The Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has advised Nigerians against leaving the country (Japa). He assured that the apex bank is building an economy where everybody and business can thrive. Cardoso gave this advice in a keynote address at the 59th annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria, CIBN, in Lagos. …

The Monetary Policy Committee of the Central Bank of Nigeria has raised the country’s interest rate by 25 basis points to 27.50 per cent in November from 27.25 per cent in September 2024. The Governor of CBN, Olayemi Cardoso, disclosed this during a press briefing on Tuesday after the 298th MPC meeting in Abuja. “The Committee was unanimous in its …

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 …