Obazee submits final investigative report on Emefiele, to Tinubu President Bola Tinubu has commended Jim Obazee for his services as a special investigator as he concludes his probe on the activities of the Central Bank of Nigeria (CBN) and related entities. In July 2023, Tinubu appointed Obazee, former[Read More…]
CBN increases interest rate to 24.75% The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, from 22.75 percent to 24.75 percent. CBN governor, Olayemi Cardoso, made the rate adjustment announcement at a news conference on Tuesday during[Read More…]
CBN lifts FX Restrictions on Dairy Products The Central Bank of Nigeria (CBN) has lifted the restrictions on the importation of milk and dairy products. On February 11, 2020, the CBN had added milk and dairy products to the list of items not eligible for forex. However, in a[Read More…]
CBN to hold MPC meeting March 25 and 26 The Central Bank of Nigeria (CBN) has announced that it will hold its 294th monetary policy committee (MPC) meeting next week. In a statement on Wednesday, the apex bank said the meeting scheduled to be held on Monday, March 25,[Read More…]
CBN Slashes Customs Exchange Rate by 1.5% For the second time in seven days, the Central Bank of Nigeria (CBN) has slashed the exchange rate for computing Customs duties at the nation’s seaports and airports from N1,617.96/$1 to N1,593.41/$1 representing 1.5% reduction. The slash, analysts argued, was as a[Read More…]
Experts express optimism as Nigeria’s Foreign Reserves Hit $34.416 President Bola Ahmed Tinubu’s foreign exchange reforms appear to be yielding the desired result. This is because Nigeria’s foreign exchange reserves hit $34.416 billion, the highest in nine months. The previous recent highest was $34.449 billion on June 20, 2023,[Read More…]
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…]
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…]
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…]
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…]
