MONEY MARKET

The Central Bank of Nigeria (CBN) has said there was no cause for concern over the directive to banks under regulatory forbearance to stop paying dividends to shareholders and bonuses to directors and senior management. CBN gave the directive on June 14, saying it aims to strengthen capital buffers and...

For the first time since February 2024, the Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate (MPR) at 27.5 percent. CBN Governor Yemi Cardoso announced the decision on Tuesday in Abuja following the 300th Monetary Policy Committee (MPC) meeting. Cardoso said all 12 MPC members voted unanimously to hold...

The Central Bank of Nigeria (CBN) on Monday dismissed reports suggesting distress in a regulated financial institution, describing the claims as misleading and capable of triggering unnecessary panic in the financial system. In a press statement signed by the Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, the apex bank...

The innovative digital gateway, which is projected to actualise the CBN’s $1 billion monthly diaspora remittances target and about $12 billion annually, allows Nigerians in the diaspora to obtain a BVN remotely. The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the...

The Central Bank of Nigeria (CBN) has noted that the recent movements in the foreign exchange market between April 3 and 4, reflecting broader global macroeconomic shifts currently affecting several Emerging Market and Developing Economies. According to a statement by the Director, Financial Markets Department CBN, Omolara Omotunde Duke, “These...

JPMorgan, US-based financial institution, has postulated that the Central Bank of Nigeria (CBN) may begin to slow down the pace of absorbing inflows in net reserves to give a breather to the naira that has climbed to its highest in almost a month, potentially allowing the currency to end 2025...

The Central Bank of Nigeria (CBN) has released a new exchange rate for cargo clearance at Nigerian ports following the depreciation of the naira in all foreign exchange markets. The apex bank fixed the Customs rate at N1,536.39 per dollar from N1,530 the previous day The new Customs exchange rate...

The Central Bank of Nigeria (CBN) has sounded the alarm over the growing trend of illicit transactions involving banknotes, urging immediate intervention to curb the practice. CBN Governor, Olayemi Cardoso, made this known at the Bank’s Security Workshop held in Abuja on Thursday, where security and law enforcement agencies gathered...

The Central Bank of Nigeria (CBN) has directed financial institutions nationwide to strictly comply with global banking standards to help curb the movement of $3 trillion in illicit funds worldwide. The apex bank stated that adherence to this directive would bolster confidence in Nigeria’s financial sector and enhance its stability.  It reaffirmed...

Banks have commenced implementation of the new Automated Teller Machine, ATM transaction fee charge on customers following the Central Bank of Nigeria, CBN’s directive. The News Agency of Nigeria correspondent who monitored some banks’ ATM gallery in Abuja and environs on Sunday, reports that some customers were lamenting about the...