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FX reforms paying off as overseas remittances swell by over 400% says CBN

FX reforms paying off as overseas remittances swell by over 400% says CBN On Thursday, the apex bank said overseas remittances into the country rose to $1.3 billion in February compared to $300 million in the preceding month. The bank’s acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali,[Read More…]

March 9, 2024 by Eberechi Constance Comments are Disabled

Business

CBN to sanction Microfinance banks over late submission of monthly returns

CBN to sanction Microfinance banks over late submission of monthly returns The Central Bank of Nigeria has threatened to sanction development finance institutions, primary mortgage banks, and microfinance banks regarding the timely submission of their statutory monthly returns through the Financial Institutions Returns Automation (FinA) application. The Apex Bank gave[Read More…]

March 8, 2024 by Eberechi Constance Comments are Disabled

Business

CBN slashes Customs FX duty rate by 5.3% as naira stabilies

CBN slashes Customs FX duty rate by 5.3% as naira stabilies The Central Bank of Nigeria (CBN) has further slashed the exchange rate for computing Customs duties at the nation’s seaports by 5.3 percent following the stability in the exchange rate of naira to the dollar. The Customs FX duty[Read More…]

March 5, 2024 by Eberechi Constance Comments are Disabled

Business

CBN stops dollar cash for BTA/PTA over Naira Devaluation

CBN stops dollar cash for BTA/PTA over Naira Devaluation The Central Bank of Nigeria (CBN) has announced that it will no longer allow cash for Business Travel Allowance (BTA) and Personal Travel Allowance (PTA). The Apex bank said all such allowances are to be issued in cards. [Read More…]

February 16, 2024 by Eberechi Constance Comments are Disabled

Business

CBN targets 21.4 per cent inflation, says naira is undervalued

CBN targets 21.4 per cent inflation, says naira is undervalued The Central Bank of Nigeria (CBN) on said is aiming at an inflation rate of 21.4 per cent this year compared with 28.92 per cent in December. Governor of Central Bank of Nigeria, Yemi Cardoso who was speaking[Read More…]

January 25, 2024 by Eberechi Constance Comments are Disabled

Business

CBN to sanction FX market regulations for Gross Violations

CBN to sanction FX market regulations for Gross Violations The Central Bank of Nigeria (CBN), on Wednesday, said it found grave infractions, gross abuse and significant non-compliance with market regulations by operators in the foreign exchange segment. As a result, the apex bank vowed it would punish those responsible[Read More…]

January 19, 2024 by Eberechi Constance Comments are Disabled

Business

CBN appoints new executive officials for Union, Keystone, Polaris Bank

CBN appoints new executive officials for Union, Keystone, Polaris Bank The Central Bank of Nigeria has announced a new appointment of executive officers for Union Bank, Keystone Bank, and Polaris banks following the dissolution of the board of the banks on Wednesday. The acting director of Corporate Communication, Sidi-Ali Hakama,[Read More…]

January 12, 2024 by Eberechi Constance Comments are Disabled

Business

CBN sacks boards, mgts of Union, Keystone, Polaris Banks

CBN sacks boards, mgts of Union, Keystone, Polaris Banks The Central Bank of Nigeria, CBN, has dissolved the board and management of Union Bank, Keystone Bank, and Polaris Bank. According to statement by the CBN Ag. Director of Corporate Communications, Mrs. Hakama Sidi-Ali, uissued in Abuja last night, “this[Read More…]

January 12, 2024 by Eberechi Constance Comments are Disabled

Business

CBN Restrains Cash Withdrawals, Cheques For Crypto Bank Accounts

CBN Restrains Cash Withdrawals, Cheques For Crypto Bank Accounts The Central Bank of Nigeria (CBN) has said, there would be no cash withdrawals on accounts that are linked to virtual assets. This is coming after lifting restrictions on banks operating accounts for virtual assets as cryptocurrencies. According to the guideline[Read More…]

January 4, 2024 by Eberechi Constance Comments are Disabled

CBN to Tackle Inflation, Exchange Rate Problems Next Year

CBN to Tackle Inflation, Exchange Rate Problems Next Year The Central Bank of Nigeria (CBN), has said that it will tackle the rising inflation and exchange rates issues by next year. It also projected less revenue from oil exports in the fiscal year , just as it declared[Read More…]

December 15, 2023 by Eberechi Constance Comments are Disabled

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