The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, says the apex bank will ensure a steady supply of cash to tackle shortages across the country. Mr Cardoso gave this assurance at a press briefing after the 298th monetary policy committee, MPC, meeting in Abuja. He said that, the CBN was adopting multifaceted…
The Central Bank of Nigeria, has said that over 28 million Nigerians still lack access to formal financial products and services in spite of a reduction in the country’s financial exclusion rate to 26% in 2023 from 46.3% in 2010. The CBN however said that the ongoing recapitalisation exercise will empower banks to take risks in underserved…
The International Finance Corporation, a member of the World Bank Group and the Central Bank of Nigeria have announced an agreement to scale up local currency financing, unlocking over $1bn in investments across key sectors of the Nigerian economy. This was according to a joint press statement from the IFC and the CBN on Monday….
The House of Representatives tasked the Central Bank of Nigeria (CBN) with the need to sensitise Nigerians about the non-legal tender status of the old naira notes from the 1st of January, 2025. The resolution was passed in sequel to the adoption of a motion of urgent national importance sponsored by the Leader of the…
A former acting Governor of the Central Bank of Nigeria, CBN, Folashodun Shonubi, has disclosed that the redesigned naira notes released by the apex bank under the leadership of Godwin Emefiele was different from what former President Muhammadu Buhari approved. Shonubi disclosed this while appearing before Justice Maryann Anenih of the Federal Capital Territory High…
The Central Bank of Nigeria has directed all Payment Service Providers to route all transactions from PoS terminals at merchant and agent locations — physical or electronic — through an approved CBN Payment Terminal Service Aggregator. It also issued a 30-day deadline requiring service providers to comply with enhanced routing guidelines for Point-of-Sale transactions. This…
The Central Bank of Nigeria (CBN) says it has reintroduced the publication of several key economic reports to foster transparency in the economy. This is contained in a statement by the CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali on Tuesday in Abuja. Sidi-Ali said that it is a reaffirmation of the apex bank’s…
The Nigerian Economic Summit Group, NESG has backed the recent decision of the Central Bank of Nigeria, CBN to discontinue the Price Verification System, PVS for foreign exchange transactions, saying it will remove regulatory bottlenecks and boost macroeconomic stability. The NESG welcomed the CBN’s decision in a communique released during the weekend. Recall that the…
Socio-Economic Rights and Accountability Project, SERAP, has called on Governor of the Central Bank of Nigeria, CBN, Dr Olayemi Cardoso, to account for, and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the apex bank. SERAP…
The World Bank has said that the tightening of the monetary policy by the Central Bank of Nigeria (CBN), will not address inflation in the country. The apex bank disclosed this in its global economic prospects report released on Wednesday. The tightening of the monetary policy rate (MPR) is the increase of interest rate to…