CBN warns banks over Russia, Iran, Cameroon transactions The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) in the country to be wary of transactions with businesses and persons in the Russian Federation, the Democratic People’s Republic of Korea, Iran and Cameroon.[Read More…]
Naira sells N763/$ at CBN window, trading rises The naira has appreciated by 0.68 per cent against the United States dollar on the Investor & Exporter forex window. The local currency closed at N763/$ on Tuesday, compared to N768.17/$ at the close of trading on Monday. There was no trading[Read More…]
CBN urges tertiary institutions to embrace e-Naira The Central Bank of Nigeria (CBN) has urged students and management of tertiary institutions in the country to adopt e-Naira for payment of tuition fee, salary and other transaction. The Assistant Director, CBN Ekiti State branch, Mr. Ayodeji Adeboboye gave the[Read More…]
CBN lifts cash deposit restriction on domiciliary accounts, allows $10,000 daily withdrawals The Central Bank of Nigeria has lifted it’s restrictions on domiciliary accounts while allowing account holders to make withdrawals of up to $10,000 on a daily basis. The CBN disclosed this in a press statement[Read More…]
CBN abolishes Naira4Dollar Scheme, announces unification of FX windows The Central Bank of Nigeria (CBN) has announced the abolishment of all forex segmentation, meaning there will be a single exchange rate in the country moving forward. It was noted that Nigeria’s multiple FX segments are now collapsed into the[Read More…]
The Federal Government recorded N930.8bn fiscal deficit in January and February 2023 according to the Central Bank of Nigeria. The CBN stated in its monthly economic report for February 2023 that, “The estimated overall fiscal deficit of the FGN expanded in February, due to a drop in the retained revenue.[Read More…]
The Central Bank of Nigeria (CBN) has debunked a report by a national daily that it has devalued the naira to N631 per dollar at the Importers and Exporters’ (I&E) window. A top official of the apex bank, who told this medium that the report is completely false , warned[Read More…]
The Monetary Policy Committee of the Central Bank of Nigeria, on Wednesday, unanimously voted to increase its monetary policy interest rates to 18.5 per cent. The PUNCH reports in March that the MPC of the bank voted to increase the benchmark interest rate by 50 basis points to 18 per[Read More…]
The National Bureau of Statistics (NBS) disclosed on Wednesday that Nigeria’s Gross Domestic Product (GDP) growth declined to 2.31 per cent in the first quarter (Q1) of 2023. Ripples Nigeria learnt that the 2.31 per cent GDP growth fell below the 3.52 per cent reported in the fourth quarter (Q4)[Read More…]
The Central Bank of Nigeria (CBN) has revoked the operating licenses of 132 microfinance banks in the country, alongside those of four primary mortgage banks and three finance companies. This was disclosed in the official gazette of the Federal Government, which was published on the website of the CBN on[Read More…]
