The Central Bank of Nigeria (CBN) has refuted claims of cash scarcity at banks, automated teller machines, Points of Sale, and Bureaux de Change in various major cities nationwide. In an official statement by the Director of Corporate Communications, Isa AbdulMumin, shared on their X account on Thursday, the apex bank clarified the situation. CBN refutes cash scarcity reports, assures …

The Central Bank of Nigeria (CBN) has said that it has no plan to redenominate or restructure the naira notes in 2024. In a statement on Tuesday on its X handle, apex bank’s Director of Corporate Communications, Isa AbdulMumini urged Nigerians to disregard the wide circulation of a text message suggesting that the Bank plans to redenominate the country’s legal …

It is no longer news that Dr. Olayemi Cardoso, obviously one of the very few reserved institutionalists in Nigeria’s banking sector (and his cohorts) has taken charge at the Central Bank of Nigeria (CBN). To demonstrate the team’s seriousness and commitment, the media reported that the team had resumed at the apex bank, even before the appointees were confirmed by …

The Central Bank of Nigeria (CBN) on Thursday restored the 43 items previously prohibited from access to foreign exchange (FX). In a statement on Thursday, CBN’s Director of Corporate Communications, Isa AbdulMumin said the apex bank reiterated its commitment to ending the foreign exchange crisis. It added that it is working towards an FX backlog with existing participants and will …

The  Senate will today (Tuesday) screen the acting Governor of the Central Bank of Nigeria (CBN),  Dr. Olayemi Cardoso, for confirmation, alongside four nominees as Deputy Governors, to steer affairs of the apex bank in the next five years. In a statement on Monday, the Media Office of the Senate Leader, Senator Opeyemi Bamidele said that The Red Chamber, which …

The Secretary to the Government of the Federation (SGF), Senator George Akume has said that the Federal Government would soon publish the audit report of the probe of the Central Bank of Nigeria (CBN). This is as he hinted that the SGF hinted on Monday that the report would reveal how poor governance brought the country to the present predicament. …

The Federal Government on Monday admitted that most of the problems confronting Nigeria were caused by bad governance from the nation’s leadership. The government however scored the administration of President Bola Tinubu high for his sound decision on the Central Bank of Nigeria (CBN), saying the report of audit by a special investigator would be out soon. It was reported …

Currency in circulation (CIC) in Nigeria jumped by N1.7 trillion as cash transactions increased. Figures obtained by The PUNCH from the Central Bank of Nigeria’s data on CIC revealed on Thursday that the currency in circulation hit N2.7 trillion as of the end of August. The currency in circulation fell to N982.1 billion as of the end of February 2023, …

President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five years at the first instance, pending his confirmation by the Senate. The President also approved the nomination of four new Deputy Governors for the CBN for a term of five …

The gap between the maximum lending rate and savings deposit rate in the banking sector widened by 22.14 per cent in July. Bank’s savings deposit rate rose slightly to 5.24 per cent in July from 5.18 per cent and 5.13 per cent in June and May, according to figures from the Central Bank of Nigeria. Figures obtained by The PUNCH …