Under globalisation and multi-cultural settings such as ours, Nigerians are under no illusion to the enormity of the myriad of challenges confronting the President Bola Tinubu administration. In my opinion, anxiety and trepidation seems to trial the move by the National Assembly, to amend the provisions of the Central Bank of Nigeria (CBN) Act of 2007. Industry watchers and members …

The Central Bank of Nigeria (CBN) recently mandated that all Point of Sales (PoS) operators to complete their registration with the Corporate Affairs Corporation (CAC) by 7 July 2024. This directive aims to formalise the operations of PoS businesses across the country, boosting regulatory compliance and promoting financial inclusion. However, for many PoS operators, this new requirement poses significant challenges, …

Nigeria recorded $204.47 million as letters of credit payments in the first quarter (Q1) of 2024. According to the international payments data obtained from the Central Bank of Nigeria (CBN) on Sunday, the figure recorded in Q1 represents a decrease of $344.75 million or 62.7 per cent compared to the $549.22 million reported in the same quarter in 2023. A …

No fewer than 200 officials of the Central Bank of Nigeria (CBN) were on Friday relieved of their duties, adding to the long list of ongoing disengagements in the apex bank. This adds to the list of 117 staff sacked by the bank between 15th March and 11 April 2024. The termination of appointments affects directors, deputy directors, assistant directors, …

The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint, would resume enrolling new customers “in another couple of months”. CBN Governor, Dr. Olayemi Cardoso stated this on Tuesday at the 295th Monetary Policy Committee (MPC) meeting in Abuja, where the MPC raised the interest rate from 24.75 …

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CNB) has increased the benchmark interest rate to 26.25 per cent. At the 295th MPC meeting in Abuja on Tuesday, presided by CBN Governor, Dr. Olayemi Cardoso, the benchmark rate had been increased by 200 basis points from 22.75 per cent to 24.75 per cent. The MPC has maintained …

The Central Bank of Nigeria (CBN) released a total sum of $2.13 billion to Nigerians for importing food products in 2023, according to findings by The PUNCH. According to the quarterly statistics of the Central Bank of Nigeria, the forex release showed that there was consistent demand from foreign countries despite being touted as the food basket of Africa. This …

The National Industrial Court, Lagos Division, has ordered the Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso, to appear before it on 18 July 2024, to explain why he should not be committed to prison for disobeying a court order issued on 25 March 2019. Justice (Prof) Elizabeth Oji issued the order in response to an application filed …

The Central Bank of Nigeria (CBN) has withdrawn its circular directing banks to implement a 0.5 per cent cybersecurity levy on electronic transactions. The decision of the regulatory bank followed the public outrage that trailed the announcement of the policy two weeks ago and the suspension of the levy by the Federal Government last week. In its initial circular dated …

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food inflation is higher still at 40 per cent. In an interview with the Financial …