CBN
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Business
Ex-CBN Director urges FG to strategically reduce cost of governance
A former Director in the Central Bank of Nigeria (CBN), Dr. Titus Okunrounmu, has advised the Federal Government to strategically reduce the cost of governance in 2025. Okunrounmu gave the advice in an interview with the News Agency of Nigeria (NAN) on Monday in Ota, Ogun, noting that the high cost of governance had led to increased recurrent expenditure. The…
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economy
CBN approves $20,000 for eligible BDCs at N1,580 exchange rate
The Central Bank of Nigeria (CBN), says it has approved 20,000 dollars each for eligible Bureaux De Change (BDCs) at the rate of N1,580 to a dollar. This is according to a statement issued by Dr Williams kanaya, the Acting Director, Trade and Exchange Department of the apex bank. “This is to inform the BDC operators and the general public…
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economy
Bank customers want standard policy for dormant account
Customers of various banks have called on the Central Bank of Nigeria (CBN) and banks to institute a standard policy on what constitutes a dormant account. Some of the customers, who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday, frowned at the different policies and information on dormant account by the CBN and banks. Mr Anthony…
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economy
CBN records high remittance inflows at $553m for July
The Central Bank of Nigeria (CBN), says it recorded a significant increase in remittance inflows of 553 million dollars in July. According to a statement issued by CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, the all-time high remittances represents a 130 per cent increase from the corresponding period in 2023. Sidi-Ali said that the figure represented the highest monthly…
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Featured
Transparency: CBN re-introduces publication of key economic reports
The Central Bank of Nigeria (CBN) says it has reintroduced the publication of several key economic reports to foster transparency in the economy. This is contained in a statement by the CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali on Tuesday in Abuja. Sidi-Ali said that it is a reaffirmation of the apex bank’s commitment to fostering transparency and…
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economy
CBN offers $876m to fx markets, pledges more liquidity support
The Central Bank of Nigeria (CBN), has offered 876 million dollars to the foreign exchange (fx) markets to fulfil bids submitted by customers at an auction concluded on Wednesday. This is contained in a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali. According to her, it is the latest testament to the apex bank’s commitment to…
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economy
CBN adopts Retail Dutch Auction to boost liquidity
The Central Bank of Nigeria (CBN) says it undertook the sale of foreign exchange (Fx) to end users through a Retail Dutch Auction System (rDAS). According to a statement by Omolara Duke, Director, Financial Markets Department of the apex bank, the step was taken on Tuesday to reduce the demand pressure in the Fx market and promote price discovery. Duke…
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economy
CBN guidelines: Customers throng banks to re-activate dormant accounts
Bank customers have thronged their banks to reactivate their dormant accounts in line with the Central Bank of Nigeria (CBN) guidelines on the management of dormant accounts and unclaimed balances. Some of the customers, who spoke to the News Agency of Nigeria (NAN) in Abuja on Tuesday, said they had activated their bank accounts to avoid mop up of their…
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economy
CBN sells $148m to authorised dealers
The Central Bank of Nigeria (CBN) says it sold a cumulative amount of 148 million dollars to authorised dealers in the Nigerian Foreign Exchange Market (NFEM). According to Mrs Hakama Sidi-Ali, acting Director, Corporate Communications Department of the apex bank, the transactions were conducted on Monday and Tuesday to provide liquidity to the FX market. Sidi-Ali, disclosed that the CBN…
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economy
Gov. Alia seeks CBN support to develop agric, mining sectors in BenueÂ
Gov. Hyacient Alia of Benue has solicited the support of the Central Bank of Nigeria (CBN) to rebuild the State economy, through revolution in agriculture and mining sectors. This was contained in a Statement on Thursday in Makurdi by the Principal Special Assistant (PSA) to the Governor on Media, Publicity and Communications Strategy, Ms Bridget Tikyaa. According to the statement,…
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economy
CBN continues rates tightening, raises interest rate to 26.75%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday raised the country’s baseline interest rate by another 50 basis points to 26.75 per cent. Mr Yemi Cardoso, Governor, CBN, who doubles as the Chairman of the MPC, made this known while presenting the communique from the 296th meeting of the committee. Cardoso also announced that…
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economy
Breaking news: CBN again raises MPR by 50 basis points
The Monetary Policy Committee (MPC), on Tuesday announced another increase in the country’s Monetary Policy Rate (MPR), known as the baseline interest rate, to 26.75 per cent from 26.25 per cent. The MPC also adjusted the Asymmetric Corridor to +500/-100 basis points from +100/-300 basis points around the MPR. Mr Yemi Cardoso, the Governor of CBN made this known on…
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economy
CBN raises interest rate to 27.65%
The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark lending rate to 27.65 per cent. The hike in the Monetary Policy Rate was disclosed by the Governor of the CBN, Olayemi Cardoso, at the end of the 296th MPC meeting in Abuja on Tuesday. The MPC had maintained a hawkish stance to tame inflation since…
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economy
CBN implements stricter regulations for dormant accounts, unclaimed funds
The Central Bank of Nigeria (CBN) has implemented stricter regulations for managing dormant accounts and unclaimed financial assets in banks and other financial institutions. These new guidelines, effective immediately, supersede previous policies issued in 2015. This is made known in a circular signed by John Onojah, Acting Director, Financial Policy and Regulations Department, CBN on Friday night. The guidelines, which…
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economy
FX stability; CBN sells 122.671m dollars to 46 authorised dealers
The Central Bank of Nigeria (CBN), has sold the sum of 122,671 million dollars to 46 authorised dealers. According to a statement issued by the apex bank’s Director in charge of Financial Markets, Dr Omolara Duke, the move is aimed at promoting stability as well as to reduce market volatility in the foreign exchange market. Duke said that 67.5 million…
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economy
CBN reiterates commitment to create enabling environment for businesses
The Central Bank of Nigeria (CBN) has reiterated its commitment to grow the Nigeria economy by creating an enabling environment for businesses to develop. Mr Olayemi Cardoso, the CBN Governor, said this on Thursday in Abuja at a stakeholders’ roundtable on Inclusive Business Up-scaling in Nigeria. Cardoso, represented by Mr Blaise Ijebor, CBN Director of Risk Management, said the bank…
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Featured
CBN’s aggressive monetary policy tightening and Nigeria’s economic growth
Recently Mr Aliko Dangote, the Chairman and Chief Executive Officer of Dangote Group, said that rising interest rate hikes would hurt local manufacturers. Dangote made the statement at the opening session of a three-day National Manufacturing Policy Summit organised by the Manufacturers Association of Nigeria (MAN) in Abuja. According to him, nobody can create jobs with an interest rate of…
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