Tag Archives: CBN

CBN not Introducing N5000 note- Official

The apex bank, Central Bank of Nigeria (CBN) has denied the report that it is planning  to introduce N5,000 denominated bank note as being rumoured. The disclosure was made by  Ahmed Umar, the Director, Currency Operations of CBN c at a three-day workshop organised by the Nigeria Deposit Insurance Corporation (NDIC), for members of the Financial Correspondents Association of Nigeria ...

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CBN hikes interest rate by 16.5 percent to curb Inflation

Worried by rising Inflation, the apex bank, Central Bank of Nigeria (CBN), has raised its benchmark interest rate, known as Monetary Policy Rate (MPR), for the fourth time in 2022 by 100 basis points to 16.5 percent. The announcement was made by the Governor of CBN  on Tuesday, after the two-day Monetary Policy Committee (MPC) meeting of the apex bank ...

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Naira Redesign: CBN orders bank to open on Saturdays till January

The apex bank, Central Bank of Nigeria (CBN) has directed that commercial banks in the country remain open on Saturdays until January 31, 2023, to allow bank customers to exchange old naira notes for new ones. This was disclosed by Osita Nwasinobi, the Director of the Corporate Communications Department of the apex bank. He also reiterated that the new and ...

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CBN’s loans to Federal Government now N22.8 trillion

Nigeria’s continuous borrowing could keep its economy in jeopardy as latest investigations revealed that total Central Bank of Nigeria’s Ways and Means loans to the Federal Government have now risen to N22.8 trillion as of September 2022. This is coming after data from the bank’s periodic publications revealed that its Ways and Means’ loans to the Federal Government in September ...

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CBN makes move on a stronger digital economy

The Central Bank of Nigeria is targeting a stronger digital economy to support the growth of the financial systems. This is even as the digital currency, eNaira, records 190.1 per cent growth in transactions relative to its level when it was launched on October 25, 2021. Speaking at the Central Bank of Nigeria Executive Seminar entitled “Digitalisation of Money and ...

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CBN sets to redesign Naira notes

The apex bank, the Central Bank of Nigeria (CBN)  has perfected plan to redesign the 200, 500, and 1,000 naira notes. This was revealed by the Governor of the apex bank, Godwin Emefiele,  during a special press briefing in Abuja. According to him, the redesign will take effect from Thursday, December 15, 2022, adding that the existing notes would seize ...

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CBN issues guidelines for contactless payment providers in Nigeria

The Central Bank of Nigeria (CBN) has published an exposure draft for its guidelines for contactless payment providers in Nigeria. The apex bank disclosed this in a circular titled Exposure Draft To The Guidelines For Contactless Payments Nigeria, seen by Nairametrics. According to the apex bank, the Guidelines were developed to make sure that individuals who participate in contactless payments ...

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Countries should adhere to BASA rules- CBN Govermor

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has demanded that countries should adhere to the Bilateral Aviation Services Agreement (BASA). Emefiele made the demand during a meeting with the leadership of the House of Representatives, the International Air Transportation Association, Nigerian Airlines Operators, and the Minister of Aviation, Hadi Sirika. The CBN governor lamented that Nigerian airlines ...

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How CBN is responsible for rising Inflation- Group

The Nigerian Centre for the Promotion of Private Enterprise (CPPE) has claimed that the Central Bank of Nigeria’s financing of the country’s fiscal deficit is responsible for rising inflation. CPPE disclosed this in a statement made available to Nairametrics by its CEO, Dr Muda Yusuf. According to the statement, Nigeria is suffering from an “Inflation Tax” as a result of ...

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