CBN gov Cardoso says CBN not using foreign reserves to defend Naira

The  Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso,  said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves. He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market (forex), … [Read more…]

NNPCL to boost Nigeria’s Gas Supply, Stabilise Naira

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has committed to increasing the supply of Nigeria’s gas to both local and international markets with the aim of revitalising the country’s revenue. Kyari said that by improving gas production, the NNPCL would play its part in stabilising the naira. … [Read more…]

Senate c’ttee Chairman says Bank recapitalisation comes with peculiar risks

The chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, has said the recent bank capitalisation comes with unique risks, especially when banks opt for the private placement route. The Central Bank of Nigeria had on Thursday announced new guidelines on its recapitalisation policy for banks, directing commercial banks with international authorisation to … [Read more…]

CBN Raises Interest Rate To 24.75%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent. This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja. The new interest rate is a jump … [Read more…]

Naira gains after clearing of $7bn FX backlog, appreciates to N1,382/$

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…]

CBN Clears FX Transactions Backlogs Totaling $7B

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…]

Hardship as Nigeria’s inflation rate hits 31.70% for February, cost of living rises

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…]

Inflation: CBN increases banks’ Cash Reserve Ratio, to mop up N5trn from banking industry

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…]