CBN Archives — City Business News

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...

July 3, 2024 No Responses

NOVA Bank Commences Operations As National Commercial Bank.

NOVA Bank, formerly known as NOVA Merchant Bank, has officially commenced operations as a National Commercial Bank, as the bank opened its first commercial banking branch at 18, Kofo Abayomi Street, Victoria Island.This follows the Central Bank of Nigeria’s ...

July 3, 2024 No Responses

CBN To Sanction Banks, BDCs Over Rejection Of Lower Dollar Bills

The Central Bank of Nigeria (CBN) has issued a warning to Deposit Money Banks (DMBs) and authorised forex dealers, advising them against rejecting old and lower dollar denominations from customers in the country. According to the apex bank, the directive...

July 2, 2024 No Responses

Cardoso: Non-Bank Transactions Threaten Financial Stability In West Africa

The rising transaction volumes by non-banks threaten financial stability in West Africa, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said. He stated this on Monday at the 10th meeting of the College of Supervisors for...

June 29, 2024 No Responses

CBN Issues Fresh Foreign Currency Deposit Guidelines

The Central Bank of Nigeria (CBN) has issued fresh guidelines to Deposit Money Banks (DMBs) on the deposit of foreign currency notes with the apex bank. This directive was contained in a circular issued by the Director of Currency Operators,...

June 26, 2024 No Responses

Emefiele: Court Orders Final Forfeiture Of $1.4m

The Federal High Court, sitting in Lagos has ordered the final forfeiture to the Federal Government, of the sum of $1.4 million, linked to a former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. Justice Ayokunle Faji gave the order...

June 3, 2024 No Responses

CBN Revokes Heritage Bank’s License

The Central Bank of Nigeria (CBN) on Monday, June 3, 2024, revoked the licence of Heritage Bank with immediate effect. A statement issued by the Acting Director, Corporate Communications, CBN, Mrs Hakama Sidi Ali explained that – “The Cent...

May 23, 2024 No Responses

CBN Issues Approved Guidelines For BDCs

The Central Bank of Nigeria (CBN) has issued its approved guidelines to regulate the activities of Bureau de Change (BDC) operators in the country. In its new circular released on Wednesday, the minimum capital base for Tier-1 BDCs is N2bn...

May 22, 2024 No Responses

CBN Raises Interest Rate To 26.25 %

The Central Bank of Nigeria (CBN) has raised the interest rate by 150 basis points from 24.75 per cent to 26. 25 per cent. Following a two-day meeting, the bank’s Monetary Policy Committee (MPC) agreed to increase the Monetary Policy...

May 9, 2024 No Responses

TUC Threatens Nationwide Shutdown

The Trade Union Congress (TUC) has threatened shut down the Nigerian economy should the Federal Government fail to cancel the controversial cybersecurity levy recently introduced by the Central Bank of Nigeria. The TUC in a statement signed by its President,.....