CBN
JUST IN: CBN, NNPC set limits for management of oil firm’s revenue
The Nigerian National Petroleum Company (NNPC) Limited and the Central Bank of Nigeria (CBN) have set limits for the management of the oil firm’s revenue. In a statement on Thursday, Olufemi Soneye, NNPC chief corporate communications officer, said the limit was set when Mele Kyari, group chief executive officer of the oil firm, and Olayemi […]
Senate panel summons CBN Governor over state of economy
The Senate Committee on Banking, Insurance and other Financial Institutions, on Wednesday, summoned the Governor of the Central Bank of Nigeria, Yemi Cardoso, over the state of the nation’s economy. Chairman of the Committee, Adetokunbo Abiru (APC, Lagos East) directed the CBN governor to appear before the lawmakers on Tuesday next week by 3 p.m. […]
CBN Issues Fresh Requirements to Mitigate Foreign Currency Risks
The Central Bank of Nigeria (CBN) Wednesday expressed concern over the growth in foreign currency exposures of banks through their Net Open Position (NOP). The central bank disclosed this in a circular to all banks dated January 31, 2024 and signed jointly by Director, Trade and Exchange, Dr. Hassan Mahmud and Mrs. Rita Ijeoma Sike, […]
1,500 redeployed CBN staff to resume Lagos office Friday
Following their relocation from the Abuja headquarters, at least 1,500 Central Bank of Nigeria (CBN) employees will begin work at the Lagos branch on Friday, February 2. A source within the apex bank informed PUNCH that despite facing criticism, the relocation plan is proceeding, with affected staff scheduled to resume their duties on Friday. An […]
CBN Injects Fresh $500m Into Forex Market
The Central Bank of Nigeria (CBN) has committed $500 million into the forex market. Hakama Sidi-Ali, Acting Director of the Corporate Communications Department at the CBN, disclosed this in a statement on Monday. Sidi-Ali reiterated the bank’s commitment to “settling all legitimate foreign exchange backlogs within a short time frame.” She also assured Nigerians that […]
CBN holds MPC meeting February 26
The Monetary Policy Committee of the Central Bank of Nigeria will hold its first policy meeting for the year on February 26th and 27th. This is according to a tentative MPC meeting calendar posted on the website of the apex bank. The meeting which will be the first under the leadership of Governor Yemi Cardoso […]
Emefiele pleads not guilty to amended 20-count charge, trial adjourned to Feb
Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), has pleaded not guilty to the amended criminal charge filed against him by the federal government. BACKGROUND On Thursday, the federal government amended the criminal charge it filed against the former CBN governor. The charge was previously six counts but was increased to 20 […]
CBN Pays $2bn To Clear FX Backlog, To Sanction Defaulters
The Central Bank of Nigeria (CBN) says it paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum in its bid to clear the backlog of outstanding foreign exchange liabilities. The apex bank said it has also cleared up the entire liability of 14 banks and started settlements with foreign airlines. A CBN […]
CBN disburses $61 million to settle foreign airlines’ trapped fund
The Central Bank of Nigeria said it has disbursed $61.64 million to foreign airlines through deposit money banks. According to a statement by its Acting Director, Corporate Communications, Hakama Sidi-Ali, in Abuja on Sunday, the disbursement is in fulfilment of CBN’s commitment to eliminate the backlog of pending mature foreign exchange in DMBs. Mrs Sidi-Ali […]
Fresh Dust Over Union Bank’s Sale As CBN Investigator Summons Tunde Lemo
The Special Investigator appointed by President Bola Tinubu to probe the Central Bank of Nigeria (CBN) has summoned the Chairman of Titan Trust Bank (TTB), Tunde Lemo, and two other shareholders of the bank over the controversial acquisition of Union Bank of Nigeria. This comes after Lemo, a former deputy governor of the CBN, faulted […]