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,…
The Central Bank of Nigeria, CBN, has directed 0.005 percent Cybersecurity Levy deductions on electronic transfers. A circular issued by the CBN, yesterday, directed the deductions would become effective from the next two weeks. The circular, issued by the Director of Payment Services, Uzoma Efobi, was addressed to all banks and payments services operators in…
A leading primary mortgage institution, Livingtrust Mortgage Bank Plc, has effected a smooth transition on its board. In a corporate announcement filed by the Company Secretary, Timothy Gbadeyan, on the Nigerian Exchange Limited (The Exchange), the company informed the Exchange and the public that by two letters dated April 8, 2024, the Government of Osun…
The Central Bank of Nigeria (CBN) is not defending the naira with foreign reserves, its Governor Olayemi Cardoso, said yesterday at the ongoing Spring Meetings of the International Monetary Fund (IMF)/World Bank in Washington DC. Cardoso said: “Defending the naira seems to be a prevalent theme. Let me be very clear: it is not our…
