CBN hq

Currency in circulation reaches ₦2.329 trn due to increased deposit at CBN

The currency in circulation at the end of December 2018 rose by 20.9 per cent to ₦2.329 trillion, compared with the growth of 1.4 per cent at the end of September 2018, the Central Bank of Nigeria disclosed this in its 2018 fourth quarter report. The development relative to the preceding quarter reflected mainly the […]

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FILE PHOTO: Central Bank of Nigeria's logo is seen on the headquarters building in Abuja, CBN

Foreign reserves dips 2-month low to $42.86 billion

The nation’s foreign exchange reserves have fallen to $42.86 billion, the lowest level in two months, the latest data from the Central Bank of Nigeria showed on Sunday. The reserves, which stood at $43.174 billion on January 31, dropped by $314 million in two weeks to $42.86 billion on February 14. The external reserves had […]

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CBN hq

Where is $7 billion CBN placed with 14 Banks?

The subject of the narrative, in this column, last week, was the $7bn which Festus Odoko, former CBN Corporate Affairs Director, confirmed had been deposited with 14 Nigerian banks in October 2006. It is not clear how many banks, actually, succeeded in raising the mandatory capital base of N25bn, and the additional N35bn steep threshold, […]

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FILE PHOTO: Central Bank of Nigeria's logo is seen on the headquarters building in Abuja, CBN

Assets in CBN’s National Collateral Registry reaches ₦1.561 trillion

A cumulative of 154,827 micro, small and medium scale enterprises (MSMEs) have used movable assets valued at ₦1.561 trillion to obtain loans from financial institutions since the National Collateral Register (NCR) was passed into law, THISDAY’s investigation has revealed. The latest NCR report obtained by THISDAY showed that a breakdown of the amount recorded between […]

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People walk past baskets of tomatoes in the Yankaba market in Kano

Nigeria to ban importation of tomato products by 2021

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has disclosed the federal government’s resolve to ban the importation of tomato products into the country by 2021. He said the continued importation of tomato paste had resulted in massive job losses to foreign countries, a situation which had further impoverished local farmers and denied […]

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FILE PHOTO: Central Bank of Nigeria's logo is seen on the headquarters building in Abuja, CBN

CBN denies alleged FX manipulation

The Central Bank of Nigeria on Monday denied involvement in foreign exchange manipulation as alleged in one of the national dailies. The bank’s Director, Corporate Communications of the CBN, Mr Issac Okorafor made the denial on its website. The regulator noted that the story by BusinessDay Newspaper titled, “Exposed The Sleazy Face of ₦306/$1, inside […]

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CBN hq

Emefiele, CBN and Nigeria’s Economic Outlook

Between the end of 2014 and the first quarter of 2017, the job of heading the Central Bank of Nigeria (CBN) was not an enviable one. Nigeria was faced with the harshest economic realities which culminated in its worst recession and the common man on the street could only ask – and reasonably so – […]

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An illegal foreign currency trader poses counting notes at a local bus station in the capital Harare

ABCON, CBN, NIBSS, others partner to enhance transparency with live automation portal

The Association of Bureaux De Change Operators of Nigeria (ABCON) will tomorrow launch its live run automation portal in Lagos. The initiative is expected to automate all BDCs’ operations with the Nigeria Inter-bank Settlement System (NIBSS), Nigeria Financial Intelligence Unit (NFIU) and Central Bank of Nigeria (CBN). It is aimed at improving the level of […]

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Godwin Emefiele

NIRSAL launches new national MFB

The Central Bank of Nigeria wholly owned Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has unveiled its new national MicroFinance Bank (MFB) with branches in all 774 Local Government Areas in the country. Known as NIRSAL Microfinance Bank, the new financial institution which is a product of a tripartite partnership between the Bankers’ […]

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Nigeria House of Representative. NS

House of Reps committee commends CBN’s CSR initiatives

Members of the House of Representatives Committee on Banking and Currency Thursday commended the Central Bank of Nigeria’s (CBN) for its corporate social responsibility (CSR) projects known ‘Centre of Excellence.’ The lawmakers made the remark during the inspection of one of the on-going project at the University of Lagos. The Post Graduate School projects, cited […]

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FILE PHOTO: Central Bank of Nigeria's logo is seen on the headquarters building in Abuja, CBN

CBN recorded $40.9 billion FX inflow in 9-month

Between January and September last year, a total foreign exchange inflow of $40.93 billion was recorded by the Central Bank of Nigeria. The inflow of $40.93 billion, when compared with the $27.95 billion recorded in the first nine months of 2017, represents an increase of $12.98 billion. An analysis of the third quarter economic report […]

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Godwin Emefiele

MPC meeting: CBN cautions FG on external borrowing

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) yesterday cautioned the federal government on the sharp increase in the size of the nation’s external debt which rose by 109 percent to $21.6 billion as at September 30th 2018, from $11.28 billion on June 30th, 2015. Meanwhile, the committee retained the Monetary […]

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