IMF says Nigeria not Generating Enough Revenue to Support Developmental Needs International Monetary Fund has said that Nigeria is not earning enough revenue to support its developmental needs. IMF explained that the country’s nine per cent revenue to Gross Domestic Product ratio is very low and not enough to[Read More…]
CBN orders banks to freeze accounts without BVN, NIN from March 2024 The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to place a “No Debit” restriction on all accounts without a Bank Verification Number (BVN) and National Identification Number (NIN) from March 2024.[Read More…]
CBN Governor, Cardoso to lay out Policy Directions Governor of Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso will this weekend examine the macroeconomic direction and outlook for the Nigerian economy, a major event expected to provide guidance to key decision-makers. Cardoso will address bankers and other public and[Read More…]
CBN says N100, N200, N1000 Banknotes remain Legal Tender indefinitely The Central Bank of Nigeria on Tuesday said that the old N100, N200, N1000 banknotes will remain a legal tender indefinitely. The Apex bank extended the Naira notes beyond the December 31, 2023 deadline issued by the former CBN[Read More…]
CBN denies plans to Redenominate Naira The Central Bank of Nigeria (CBN) has dismissed rumours suggesting any plans for the redenomination of the Naira, set to take effect from January 2024. The response from the CBN comes in light of an assertion implying its intention to redenominate the nation’s official[Read More…]
CBN postpones MPC meeting, keeps mum on new date The Central Bank of Nigeria has postponed the Monetary Policy Committee’s 293rd meeting, which was scheduled for September 25 and 26, 2023. A statement by the bank’s Director of Corporate Communications, Dr Isa AbdulMumin, said on Thursday. The statement read,[Read More…]
LCCI urges CBN to halt interest rate hikes, cites inflationary concerns The Lagos Chamber of Commerce and Industry has urged the Central Bank of Nigeria to suspend interest rate hikes as a measure to alleviate supply-side pressures contributing to rising inflation. In a statement released on Monday, the Director-General of[Read More…]
Meet CBN’s newly appointed deputy governors President Bola Tinubu on Friday approved the nomination of four new Deputy Governors of the Central Bank of Nigeria pending confirmation by the Senate for a term of five years at the first instance. They are expected, when confirmed, to work with the newly[Read More…]
CBN to clear forex obligation backlog in two weeks Nigerian businesses from manufacturers to importers, who have been on a long queue for dollars may have cause to heave a sign of relief as the Central Bank of Nigeria (CBN) has announced plans to clear foreign exchange (Forex) backlog[Read More…]
CBN Announces New Guidelines For Bureau De Change Operations in Nigeria The Central Bank of Nigeria (CBN) has announced additional guidelines for Bureau De Change (BDC) operators in an overall bid to improve efficiency of the Nigerian foreign exchange market. The decision comes two years after the apex bank[Read More…]
