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…]
CBN Introduces Foreign Exchange Price Verification System Portal The Central Bank of Nigeria (CBN) on Thursday introduced a foreign exchange price verification system designed for importers to have access to forex. CBN made this known in a statement from its Trade and Exchange Department on Thursday night. The apex[Read More…]
CBN reveals loan to FG rose to N23.18trn The Central Bank of Nigeria (CBN) has published its financial report for the year ended December 31, 2022, almost two weeks after President Bola Tinubu appointed Jim Obazee, ex-CEO of FRC as special investigator to investigate the bank. The published report revealed[Read More…]
CBN promises to tackle forex pressure Folashodun Shonubi, Acting Governor of the Central Bank of Nigeria, pledged to tackle the mounting exchange rate pressure as the naira witnessed a decline against the dollar. BusinessDay reports that Shonubi made this commitment during a press interaction after the two-day Monetary Policy[Read More…]
DSS Charges suspended CBN governor, Emefiele to court The Department of State Services (DSS) on Thursday said it has dragged embattled Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele to court. DSS PRO, Peter Afunanya disclosed this in a release on Thursday, July 13, 2023. The[Read More…]
