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…]
By Ikenna Igwe The issue of food inflation and food insecurity have continued making the news headline in today’s Nigeria. To be fair, the issue of food insecurity is not something that is alien to Nigerians but with the current administration of President Tinubu, things seem to be going south. According to the National Bureau … [Read more…]
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…]
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…]
As the naira gradually appreciates against the dollar after months of unprecendented uncertainties, the Central Bank of Nigeria (CBN), on Monday, announced the sales of $10,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,251/$1. In a circular to the President of the Association of Bureau … [Read more…]
The local currency continued on a recovery note on Thursday with naira appreciating significantly against the dollar, a development believed to be on the strength of recent interventions by the Central Bank of Nigeria (CBN). From N1,536.83 in the previous day, the naira appreciated to N1,382.35/$ 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…]