A survey conducted by the Central Bank of Nigeria (CBN) reveals that consumers are planning to cut back on their savings and investments in the upcoming months due to rising prices of goods and services relative to their income. In its ‘Household Consumer Expectation Survey Report (CES)’ for August 2024, the central bank noted that…
The Central Bank of Nigeria (CBN) has instructed all Payment Service Providers to ensure that all transactions from point-of-sale (PoS) terminals at merchant and agent locations, whether physical or electronic, are processed through an authorized Payment Terminal Service Aggregator. This directive was announced on Thursday in a circular signed by Oladimeji Yisa Taiwo, representing the…
The Central Bank of Nigeria (CBN) has raised its Standing Lending Facility (SLF) rate to 31.75% in a bid to enhance stability in the financial sector. This announcement was made in a circular released on Monday by Omolara Duke, the director of the Financial Market Department, which also lifted the suspension on the SLF. Additionally,…
The Central Bank of Nigeria (CBN) has reported that business enterprises are hopeful for an economic improvement over the next six months. This finding comes from the CBN’s Business Expectation Survey (BES) for July. However, the survey also indicated that businesses anticipate a depreciation of the Naira in the third quarter of the year. The…
The Central Bank of Nigeria (CBN) announced that it sold a total of $876.26 million to end users through 26 successful banks, with a cut-off rate set at N1495 per dollar. This sale marks the beginning of the bank’s latest Retail Dutch Auction System. In a statement released on Wednesday, signed by Omolara Duke, the…
The Central Bank of Nigeria has disclosed that it is targeting a $1 trillion economy by 2030 while re-stating its commitment to ensure economic stability. The governor of the apex bank, Olayemi Cardoso, gave this disclosure on Friday in Abuja while presenting the 2024 half-year report of activities of the bank to the Senate Committee…
The Central Bank of Nigeria has issued a notice of a Monetary Policy Meeting to decide on measures to tackle the country’s rising inflation and economic hardship. The apex bank in a notice released on its website on Tuesday said that July’s meeting is scheduled for Monday to Tuesday next week. This would be the…
The Central Bank of Nigeria has said there are no plans to revoke the operating licenses of Fidelity Bank, Wema Bank, Polaris Bank and Unity Bank Acting Director of Corporate Communications of CBN, Mrs. Hakama Sidi Ali stated this in a statement averring that rumours of a plan to revoke the licences of the banks…
The Nigerian Exchange Limited (NGX) is gaining attention as banks prepare for possible capital raise in the market amid the latest recapitalisation exercise by the Central Bank of Nigeria (CBN). Stakeholders are concerned about the Exchange’s competence and preparedness to handle the possible influx of banks in a bid to meet up with CBN’s recapitalisation…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food inflation is higher still at 40 per cent. Cardoso,…
