Tag Archives: Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has directed all banks to make sure customer complaints regarding overcharge, unauthorised deductions and other matters are resolved within two weeks. The move, according to the apex bank, is to eradicate incidences of arbitrary and excess charges. This was disclosed by the CBN head of complaints management division, Tajudeen Ahmed, at the weekend. He ...

The Central Bank of Nigeria (CBN) says it has revised the guidelines for Commercial Agriculture Credit Scheme (CACS) to include Non-Interest Financial Institutions (NIFIs). CBN stated this in a circular dated February 16, posted on its Website, on Wednesday. The circular said that the review was part of efforts to deepen access to finance and reduce exclusion rate. It added ...

Deposit Money Banks and discount houses with bad loans and low capital base had been stopped by the Central Bank of Nigeria from paying dividends to shareholders. The apex bank took the stance because of the increasing non-performing loans. This comes barely a week to the release of the 2017 financial year’s annual reports by commercial banks in Nigeria. The ...

Nigeria’s foreign reserves has been steadily rising and is now at $42.8bn, the Central Bank of Nigeria (CBN) reports. The disclosure was made by the CBN’s spokesperson, Isaac Okoroafor, on Wednesday, during a meeting with the Rice Farmers Association of Nigeria (RIFAN) in Abuja. He attributed the growth to CBN policies that target a reduction in the importation of goods, ...

The Senate has commenced investigation into why Nigerian banks no longer dispense lower Naira denominations. The Senate said if the situation was not remedied urgently, it may lead to total collapse of the economy. It has, therefore, mandated its Committee on Banking, Insurance and other Financial Institutions to carry out a holistic investigation into the matter, with a view to ...

The Nigerian Export-Import Bank (NEXIM), on Tuesday, asked export-oriented small and medium entrepreneurs in the Southeast and Delta states to take advantage of its credit facilities to expand their potentials. The bank said the SMEs in the region could access the N500 billion Export Stimulation Facility (ESF) and the N50 billion Export Development Fund it manages to boost their businesses, ...

The Central Bank of Nigeria has injected another $210m into various segments of the inter-bank foreign exchange market. This came on the heels of the regulator’s $304.4m Retail Secondary Market Intervention sales in the inter-bank forex market on Friday. Despite this, the naira closed at 364/dollar at the parallel market on Monday, the same rate the United States greenback traded ...

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to review its pricing policy on gas to boost industrial and economic growth. The President of LCCI, Babatunde Ruwase, made the appeal in an in Lagos. He said that payment for gas in dollars by industrial users was not in tandem with government’s objectives of promoting industrialisation, ...

The Central Bank of Nigeria (CBN) may lose the battle in defence of the Naira, if the growing demand for the Pound Sterling and the Euro by speculators was not checked According to a foreign exchange market specialist, the excessive demand for the Sterling and the Euro, by speculators for currency trading conversion may, cause distortions on the established stable ...

In spite of expressed optimism by the governor of the Central Bank of Nigeria (CBN) that the bank will begin a gradual cut in monetary policy rates by the end of the second half of the year, the Chief Executive of Afrinvest Securities Limited, Ayodeji Ebo says a rate cut will be unlikely due to the high risks associated with ...