CBN

Nigeria Central Bank reviews cash withdrawal limits to N500,000, N5m

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The Central Bank of Nigeria (CBN) has announced an upward review of cash withdrawal limits to N500, 000 and N5 million for individuals and corporate accounts respectively. The apex bank also reviewed downward, the stipulated percentage cost for withdrawals above the stipulated limits. This is according to a statement by Haruna Mustapha, CBN’s Director, Banking … Read more

We are not introducing N5000 note – CBN

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The Central Bank of Nigeria (CBN) says it has no plan to introduce N5,000 denominated bank note as being speculated by some sections of the society. Ahmed Umar, the Director, Currency Operations of CBN clarified this at a three-day workshop organised by the Nigeria Deposit Insurance Corporation (NDIC), for members of the Financial Correspondents Association … Read more

Why I approved redesign of Naira notes – Buhari

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By David Iorja (ABUJA) President Muhammadu Buhari on Wednesday in Abuja launched the new Naira banknotes, expressing delight that the redesigned currencies are locally produced by the Nigerian Security Printing and Minting (NSPM) PLC. Speaking at the launch of the new banknotes, which preceded the Federal Executive Council (FEC) meeting, the President explained in detail … Read more

Inflation: Experts task CBN on flexible exchange rate

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Financial experts have urged the Central Bank of Nigeria (CBN) to adopt a flexible foreign exchange rate regime and address the food insecurity triggering inflationary rate in the country. They said this in separate interviews with the News Agency of Nigeria (NAN) on Tuesday in Lagos. Dr Muda Yusuf, the Chief Executive Officer, Centre for … Read more

Naira redesign: CBN urged to extend deadline

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The Abuja Chamber of Commerce and Industry (ACCI) has appealed to the Central Bank of Nigeria (CBN) to extend the deadline for the non-continuation of the use of the current currency notes. The President of ACCI, Dr Al-Mujtaba Abubakar, made the appeal in a statement he issued on Tuesday in Abuja in reaction to the … Read more

Naira begins new week on positive note, exchanges at N445.38 to the dollar

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The naira on Monday appreciated against the dollar at the Investors and Exporters window, exchanging at N445.38. The figure represents an appreciation of 0.07 per cent compared with the N445.67 for which the dollar exchanged at the close of business on Friday. The open indicative rate closed at N444.08 to the dollar on Monday. An … Read more

Nigeria to begin rice export to Egypt, as RIFAN, Tiamin sign MoU

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The Rice Farmers Association of Nigeria (RIFAN), has signed a Memorandum of Understanding (MoU) with Tiamin Rice company for processing and sale of rice locally and internationally. This is contained in a statement issued by the Deputy Managing Director of Tiamin Rice Company, Mr Aliyu Ibrahim in Abuja. Aliyu said the initiative was aimed at … Read more

British Pound Sterling hits N1005 across Nigeria

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Nigeria’s currency continues to fall under President Muhammadu Buhari’s regime, tumbling to a new low of N1005 against the British pound sterling on the parallel exchange platform Aboki Forex on Saturday. It’s revealed that the naira traded at N1005 against the British Pounds Sterling and N890 to a dollar. The rapid depreciation of the country’s … Read more

We followed due process in redesigning naira – Nigeria Central Bank

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The Central Bank of Nigeria (CBN) says it followed due process in its decision to redesign some denominations of the naira, adding that the exercise was 12 years overdue. The apex bank made this known via its verified twitter account on Saturday, urging Nigerians to support the measure as it was in the overall interest … Read more

Polaris Bank appoints Ahmad Chairman, Adekunle Sonola MD

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Polaris Bank has appointed a new independent Board of Directors to lead the bank’s growth strategy. Alhaji Muhammad Ahmad, Chairman Polaris Board, said in a statement in Lagos. The statement said that the board would have six non-executive directors and three executive directors. The new board and management include: Ahmad, Chairman; Abubakar Suleiman, non-executive director; … Read more

Nigeria’s Central Bank marks first anniversary of e-Naira

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By Callistus Offor (ABUJA) The Central Bank of Nigeria (CBN) has unveiled a programme of events to commemorate the first anniversary of the launch of Africa’s First Central Bank Digital Currency (CBDC) tagged the “eNaira”, which was formally launched by President Muhammadu Buhari at the State House, Aso Villa on Monday 25 October 2021. The … Read more

Crude oil production: Angola, Libya maintain lead over Nigeria – OPEC report

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Angola and Libya have for the second consecutive month maintained their lead over Nigeria as Africa’s highest crude oil producers, according to a report by the Organisation of the Petroleum Exporting Countries (OPEC). OPEC said this in its Oil Market Report for October, which was obtained by the News Agency of Nigeria (NAN) on Wednesday … Read more

