or electronic locations—must be routed through a CBN-approved Payment…
By Matthew Denis The Central Bank of Nigeria (CBN) has announced new directives for Payment Service Providers (PSPs). Effective immediately, all transactions conducted through Point of Sale (PoS) terminals—whether at physical or electronic locations—must be routed through a CBN-approved Payment…
By Matthew Denis The President of Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Deji Olanrewaju has disclosed that the Data from the CBN shows that Net Credit to the Private Sector as of July 2024 was N74.9 trillion…
The Central Bank of Nigeria (CBN), says it has approved 20,000 dollars each for eligible Bureaux De Change (BDCs) at the rate of N1,580 to a dollar. This is according to a statement issued by Dr Williams kanaya, the Acting…
By Esther Agbo Nigerian banks’ deposits with the Central Bank of Nigeria (CBN) surged to a record N3.42 trillion last week, marking the highest weekly total in August. This significant increase comes on the heels of a strategic policy adjustment…
By Esther Agbo The Central Bank of Nigeria (CBN) is facing the dual challenge of controlling inflation while managing the rising cash flow in the economy, as highlighted in its latest Money and Credit report. In July 2024, currency held…
By Esther Agbo The Central Bank of Nigeria (CBN) is facing renewed pressure from the nation’s manufacturing sector as the Manufacturers Association of Nigeria (MAN) calls for a relaxation of stringent foreign exchange policies that have increasingly burdened local industries.…
The Central Bank of Nigeria (CBN) has lifted the suspension on banks borrowing from its window, known as the Standing Lending Facility (SLF), pegging the lending rate at 31.75 percent in response to the decisions made at the 296th meeting…
