Precious Nwonu, Enugu The Central Bank of Nigeria has reduced its benchmark interest rate by 350 basis points, cutting the Monetary Policy Rate from 26.5 per cent to 23 per cent. CBN Governor Olayemi Cardoso announced the decision on Tuesday after the Monetary Policy Committee concluded its two-day meeting in Abuja. The reduction is the … [Read more…]
Precious Nwonu, Enugu The Federal Government and the Central Bank of Nigeria have entered into a new agreement aimed at improving coordination on inflation, public borrowing, debt management, liquidity and foreign exchange. The Memorandum of Understanding on Fiscal-Monetary Policy Coordination was signed in Abuja on Friday by the Federal Ministry of Finance and the CBN. … [Read more…]
Precious Nwonu, Enugu The Central Bank of Nigeria (CBN) has rolled out a stronger supervisory framework aimed at deterring the use of Nigerian banks and financial institutions for terrorism financing and other financial abuses. In an official statement, the apex bank’s Acting Director of the Corporate Communications and Investor Relations Department, Hakama Sidi-Ali, announced that the … [Read more…]
The Central Bank of Nigeria (CBN) has clarified it’s position on the legal status of the old series of the N1,000, N500, N200 banknotes after the February 10 deadline for depositing the affected banknotes. The Director, Corporate Communication Department of the CBN, Mr Osita Nwanisobi, while speaking with newsmen on Tuesday in Abuja, explained that … [Read more…]
Maikyau expressed what he described as telling concerns about the fate of Nigerians with the old currency past the deadline, saying, “The law is clear on this issue.” The Nigerian Bar Association (NBA) says the Central Bank of Nigeria (CBN) is under statutory obligation to redeem the old N200, N500, and N1,000 banknotes after the … [Read more…]
The two arms of the National Assembly, the Senate and the House of Representatives, yesterday asked the Central Bank of Nigeria, CBN, to extend the deadline for the usage of old naira notes beyond the January 31 target set by the apex bank. While the Senate asked that the deadline be extended to July 31, … [Read more…]
Governors of the 36 states have planned to meet with the Governor of the Central Bank of Nigeria, Godwin Emefiele, on Thursday over the present withdrawal policy and the redesigned naira notes. The governors under the auspices of the Nigeria Governors’ Forum through its spokesperson, Abdulrazaque Bello-Barkindo, in a statement Tuesday night said the governors … [Read more…]
The intervention of one of the Service Chiefs yesterday saved Governor of the Central Bank of Nigeria, (CBN) Mr. Godwin Emefiele, from arrest upon return to Nigeria from his annual vacation abroad. This is coming at a time the Directorate of State Services (DSS) denied ever storming the CBN headquarters to arrest Emefiele, with the … [Read more…]
The Central Bank of Nigeria may be under pressure to extend the deadline for old naira notes to cease being legal tender as bankers and customers push for the extension. The old notes are expected to be out of circulation by January 31 yet there is scarcity of the new notes as banks keep dispensing … [Read more…]
The Nigerian currency appreciated against the United States currency after the Central Bank of Nigeria (CBN) boldly rejected the call by International Monetary Fund (IMF) and World Bank to allow market forces to determine the exchange rate. Data from FMDQ securities at the last trading day of last week showed naira closed at $418.33 to … [Read more…]
Access Bank, Stanbic IBTC Bank and United Bank for Africa have been slammed with an N800 million fine by the Central Bank of Nigeria over flagrant disregard to existing regulations outlawing consumers from transacting in crypto currencies. According to Bloomberg, the sanctions were part of the CBN’s deterrence to ensure banks’ compliance; just as the … [Read more…]
The Central Bank of Nigeria (CBN), at the weekend, warned Deposit Money Banks (DMBs) to immediately desist from bringing mutilated banknotes as part of their deposits. Composed banknotes or mutilated Naira notes comprise several parts of different banknotes of the same denomination. The parts of such currency notes are usually put together with the intention … [Read more…]