The local currency continued on a recovery note on Thursday with naira appreciating significantly against the dollar, a development believed to be on the strength of recent interventions by the Central Bank of Nigeria (CBN). From N1,536.83 in the previous day, the naira appreciated to N1,382.35/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the … [Read more…]
The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs of $7 billion have now been settled, fulfilling a key pledge of its Governor, Mr. Olayemi Cardosoo. In a statement on Wednesday, the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, in Abuja confirmed that independent auditors from Deloitte … [Read more…]
Zenith Bank Plc has appointed Dr. Adaora Umeoji as its new Group Managing Director, effective June 1, 2024. This was disclosed in a statement signed by the Company Secretary, Michael Otu, which was filed with the Nigerian Exchange Limited on Tuesday. Umeoji will take over from the current GMD, Dr. Ebenezer Onyeagwu, whose time in … [Read more…]
Nigeria’s headline inflation has moved up to 31.70 percent in February up from 29.90% in January 2024, latest data released by the National Bureau of Statistics (NBS) on Friday has shown. According to the NBS Consumer Price Index and Inflation Report for February, the hike represents a 1.80 percent increase from what was recorded in … [Read more…]
Efforts by the Federal Government to curb the rising inflation will lead to N5 trillion cash mop up from the banking industry as the Central Bank of Nigeria, CBN implements the hike in banks’ Cash Reserve Ratio, CRR to 45 per cent. The CRR which represents banks’ cash reserves for purposes of meeting cash obligations … [Read more…]
The Central Bank of Nigeria, CBN, has said it would sale Treasury Bills, TBs, worth N1.64 trillion for the second quarter 2024, Q2’24. This is contained in the apex bank’s Nigeria Treasury Bills Issue programme released today. Treasury Bills are short term (less than one year) debt instruments used by the CBN to borrow money from the public … [Read more…]
The 2023 presidential candidate of the Labour Party, Mr. Peter Obi has given a thumbs down to the new monetary policy rates released by the Central Bank of Nigeria, CBN. According to Obi, the new policy will worsen the economic situation in the country and will seriously affect the productive sector and lead to job … [Read more…]
President Bola Ahmed Tinubu has assured that an economic revival is forthcoming as he initiates a tripartite Economic Presidential Advisory Committee to address economic challenges, food security, and national security. In a meeting with Heads of Industries and Nigerian Top Business Owners, as well as some members of the Nigerian Governor’s Forum at the State … [Read more…]
The Nigerian National Petroleum Company Limited (NNPC Ltd.) and Central Bank of Nigeria (CBN) have reviewed the NNPC Ltd.’s decision to domicile a significant portion of its revenues and other banking services with the CBN. The review was held during a meeting between the Group Chief Executive Officer of NNPC Ltd, Malam Mele Kyari and … [Read more…]
The governor of the Central Bank of Nigeria, CBN, Mr. Yemi Cardoso, yesterday told members of the House of Representatives, that the task of stabilising the naira is the responsibility of all Nigerians. He spoke in Abuja while addressing the lawmakers to explain issues responsible for the foreign exchange challenges facing the nation. Cardoso’s presentation … [Read more…]
The Central Bank of Nigeria (CBN) says there are no plans by the Federal Government to convert its $30bn domiciliary deposits to Naira. The Apex Bank in a reaction to a story published by a national newspaper alleging that the government is considering converting funds in the domiciliary account to Naira, said the “allegation is absolutely … [Read more…]
The Nigerian National Petroleum Company Limited (NNPCL) increased its revenue profile by 37.2 per cent, from N6.42 trillion in 2021 to N8.81 trillion in 2022, its latest Audited Financial Statement (AFS) released on Friday revealed. The document, the fourth in the series to be made public since 1977, when the then NNPC began operations, also … [Read more…]