Business
CBN dismisses speculation to convert domiciliary account holdings into Naira
The Central Bank of Nigeria (CBN) has been reacted to a story alleging that the Federal Government is considering converting $30 billion domiciliary deposits to Naira, saying the allegation is absolutely false. CBN is a statement signed by Sidi-Ali, Hakama (Mrs.), Ag. Director, Corporate Communications said the “aims of the…
Read More »CBN confirms clearance of more verified Forex liabilities backlog, releases $500m to various sectors
The Central Bank of Nigeria (CBN) said it had released US$500 million to various sectors in its determination to address the backlog of verified foreign exchange transactions. This comes barely a week after the bank paid approximately US $2.0 billion to settle outstanding commitments across manufacturing, aviation, and petroleum sectors.…
Read More »CBN fixes February 26 – 27 for 1st MPC meeting under Cardoso
The Central Bank of Nigeria (CBN) has announced that first Monetary Policy Committee (MPC) meeting under the tenure of Mr. Olayemi Cardoso as Governor, scheduled for Monday, February 26 and Tuesday, February 27, 2024. A two-day strategic session for members of the MPC, preparatory to their first meeting was said to have…
Read More »CBN clears off outstanding $2.0b FX backlog, moves to hault Transactions abuses
By Abiodun Folarin The Central Bank of Nigeria (CBN), said it has paid approximately USD 2.0 billion to clear off backlog of outstanding foreign exchange liabilities, across various sectors, including manufacturing, aviation, and petroleum. The Apex bank said it has also cleared up the entire liability of 14 banks…
Read More »Jaiz Bank says MD was never arrested by EFCC
Abiodun Folarin Jaizbank Nigeria Plc has reacted to media reports that its Managing Director/CEO has been arrested by the Economic and Financial Crimes Commission (EFCC) in connection with the ongoing investigation of the Ministry of Humanitarian Affairs and Poverty Alleviation. The Bank said in statement on Wednesday that at…
Read More »Why CBN Dissolves Board, Management of Union Bank, Keystone Bank and Polaris Bank
Abiodun Folarin The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank. The Apex bank disclosed this in a statment signed by its Ag. Director, Corporate Communications, Mrs. Sidi Ali Hakama, that the action became necessary due to the…
Read More »CBN blames hoarding of Naira for current scarcity, assures public of adequate supply
The Central Bank of Nigeria (CBN) has again assured members of the public that it is addressing the reported cases of cash scarcity in some major cities across the country. The apex bank in a statement signed by its Acting Director in charge of Corporate Communications, Mrs. Hakama Sidi Ali…
Read More »Nigeria needs fiscal policy review, tax reforms – Finance minister
Nigeria needs to review its fiscal policy and embark on tax reforms to earn enough revenue to run the economy. Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, made the declaration in Abuja on Monday while defending the ministry’s 2024 budget before the Senate committee on…
Read More »CBN disowns reports suggesting that some banks failed stress test
The Central Bank of Nigeria (CBN) has reacted to reports suggesting that some licensed commercial banks in the country had failed the CBN’s Capital Adequacy Ratio (CAR) for international authorisation, saying the banking industry remained resilient. The CBN in a statement signed by Mrs Sidi Ali, Hakama, Ag. Director, Corporate…
Read More »Beware Of Counterfeit Naira Banknotes In Circulation
Central Bank of Nigeria (CBN) said its attention has been drawn to the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in food markets and other commercial centres across major cities in the country. In a statement signed by Mrs Sidi Ali, Hakama, Ag. Director, Corporate…
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