Category: Money

  • CBN Directs banks to deposit all excess FX

    CBN Directs banks to deposit all excess FX

    The Central Bank of Nigeria has directed all Deposit Money Banks to deposit their excess foreign currency notes with its branches in Lagos and Abuja. The apex bank disclosed this in a fresh circular on Friday signed by Solaja Mohammed Olayemi, its acting Director of the Currency Operations Department. CBN said this is to boost…

  • How Nigerians borrow N3.82tn from banks amid hardship

    How Nigerians borrow N3.82tn from banks amid hardship

    Credit facilities borrowed by Nigerians from banks rose to N3.82 trillion in January 2024 amid rising inflation and harsh economic realities. This is according to the recent Central Bank of Nigeria’s monthly Economic report posted on its official website. Accordingly, total consumer credit rose by 11.9 percent to N3.82 trillion in January 2024 from N2.648…

  • CBN meets justifies reasons for recent Monetary Policy Rate hikes

    CBN meets justifies reasons for recent Monetary Policy Rate hikes

    The Central Bank of Nigeria has presented a detailed explanation of the economy’s trajectory, giving reasons for the recent aggressive Monetary Policy Rate hikes, and the expected transmission timeline into the economy. The Central Bank Governor, Olayemi Cardoso made the presentation on Wednesday, during a dialogue with the Organised Private Sector, OPS and the Bank’s…

  • Again, Naira depreciates by 0.16% against dollar at official market

    Again, Naira depreciates by 0.16% against dollar at official market

      The naira on Friday recorded a loss at the official market, trading at N1,483.99 to the dollar. Data from the official trading platform of the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the naira lost N2.50. This represents a 0.16 per cent loss compared to the previous trading…

  • Naira depreciates by 0.05% against dollar at official market

    Naira depreciates by 0.05% against dollar at official market

      The naira experienced a decline on Tuesday at the official market, trading at N1,476.95 to the dollar. According to data from the FMDQ Exchange’s official trading platform, the naira depreciated by 83 kobo, marking a 0.06 percent loss compared to Monday’s rate of N1,476.12 to the dollar. Despite this depreciation, the volume of currency…

  • CBN retrenches 200 staff members

    CBN retrenches 200 staff members

      No fewer than 200 officials of the Central Bank of Nigeria were on Friday relieved of their duties. This is an addition to the long list of ongoing disengagements in the apex bank. This adds to the list of 117 staff sacked by the bank between March 15 and April 11, 2024. The termination…

  • Detained Binance Executive Slumps In Court

    Detained Binance Executive Slumps In Court

      There was a mild drama at a Federal High Court in Abuja on Thursday, as detained Binance executive, Tigran Gambaryan, slumped in court. Gambaryan is facing a money laundering charge. The drama occurred shortly after the matter was called for trial continuation before Justice Emeka Nwite, the News Agency of Nigeria reports. When the…

  • CBN releases list of those banned from owning BDCs

    CBN releases list of those banned from owning BDCs

      The Central Bank of Nigeria has banned commercial banks, all financial institutions, public officers, non-governmental organizations, non-Nigerian natural persons, non-resident, non-regulated companies, telecommunication services providers, and others from owning Bureau De Change firms in Nigeria amid efforts to defend the naira against the dollar at foreign exchange market. On Wednesday, the apex bank disclosed…

  • CBN Gov speaks on revoking licenses of Moniepoint, Opay, others

    CBN Gov speaks on revoking licenses of Moniepoint, Opay, others

      The governor of the Central Bank of Nigeria, Olayemi Cardoso, said that the apex bank has not revoked the licenses of Moniepoint, Opay, and other fintech banks operating in Nigeria. Cardoso disclosed this in a communiqué from Tuesday’s Monetary Policy Committee meeting in Abuja. He noted that CBN is not against fintechs. His reaction…

  • BREAKING: CBN raises interest rate

    BREAKING: CBN raises interest rate

      The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark interest rate to 26.25 per cent. This was disclosed by the Governor of the CBN who doubles as the Chairman of the MPC at the end of the 295th MPC meeting held in Abuja. At the March MPC meeting, the…