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 $30bn domiciliary deposits to Naira. The Apex Bank in a reaction to a story published by a national newspaper alleging that the government is considering converting funds in the domiciliary account to Naira, said the “allegation is absolutely … [Read more…]
The Nigerian National Petroleum Company Limited (NNPCL) increased its revenue profile by 37.2 per cent, from N6.42 trillion in 2021 to N8.81 trillion in 2022, its latest Audited Financial Statement (AFS) released on Friday revealed. The document, the fourth in the series to be made public since 1977, when the then NNPC began operations, also … [Read more…]
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the Federal Government will be saving N8tn annually from the fuel subsidy removal and exchange rate unification policies. Oyedele spoke during a panel session at the Lagos Chamber of Commerce and Industry 2024 Economic Outlook and Budget Analysis. He, therefore, … [Read more…]
The naira fell to N1089.51/$ on the official Investor and Exporter window on Tuesday. The currency fell by 27.19 per cent from the N856.57/$ it closed on Monday, according to data from the FMDQ Securities Exchange. On Tuesday, the naira opened trading at N922.22/$, rose to a high of N1251/$ and low of N720/$ before … [Read more…]
The Central Bank of Nigeria has changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions. This is according to a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by the apex bank’s Director, Financial Policy and Regulation Department, Haruna Mustafa. The … [Read more…]
The three tiers of government on Friday shared a total sum of N1.088.783 trillion as revenue allocation for November. The Federation Account Allocation Committee (FAAC) disclosed this in a communiqué issued at the end of its meeting in Abuja. According to the committee, the distributable revenue comprised statutory revenue of N376.306 billion, Value Added Tax … [Read more…]