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 …

The Central Bank of Nigeria has directed all Payment Service Providers to route all transactions from PoS terminals at merchant and agent locations — physical or electronic — through an approved CBN Payment Terminal Service Aggregator. It also issued a 30-day deadline requiring service providers to comply with enhanced routing guidelines for Point of Sale transactions. This move aims to …

The Central Bank of Nigeria (CBN) has terminated the appointments of all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL). The decision, approved by CBN Governor Mr. Olayemi Cardoso on Friday, marks the latest in a series of layoffs at the apex bank since he assumed office last year. The sacked NIRSAL executive directors are …

The Central Bank of Nigeria (CBN) has announced revised foreign exchange rates, reflecting recent shifts in the value of the naira against major global currencies. According to updated data on the CBN’s website on Monday, the naira witnessed a slight decline in value against the pound sterling, settling at N2,035/£1, a marginal drop of N1.82 compared to Thursday’s rate of …

The Central Bank of Nigeria, CBN, said it would publish the names of owners of unclaimed balances in dormant accounts that is being transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account. CBN disclosed this among other things in a statement titled: “Frequently Asked questions on the Guidelines for the management of dormant accounts, unclaimed balances and other financial …

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the benchmark lending rate to 26.75 per cent. The hike in the Monetary Policy Rate was disclosed by the CBN Governor, Dr. Olayemi Cardoso, at the end of the 296th MPC meeting in Abuja on Tuesday. The MPC had maintained a hawkish stance to tame inflation …

The Governor of Central Bank of Nigeria (CBN) Olayemi Cardoso has assured Nigerians of better days ahead, just as he declared that the planned stability will make Nigeria hit $1trillion economy latest by 2030. Cardoso outlined the CBN’s mandate and provided an in-depth analysis of Nigeria’s economic performance, recent policy measures, and the outlook for the remainder of the year …

THE Governor of Central Bank of Nigeria, CBN, Olayemi Cardoso has assured Nigerians of better days ahead. The apex bank on Friday rolled out indices that it said would signal improved growth and stability of the Nation’s economy. Speaking yesterday on Abuja during a statutory engagement with the Senator Adetokunbo Abiru, APC, Lagos East led Senate Committee on Banking , …

The Central Bank of Nigeria, CBN yesterday, announced the resumption of dollar sales to bureaux de change (BDCs), a development that reversed the sharp depreciation of the Naira to N1,640 per dollar in the parallel market. The dollar sales to BDCs is coming two months after the last one in April. In a circular by the Acting Director of Trade …