The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) over cash hoarding and diversion, stating that such actions will attract stiff penalties. In a circular dated 13 November 2024, signed by the Acting Director of Currency Operations, Muhammad Olayemi, and released by the CBN on Friday, the apex bank announced intensified measures to …

The federal government spent $3.57 billion servicing the country’s foreign debt in the first nine months of 2024. According to data obtained from the Central Bank of Nigeria (CBN) report on international payment statistics, the federal government debt service increased by 39.7 percent from the $2.56 billion spent during the same period in 2023. The data showed that the highest …

The Central Bank of Nigeria, in collaboration with the Nigerian Educational Research and Development Council, is poised to integrate financial literacy into the school curriculum for junior and primary schools across the country. The Acting Head of the Consumer Protection Department at the CBN, Mr Ibrahim Yahaya, disclosed this on Thursday during the commemoration of World Savings Day at the …

In the race towards globalization and multiculturalism in modern economies, consensus is built around strategic thinking for the common good of the people. Conscious of the enormity of myriad of problems confronting the Nigerian economy, the Apex Bank, Central Bank of Nigeria (CBN) is strategising with focus on exploring the threshold of the problems with a defined trajectory of revamping …

The Central Bank of Nigeria (CBN) has dismissed reports that the old N200, N500, and N1,000 banknotes will cease to be legal tender by 31 December 2024. In a statement by the Acting Director of Corporate Communications, Mrs. Sidi Ali, the CBN refuted these claims, stating they are false and intended to disrupt the country’s payment system. Ali emphasized that …

The House of Representatives has urged the Central Bank of Nigeria (CBN) to provide an additional $3 billion in funding to small-scale farmers to boost their productivity through the Nigeria Incentive-Based Risk Sharing for Agricultural Lending (NIRSAL). This followed the adoption of a motion during plenary on Tuesday titled ‘Repositioning Nigeria Incentive-Based Risk Sharing System for Agricultural Lending and De-risking …

The Central Bank of Nigeria (CBN) released $547.7 million (N823.19 billion at the official exchange rate of N1,503.3/$1, as of 30 June 2024) to Nigerians for the importation of food items in the second quarter of 2024. The amount is a reduction of $142.48 million or 20.6 per cent from $689.88 million recorded in the first three months of 2024 …

The Central Bank of Nigeria (CBN) facilitated the remittance of approximately $600 million through International Money Transfer Operators (IMTOs) in one year, the apex bank Governor, Olayemi Cardoso broke the news yesterday. He spoke at a ‘fireside’ event at the ongoing Nigeria Economic Summit (NES30), organized by the Nigeria Economic Summit Group (NESG). Policymakers, economists, and industry stakeholders were in …

Publicly available data show that the Nigerian economy is responding progressively to the economic policies of the Bola Tinubu administration, according to policy think tank, the Independent Media and Policy Initiative (IMPI) This, the group, says is contrary to the doomsday prognosis of a dysfunctional economy by some self-styled analysts. In a policy statement by its Chairman, Dr. Niyi Akinsiju, …

The Central Bank of Nigeria (CBN) has urged banks in the country to make significant investments in cybersecurity to safeguard depositors’ savings from hackers. Dr. Adetona Adedeji, Acting Director of Banking Supervision, made this call during a panel discussion on “Fiscal and Monetary Policy Reforms: Removing Barriers to Private Sector Investment” at the ongoing Nigeria Economic Summit in Abuja. He …