The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has defended the bank’s decision to raise the Monetary Policy Rate to 27.25 per cent, describing it as a necessary move to control inflation and curb excess money in circulation. This is according to a press statement from the apex bank on Sunday. Speaking during an address at …

MThe Central Bank of Nigeria (CBN) sold a total of $543.5 million to authorised dealers at the Nigerian Foreign Exchange Market (NFEM) in September 2024. The bank’s Director of the Financial Markets Department, Dr. Omolara Duke, disclosed this in a Summary of September Spot Sales in Abuja on Friday. According to the director, the sales were through two-way quotes and …

A former acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, on Wednesday, told Justice Maryann Anenih of the Federal Capital Territory High Court in Maitama, Abuja, that intrigues and politics were involved in the naira redesign exercise carried out in 2022. Shonubi, who served as the Deputy Governor of Operations before his appointment as acting CBN Governor …

An aide of former President Mohammed Buhari has refuted the claim of the Governor of the Central Bank of Nigeria (CBN), Dr. Yemi Cardoso, who blamed the current economic hardship in the country on the poor handling of the nation’s economy between 2015 and 2023. Buhari was President in those years. Buhari’s aide, who spoke on the condition of anonymity …

The Central Bank of Nigeria has extended the suspension of cash deposit processing fees until 31 March 2025, from the previous 30 September 2024, deadline. The CBN disclosed this in a letter to banks and other financial institutions in the country signed by its Director of Banking Supervision, Adetona Adedeji, on Friday in Abuja. It also directed the suspension of …

The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to stop increasing the monetary policy rate and instead explore a monetary-fiscal option to bring down inflation. In a statement on Thursday, the Director General (DG) of MAN, Segun Ajayi-Kadir, said the recent hike in interest rate to 27.25 per cent would worsen the already …

In a move aimed at bolstering the foreign exchange market and meeting retail demand for eligible invisible transactions, the Central Bank of Nigeria (CBN) has announced the sale of foreign exchange to Bureau De Change (BDC) operators. The Acting Director of the Trade & Exchange Department of the CBN, Dr. W.J. Kanya confirmed that each eligible BDC will receive an …

The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the monetary policy rate, which measures the benchmark interest rate, to 27.25 per cent. The monetary policy rate is the baseline interest rate in an economy. Every other interest rate used within an economy is built on the MPR. Addressing journalists at an ongoing press briefing …

Nigerian banks and discount houses borrowed N3 trillion from the Central Bank of Nigeria (CBN) through the Standing Lending Facility within a week, according to a report by Afrinvest Research. The lenders and discount houses, however, deposited N493.6 billion through the Standing Deposit Facility within the same period. According to the report, the spike in borrowing resulted in a 4.7 …

Nigeria’s external reserves recorded an increase of $424.68 million between 30 August and 10 September, highlighting an improved financial outlook for the country. Data sourced from a report by the Central Bank of Nigeria (CBN) and analysed on Thursday showed the rise in the country’s foreign exchange reserves. The reserves, crucial for stabilising the naira, financing imports, and managing external …