The Central Bank of Nigeria (CBN) on Tuesday reiterated its commitment to fostering financial inclusion as a key strategy for achieving macroeconomic stability in the country. CBN Governor, Olayemi Cardoso, said this at the 2024 International Financial Inclusion Conference in Lagos with the theme, “Inclusive Growth: Harnessing Financial Inclusion...
CBN
A Kano State High Court has restrained the Central Bank of Nigeria(CBN), Accountant-General of Federal (AGF), the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) from withholding the 44 Kano State Local Governments’ allocations. The court gave the order following a Motion Ex-Parte filed on Nov.1, by the Chairman of...
Rivers State Governor, Siminalayi Fubara, on Wednesday said concerns over the Federal High Court decision that restricted the release of state allocations is “the least” of his problems. Governor Fubara stated during a special thanksgiving service organised by the state government to celebrate his administration’s resilience amid escalating political...
The Federal High Court in Abuja, on Wednesday, restrained the Central Bank of Nigeria (CBN) from further releasing monthly financial allocations to Rivers government. The News Agency of Nigeria (NAN) reports that the order also affected the Accountant-General of the Federation (AGF), Zenith Bank and Access Bank where the...
The Senate on Tuesday at plenary passed a bill to strengthen the capacity of the Nigeria Deposit Insurance Corporation’s(NDIC) to safeguard depositors fund and strengthen financial institutions in Nigeria. This followed adoption of report of Senate Committee on Banking, Insurance and other Financial Institutions on the bill titled, “Nigeria...
A former Secretary at the Central Bank of Nigeria (CBN), Mr John Ogah, on Monday testified in the trial of former CBN Gov. Godwin Emefiele for fraud and abuse of office. Emefiele is charged before an Ikeja Special Offences Court. He is standing trial for abuse of office and ...
The International Finance Cooperation (IFC), a member of the World Bank Group, and the Central Bank of Nigeria (CBN) have signed an agreement to increase local currency financing. According to a statement by CBN’s Acting Director, Corporate Communications Department, the agreement is to enable private businesses in Nigeria to...
The Central Bank of Nigeria (CBN) says it has not fixed any deadline for the circulation of the old N200, N500 and N1,000 banknotes. The Acting Director, Corporate Communications Department of the CBN, Hakama Sidi Ali, said this in a statement on Thursday in Abuja. Sidi-Ali was reacting to...
The House of Representatives on Tuesday called on the Central Bank of Nigeria (CBN) to raise agricultural lending from 1.4 per cent to 7 per cent of its total lending over the next five years. The House also urged the CBN to ensure that 50 per cent of the...
The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, on Tuesday said the country’s foreign reserves rose by 12.74 per cent to $39.12 billion as of October 11. Cardoso stated this while appearing before the House of Representatives Committee on Banking Regulation. The apex bank boss noted that the...
The Central Bank of Nigeria (CBN) has reiterated its commitment to ensuring the stability of the Nigerian financial system. The apex bank gave the reassurance in a statement by Mrs Hakama Sidi-Ali, its Acting Director, Corporate Communications on Tuesday. Ali said that the apex bank had put in place...
Customers of various banks have decried arbitrary debit of their monies by their banks. Some of them who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday said that the charges were becoming exorbitant and unnecessary. Mrs Helen Agodo, a customer with First Bank Plc, said...
The Central Bank of Nigeria (CBN), has announced the introduction of an Electronic Foreign Exchange Matching System (EFEMS), for Foreign Exchange (FX) transactions in the Nigerian Foreign Exchange Market (NFEM). According to a statement issued by Omolara Duke, the Director, Financial Markets Department , the EFEMS will be implemented...
President Bola Tinubu has said his administration is retooling the economy through necessary reforms to serve Nigerians better and more sustainably. The President said this in his Independence Day broadcast on Tuesday. “If we do not correct the fiscal misalignments that led to the current economic downturn, our country...
The Central Bank of Nigeria (CBN) has said it is partnering with Microfinance Banks (MFBs), to enhance financial inclusion to stimulate growth of Micro, Small and Medium Enterprises (MSMEs) in the country. Mr Sah Nyashi, CBN Controller, Yola Branch, said this on Saturday at the inauguration of Dabtikir Microfinance...
The Central Bank of Nigeria (CBN), has advised bank customers to ensure they properly understand any bank product before subscribing to them. Mohammed Muazu, the Head Complaints Management Division, Consumer Protection Department of the Central Bank of Nigeria (CBN), said this in Lagos on Friday. He gave the warning...
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says lifting of petroleum products from the Dangote Refinery will moderate foreign exchange demand pressures. Cardoso who said this on Tuesday in Abuja, while presenting a communique from the apex bank’s 297th Monetary Policy Committee meeting, said that...
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has further increased the Monetary Policy Rate (MPR) by 50 basis points to 27.25 per cent from 26.75 per cent. The Governor of the CBN, Yemi Cardoso, made this known on Tuesday in Abuja, while reading the...
A legal practitioner, Mr Junaid Sanusi who is a customer of Access Bank Plc, has sued the bank for N100 million for allegedly deducting his money unlawfully. While arguing his originating summons before the Federal High Court at Ibadan on Monday, Sanusi informed the court that he operated a...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has directed payment service providers to begin the tracking of all Point of Sale (PoS) transactions. In a circular issued recently, , the CBN ordered Payment Service Providers (PSPs) to regularize their connections with Payment Terminal Service Aggregators...