CBN
Tinubu never asked CBN Gov, Cardoso to resign – Presidency
The presidency has said that President Bola Tinubu has not asked Yemi Cardoso to resign from his position as the Governor of the Central Bank of Nigeria, CBN. The Special Adviser to the President on Information and Strategy, Bayo Onanuga, said this in a statement, debunking reports that Tinubu ordered Cardoso’s resignation. In a post […]
SEC to license cryptocurrency firms
THE Securities Exchange Commission (SEC) says it plans to license providers of virtual assets — including cryptocurrencies — to tap opportunities and protect investors as adoption rates surge in Nigeria. Speaking during an interview with Bloomberg, Emomotimi Agama, SEC’s director-general, said the commission intends to issue first licences for digital service and tokenised assets this […]
BREAKING: CBN approves bailout for Unity Bank
The Central Bank of Nigeria (CBN) has granted approval for financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. This is according to a statement released by the CBN, signed by Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications. It read: “The Central Bank of Nigeria (CBN) […]
Senate Passes Bill To Increase CBN Ways And Means Loans To FG
The Senate on Wednesday passed a bill to increase the percentage of Ways and Means loans the Central Bank of Nigeria (CBN) can give to the Federal Government. The upper chamber of the Nigerian legislature raised the credit facility obtainable by the Federal Government from the apex bank from 5% to 10%. Known as the […]
CBN sued over failure to ‘account for missing N100bn dirty notes, other public funds’
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.” In the […]
CBN Increases Interest Rate To 26.75% Amid Rising Inflation, Hardship
The Central Bank of Nigeria, CBN, has increased the country’s Monetary Policy Rate (MPR), which is also known as interest rate from 26.25% to 26.75% The Monetary Policy Rate measures interest rates by 50 basis points. The apex bank announced the MPR increment amid sustained rising inflation and skyrocketing food prices and scorching hardship. The […]
CBN announces fresh guidelines on dormant accounts, unclaimed balances in Nigerian banks
The Central Bank of Nigeria, CBN, has directed all banks and other financial institutions in the country to transfer all dormant accounts and unclaimed balances and other financial assets to its dedicated account. The apex bank disclosed this on Friday in a guideline on the management of dormant accounts, unclaimed balances signed by its acting […]
Dangote Faults CBN’s 26% Interest Rate
Chairman and Chief Executive of the Dangote Group, Aliko Dangote, has criticised the latest increment of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN). While addressing the audience during the opening session of a three-day summit Organised by the Manufacturers Association of Nigeria (MAN) at the Banquet Hall of […]
SERAP gives CBN 7 days to ‘account for missing N100bn dirty notes, other public funds’
Socio-Economic Rights and Accountability Project (SERAP) has urged Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), “to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.” SERAP, which made […]
CBN to implement more policies to tackle cybersecurity challenges
The Central Bank of Nigeria (CBN) says it will continue to implement more policies to tackle cybersecurity challenges and foster innovation to ensure the stability and integrity of the financial system. The deputy governor of financial systems stability at CBN, Philip Ikeazor, said this during a two-day Financial Institutions Training Centre (FITC) Fintech Conference held […]