CBN Archives — City Business News

September 26, 2024 No Responses

CBN Allocates $20,000 To Each BDC At ₦1,590/$

The Central Bank of Nigeria (CBN) has announced the sale of $20,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,590/$. In a circular to all Bureau De Change operators dated...

September 25, 2024 No Responses

CBN Raises Interest Rate To 27.25%

Again, the Central Bank of Nigeria (CBN) has raised its Monetary Policy Rate(MPR) by 50 basis points to 27.25 per cent from 26.75 per cent “to moderate inflation” which stands at 32.15%. This was revealed by the CBN Governor, Olayemi...

September 21, 2024 No Responses

CBN Reacts To Controversial Policy Document

The Central Bank of Nigeria, CBN, on Friday, made some clarifications regarding the Monetary, Credit, Foreign Trade, And Exchange Policy Guidelines For Fiscal Years 2024 – 2025 document published on Tuesday, September 17, 2024. In a statement published on it...

September 9, 2024 No Responses

NDIC, BOI, BDAN, Others Back 2024 FICAN Conference

The Nigeria Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN), the Bank of Industry (BoI), the United Bank for Africa, Access Holdings plc and a host of other banking and financial institutions have thrown their weight behind the...

August 22, 2024 No Responses

FG Imposes N555.8m Fine On Fidelity Bank

For violating its customers’ data privacy, the National Data Protection Commission (NDPC) has imposed N555.8 million fine on Fidelity Bank Plc. NDPC’s National Commissioner, Vincent Olatunji, disclosed this during a Validation Workshop on t...

August 21, 2024 No Responses

CBN Explains High Remittance Inflows Of $553m In July

For the Month of July, 2024, the Central Bank of Nigeria (CBN) has reported a significant increase in remittance inflows, reaching $553m, a 130 per cent increase from the corresponding period in 2023. A statement by the Apex bank’s Ag....

August 7, 2024 No Responses

CBN Approves Merger Of Unity, Providus Banks

The Central Bank of Nigeria (CBN) has approved the merger between Unity Bank Plc and Providus Bank Limited. In a statement on Tuesday, CBN through its acting Director of Corporate Communications, Hakama Sidi-Ali, explained that the move is designed to...

July 28, 2024 No Responses

CBN Allocates Another $148m To Authorised Dealers

The Central Bank of Nigeria has sold a cumulative amount of $148m to authorised dealers in the Nigerian Foreign Exchange Market (NFEM), to provide liquidity to the foreign exchange market. Acting Director of the Corporate Communications Department, Hakama Ali,...

July 24, 2024 No Responses

Again, CBN Raises Interest Rate

The Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate (MPR), which measures interest rates by 50 basis points, from 26.25% to 26.75%. CBN Governor, Olayemi Cardoso, announced this after the apex bank’s 296th Monetary Policy Committee...

July 20, 2024 No Responses

CBN Allocates $106.5m To 29 FX Dealer Banks

The Central Bank of Nigeria (CBN) has announced the sale of $106.5 million as foreign exchange (FX) to 29 FX dealer banks. In a statement issued on Friday by Dr Omolara Omotunde Duke, Director, Financial Markets Department, it was disclosed...

July 19, 2024 No Responses

CBN Approves $20,000 For Each BDC Operator

The Central Bank of Nigeria (CBN) has approved the sale of foreign exchange (FX) to eligible Bureau de Change (BDC) operators at 1,450 naira to a dollar. The apex bank said the sum of $20,000 is to be sold to...

July 13, 2024 No Responses

CBN Sells $122.67m To 46 Dealers

As part of measures to promote stability and reduce market volatility in the foreign exchange market, the Central Bank of Nigeria (CBN) has sold $122.67m to 46 authorised dealers A statement signed by the Bank’s Director in charge of Financial...

July 9, 2024 No Responses

UBA’s GMD Emerges Chairman, CIBN Body Of Banks’ CEOs

The Group Managing Director/Chief Executive Officer, United Bank for Africa, (UBA) Plc, Oliver Alawuba has been appointed as the Chairman of the Chartered Institute of Bankers of Nigeria (CIBN) Body of Banks’ CEOs.The CIBN announced this appointment on its w...