Emefiele’s ambition: CBN board is to determine if laws were broken – Buhari

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President Muhammadu Buhari says it’s not in his place to determine if the political ambition of Central Bank Governor, Godwin Emefiele, infringes on any laws that affects his productivity.  Buhari stated this on Tuesday during his interview with Bloomberg. There have been debates around the central bank’s independence following the governor showing interest in running … Read more

BREAKING: CBN office on fire [VIDEO]

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The Central Bank of Nigeria (CBN) Makurdi cash office is on fire. The cause of the fire is not known but fire fighters were yet to arrive the building located in old GRA in Makurdi as of the time of filing this report. See Video HERE. The CBN building in Makurdi is located close to … Read more

CSO sues CBN over failure to release breakdown of its 2022 budget

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A Civil Society Organization (CSO) known as Project 20 Million has dragged the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele over his failure to release the comprehensive and a total breakdown of the 2022 budget of CBN. Also joined as respondent in the suit before a Federal High Court sitting in Abuja, … Read more

$418m debt: Court fixes Dec. 21 to hear pending applications in 36 governors’ suit

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CRA Yenogoa Court judgment Eruru

A Federal High Court, Abuja has fixed Dec. 21 to hear all pending applications in a suit filed by the 36 state governors over plan to deduct monies accruing to them from federation account to settle 418 million dollars judgment debt in relation to Paris Club Refund. Justice Inyang Ekwo fixed the date on Monday … Read more

CBN grants Airtel Africa approval for super agent

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By Mbafan Ade – Central Bank of Nigeria (CBN) has given Airtel Mobile Commerce Nigeria Ltd., an Airtel Africa subsidiary, preliminary license to operate as a super agent. This is according to a notice signed by Simon O’Hara, Airtel Africa’s Group Company Secretary, and published on the Nigerian Exchange (NGX) Ltd. website on Monday in … Read more

eNaira: The Eagle that Refused to Fly! By Nick Agule

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Introduction The Central Bank of Nigeria (CBN) on Thursday, 30th September 2021 announced a last-minute postponement of the launch of Nigeria’s new digital currency – eNaira – planned for next day Friday, 1st October 2021, as part of the activities to celebrate Nigeria’s national day for 61 years as an independent nation. The Director of … Read more

AbokiFx: Nigeria Fighting Spectators as Bandits Kill the Naira! By Nick Agule

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Introduction Nigeria’s Monetary Policy Committee (MPC) rose from a two-day meeting after which the Central Bank Of Nigeria (CBN) Governor, Mr Godwin Emefiele addressed the press and made startling revelations regarding a website called AbokiFx which publishes both the official and parallel (unofficial) foreign exchange (forex) rates of the Naira against other global currencies. The … Read more

Experts reveal CBN forex ban to Bureau De Change will prevent round-tripping

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Central Bank of Nigeria’s (CBN) prohibition on foreign exchange sales to Bureau De Change (BDC) operators, according to financial analysts, will prevent round-tripping. They made the remarks in a separate interview with the Nigerian News Agency (NAN) in Lagos on Friday, in response to the outcome of the July Monetary Policy Committee (MPC) meeting. They … Read more

Naira depreciates to 410/$ at official market — CBN

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The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said the naira has depreciated at the official market to 410 against the dollar. Emefiele, who spoke at a summit on the economy by Bank CEOs on Friday, said the drop in crude oil earnings and the associated reduction in foreign portfolio inflows … Read more

CBN tasks bank CEO, others to reset Nigeria’s economy

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The Central Bank of Nigeria (CBN) Governor Godwin Emefiele, has urged Bank CEOs and other stakeholders to work together to reset the Nigerian economy to achieve massive growth. Emefiele gave the advice at a one-day Special Summit on the Economy, organised by the Vanguard Newspaper in collaboration with CBN and Chief Executives of Banks, on … Read more

Nigeria needs to regulate cryptocurrencies, not ban them – VP Osinbanjo

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The Central Bank of Nigeria (CBN) and securities regulator need to find ways to regulate cryptocurrencies rather than prohibiting their use, Vice President Yemi Osinbajo said on Friday, urging them to come up with a regime that would support growth and innovation. The Central Bank this month barred banks and financial institutions from dealing in … Read more

CBN directs banks to sell forex to customers/non-customers, BDCs get more Dollars 3X weekly

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The Central Bank of Nigeria, CBN, has directed all banks to sell foreign exchange to anyone that is willing to purchase over the counter irrespective of whether the person is a customer or not, upon presentation of relevant documentation.

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President Buhari writes Senate, makes 5 fresh appointments into CBN

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By GRACE AUDU, Abuja

President Muhammadu Buhari has made five fresh appointments into the Central Bank of Nigeria (CBN).

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BVN: Give Nigerians abroad more time, Dabiri-Erewa urges CBN, AGF

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Senior Special Assistant to President Muhammadu Buhari on Foreign Affairs and Diaspora, Mrs Abike Dabiri-Erewa, has called for more time for Nigerians in Diaspora to obtain their Bank Verification Number (BVN).

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