Tag Archives: CBN

The Central Bank of Nigeria has opened up on why it raised the Monetary Policy Rate, also known as the interest rate, to 18.5 per cent from 18 per cent. In a communique from the 291st Monetary Policy Committee meeting posted on CBN’s website on Wednesday, the Governor of the apex bank, Godwin Emefiele, stated that its investigation and research ...

The Central Bank of Nigeria (CBN) is about to introduce a new cashless payment system in Nigeria. Known as contactless payment system, the CBN will issue the guidelines for the operation of the cashless innovation in a few months time. Deputy Director, Payment System Management Department of the CBN, Mr Adeyemi Adefuye, made this known in Calabar. The introduction of ...

The Central Bank of Nigeria (CBN) has taken its cashless policy sensitisation to the University of Nigeria, Nsukka (UNN) saying that the policy is aimed at reducing the physical cash transactions and creating awareness for the adoption of digital payment. Speaking in Nsukka on Thursday, during a courtesy visit on the Vice Chancellor of UNN, Prof Charles Igwe, the CBN’s ...

The President-General of Umueri community in Anambra State, John Metchie, has alerted the Central Bank of Nigeria (CBN) and security agencies to the circulation of fake N200 notes in the area, especially Otuocha Market. In a statement over the weekend, he said intelligence reports indicated that some unscrupulous elements were making use of fake N200 notes to defraud unsuspecting members ...

Commercial banks’ borrowing from the Central Bank of Nigeria (CBN) surged by 204.71 percent in four months, signalling that they faced a liquidity squeeze in the period as the country’s demonetisation drive triggered chronic cash shortages. Data from the CBN showed that deposit money banks’ (DMBs) borrowing from the central bank’s Standing Lending Facility (SLF) increased to N240.57 billion on ...

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions (OFIs) to pay special attention to credit risk, operational risk, legal risk, liquidity risk, reputation risk and compliance with rules for combating money laundering, financing of terrorism and proliferation financing. This comes as the Nigeria Deposit Insurance Corporation (NDIC) has advised depositors to avoid investment offers with ...

The country’s external reserves fell by $1.46bn between January and March, figures obtained from the Central Bank of Nigeria have revealed. The reserves ended February 27, 2023 at $36.67bn. Figures obtained from the CBN’s data on movement of external reserves on Sunday showed that the reserves, which stood at $36.99bn as of the end of January, 1, 2023, fell to ...

Official forex reserves status data report obtained from the Central Bank of Nigeria (CBN) indicated that forex reserves declined by $163.67 million last week. It capped a 10-week consecutive fall. The data showed that forex reserves depleted from $37.211 billion by January 16, 2023, to $35.78 billion at the weekend. Sponsored LinksYou May Like The Most Popular Volvo Vehicles In ...

The apex bank, Central Bank of Nigeria (CBN), has disbursed N12.65 billion to the Anchor Borrowers Programme (ABP), its flagship agriculture intervention scheme from January till date. The CBN Governor, Godwin Emefiele said this in Abuja, when he read the communique issued at the end of the 290th meeting of the apex bank’s Monetary Policy Committee (MPC). According to Emefiele, ...

Apex bank, the Central Bank of Nigeria (CBN) through its  Monetary Policy Committee (MPC) has hiked the benchmark interest rate by 50 basis points to 18. per cent. The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué of the second MPC meeting of the year in Abuja on Tuesday Speaking to newsmen at the end of the two-day ...