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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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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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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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 […]
Read More The Monetary Policy Committee (MPC) has retained the Monetary Policy Rate at 14 per cent to combat inflation due to foreseen increase in global and domestic risk to the country’s economy. The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, said this when he briefed newsmen in Abuja on Tuesday on the outcome […]
Read More As the Central Bank of Nigeria’s Monetary Policy Committee (MPC) commences its first meeting in 2019 today, financial market analysts have ruled out the possibility of a cut in interest rate, on the eve of the country’s general election. The two-day meeting is the 265th of the committee. At its last meeting in November 2018, […]
Read More Business activities were slowed down by an insufficient power supply, high-interest rates and other challenges in 2018 financial period. This was disclosed in the ‘monthly business expectations survey report’ by the Central Bank of Nigeria’s Statistics Department in December 2018. The CBN, in the report, stated that “firms identified insufficient power supply, high-interest rates, unfavourable […]
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Between January and September last year, the Federal Government recorded a fiscal deficit of ₦889.61 billion in its operations, figures obtained from the Central Bank of Nigeria have revealed. The 2018 budget which was signed by President Muhammadu Buhari had a total spending of ₦9.1 trillion made up of ₦2.87 trillion for capital expenditure, ₦3.51 […]
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The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, will next week unfold the Bank’s plans for 2019 year, during the first Monetary Policy Committee (MPC) meeting scheduled for January 21 to 22. The Director, Corporate Communications at the CBN, Mr. Isaac Okorafor, disclosed this in a statement. Also, Okorafor confirmed the CBN’s injection […]
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The Central Bank of Nigeria (CBN) yesterday released its Treasury Bills Issuance Programme for the first quarter of 2019. In all, the central bank will sell treasury bills worth ₦907.880 billion this quarter. A breakdown of the debt instrument showed that while a total of 91-day bills valued at ₦50.977 billion would be auctioned; ₦178.843 […]
Read More The Central Bank of Nigeria, CBN, is estimated to have spent about ₦2.36 trillion to mop up ₦18.7 trillion through OMO treasury bills from the interbank money market in 2018. The above is based on 12.6 percent average stop rate of OMO TBs issued in 2018. The apex bank throughout the year maintained tight monetary […]
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For Microfinance Banks, MfBs, operating in Nigeria, year 2018 would not be forgotten too quickly as it opened with the suspension of their customers’ accounts that are without Bank Verification Number, BVN. The apex regulator, Central Bank of Nigeria, CBN, thereafter, set a state-by-state financial inclusion target for the commercial banks and MfBs to ensure […]
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