The Central Bank of Nigeria (CBN) has again clarified that the 1,000 staff members who opted out of service in December 2024 were not forced to quit their jobs. The CBN Governor, Olayemi Cardoso, stated this on Friday in Abuja at an investigative hearing of the House of Representatives’ ad-hoc committee probing the circumstances leading to the exit of the …

Nigeria has renewed its bilateral currency swap agreement with China, a move that underscores the deepening financial and economic cooperation between the two nations. The Central Bank of Nigeria (CBN) and the People’s Bank of China (PBOC) announced the renewal of the arrangement on Friday, with the agreement amounting to N3.28 trillion, equivalent to approximately 15 billion yuan or $2.09 …

The Central Bank of Nigeria (CBN) has attributed the significant decline in oil revenue for the third quarter of 2024 to ageing pipeline infrastructure and operational inefficiencies According to the apex bank’s latest economic report for the third quarter of 2024, oil revenue fell by 24.72 per cent to N1.30 trillion compared to the second quarter of 2024. This drop …

The Speaker of the House of Representatives, Tajudeen Abbas, has urged the Central Bank of Nigeria (CBN) to provide clarification on the sacking of about 1,000 staff members and the subsequent payment of a N50 billion compensation package to the disengaged persons. Abbas made the demands while declaring open an investigative hearing of the Ad-hoc Committee of the House, investigating …

The Central Bank of Nigeria has announced that it will slam a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents. The apex bank disclosed this in a circular issued on Friday, 13 December 2024, signed by the Acting Director of the Currency …

The Central Bank of Nigeria (CBN) has reiterated that all versions of the Naira, including the old and new designs of the N1000, N500, and N200 notes, as well as the commemorative and previous designs of the N100 note, remain valid legal tender indefinitely. In a statement on Friday, CBN’s acting Director of Corporate Communications, Mrs. Hakama Sidi Ali debunked …

The House of Representatives on Tuesday expressed concern over the ongoing cash crunch in commercial banks across the country, calling on the Central Bank of Nigeria (CBN) to address the situation which has disrupted economic activities and caused significant hardship to citizens. This followed a motion of urgent public importance moved by Hon. Uguru Emmanuel. Moving the motion, Emmanuel highlighted …

The Central Bank of Nigeria’s (CBN) electronic payment statistics have shown that, between January and June 2024, 252.06 million transactions, which amounted to N2.19 trillion, were carried out via Unstructured Supplementary Service Data (USSD) codes. This is a significant milestone compared to the full-year data for 2023, which showed that N4.84 trillion was transacted via USSD codes across 630.6 million …

The Central Bank of Nigeria (CBN) is reported to be preparing to retire approximately 1,000 employees as part of a strategic workforce realignment. A severance package worth over N50 billion was said to have been allocated as the payoff for the exercise. According to an insider, the retirement initiative is driven by the need to streamline operations and reduce staff …

How do you dance to the admiration of all Nigerians? Chief Commander Ebenezer Obey said it all in his song/story on “Ketekete” (horse) and its owner: There is nothing you can do to please the entire universe. No matter your efforts and regardless of the success achieved, some will still deride you and pull you down. They will find fault. …