Nigeria's foreign reserves have crossed the $36 billion mark for the first time since March 17. Data made available on the website of the Central Bank of Nigeria (CBN) showed that the reserves have been on a steady increase since it hit $33.42 billion on April 29. The rise could be attributed to the increase in crude oil prices. Brent crude hit $40 [...]
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The Central Bank of Nigeria (CBN) has introduced a new timeline within with banks must resolve complaints relating to automated teller machine (ATM) dispense errors and failed point of sale (PoS) transactions. In a statement released on Sunday by Isaac Okorafor, CBN director of corporate communications, the apex bank said the new guidelines are aimed at improving the service quality. "The Central [...]
The Central Bank of Nigeria (CBN) has reduced interest rates on its facilities in other financial institutions (OFIs) from nine to five percent per annum for one year, effective from March 1, 2020. The CBN announced the reduction in a circular signed by Kevin Amugo, director of the financial policy and regulation department. The apex bank said the move is part of [...]
The May 2020 meeting of the monetary policy committee (MPC) of the Central Bank of Nigeria has been earlier scheduled to hold on Monday and Tuesday, May 25 and 26 has been postponed. A statement signed by Isaac Okorafor, director of CBN corporate communications department, said the meeting will now hold on Thursday, May 28. This means that the usual two-day meeting [...]
The bankers committee of the Central Bank of Nigeria has agreed that plans to lay off staff would be suspended. This was announced in a statement signed by Isaac Okorafor, CBN director of corporate communications, on Sunday. A meeting of the bankers committee was reported to have held on Saturday, May 2, to review the effect of the coronavirus on the banking [...]
A total of 3,256 individuals and small businesses have received funds from the Central Bank of Nigeria’s (CBN) N50 billion targeted credit facility (TCF) to cushion the effects of COVID-19. Abubakar Kure, managing director of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), said the disbursement marks the first phase of the facility. The CBN had, in March, announced the provision [...]
The Central Bank of Nigeria has resumed forex sale to commercial banks. In a statement on Wednesday, the apex bank said the move will ensure forex availability to parents who wish to pay foreign tuition and small and medium-scale enterprises (SMEs) who need forex for essential imports. Isaac Okarafor, CBN director of corporate communications, said the decision is in view of the [...]
The Central Bank of Nigeria (CBN) has directed deposit money banks to attend to customers who wish to clear cheques. In a statement by Sam Okojere, director of the CBN banking services department, the suspension placed on cheque clearing has been lifted effective April 28. The apex bank had, on March 30, suspended cheque clearing in relation to the lockdown in Lagos, [...]
There was a fire outbreak at the Jos branch of the Central Bank of Nigeria (CBN) on Tuesday. Isaac Okorafor, the apex bank's spokesman, said the fire was put under control minutes after it broke out. "At about 9.15 a.m., today, Tuesday, April 21, 2020, the fire alarm in our Jos branch was triggered and in line with the bank’s fire drill [...]
As many people are now aware, the outbreak of the Novel Coronavirus Disease (COVID-19) in China has rapidly permeated and profoundly changed the world. While this crisis is first and foremost a public health issue, which has claimed the lives of over 123,600 people worldwide, and counting, the economic damages are unprecedented on several fronts. Crude oil prices have declined dramatically [...]
The Central Bank of Nigeria has unveiled a three-year COVID-19 economic stimulus plan to guide the economy on the path of recovery. In a 27-paged document seen by TheCable on Tuesday, Godwin Emefiele, governor of the apex bank, said the outbreak is an opportunity for Nigeria to "look inwards as a nation and guarantee food security, high quality and affordable healthcare, [...]
The Central Bank of Nigeria (CBN) has directed that cheque clearing should be suspended. According to a notice signed by Sam Okoreje, director of CBN banking services department, the suspension is effective from March 31. The notice was addressed to all deposit money banks in the country and the Nigeria Interbank Settlement System (NIBSS). The notice said the suspension is related to [...]
The Central Bank of Nigeria (CBN) and bankers committee have identified local pharmaceutical companies that would be granted funding facilities to procure raw materials and equipment. Some of the companies named by the committee at its meeting on Saturday include Emzor, Fidson, GSK, May&Baker, Unique Pharma, Swiss Pharma, Neimeth, Sagar, Orange Drugs and Dana Pharma. This is part of efforts to cushion the [...]
The Central Bank of Nigeria (CBN) has directed that bureaux de change operators in the country must not sell dollars higher than N380 to end users. This is compared to the previous N360/$ exchange rate that was adopted in 2016. This is contained in a memo signed by O.S. Nnaji, director of the apex bank's trade and exchange department. The memo was addressed [...]
Allocations to the three tiers of government in naira will increase as the federation account allocation committee (FAAC) has adopted a new exchange rate rate of N360/$, TheCable can report. This is as a result of the unification of exchange rates by the Central Bank of Nigeria (CBN). FAAC meeting ended in a deadlock on Wednesday. The committee, which disburses revenue to the three [...]
The naira traded at N380 to the dollar on Friday at the Investors and Exporters window. This comes after the Central Bank of Nigeria (CBN) announced that the current market fundamentals do not support devaluation of the naira. The I&E window was created by the apex bank in 2017 to make forex available to businesses after the 2016 recession. TheCable gathered that although [...]
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