CBN’s monetary policy creates virile banking sector — Access Bank boss
Access Bank Executive Director Victor Etuokwu says various monetary policies by the Central Bank of Nigeria (CBN) has created a virile banking sector, capable of safeguarding depositors’ funds.
BREAKING: Currency processing firms must have N3bn capital for National license — CBN
The Central bank of Nigeria as on Monday said that Currency processing firms must have N3bn capital for National license
BREAKING: Cash-In Transit firms must have N1bn capital to get National license — CBN
The Central bank of Nigeria, Monday, has said that Cash-In Transit firms must have N1bn capital to get National license.
Border Closure: Emefiele lists conditions for reopening Nigerian borders
By Johnbosco Agbakwuru, Abuja Despite the outcry on the closure of Nigeria’s borders, the Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, on Monday listed the conditions that could be met before the borders are re-opened. The CBN Governor said Nigeria’s land borders would remain closed until neighbouring countries agree to implement mutual anti-smuggling policies. […]
Ondo govt partners CBN, SMEDAN to train 360 youths on entrepreneurship
Dayo Johnson – Akure Ondo state government in conjunction with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Central Bank of Nigeria (CBN) has started the training of over 360 youths on the different business enterprises. Participants after the training would be able to access loans between N1 million and N10 million […]
CBN, IMF disagree over impact of forex restrictions on FDI inflow
Apex bank wants FG to sustain border closure By Emeka Anaeto and Babajide Komolafe The Central Bank of Nigeria (CBN), yesterday disagreed with the position of the International Monetary Fund (IMF) on the impact of the foreign exchange (Forex) restrictions on Foreign Direct Investment (FDI) inflow into the country. CBN Governor, Mr Godwin Emefiele, while […]
CBN claims $2.6bn, not $26bn as diaspora remittances
In the World Bank’s 2018 report, titled “Nigerians Living abroad sent $22bn home in 2017”, the Bank noted that, the top recipients of Diaspora remittances were India with $69bn, Chile ($64bn), Philippines $33bn, Mexico $31bn, Nigeria $22bn and Egypt $20bn. Notably, however, sub-Sahara Africa, attracts the most expensive average remittance cost at about 9.4 per cent, compared with the global average of 7.1 per cent. The cost of remittance for Nigerian beneficiaries, clearly, exceeds 19 per cent as N305=$1 instead of N360=$1, is ultimately paid to recipients locally.
CBN to sustain liquidity mop up as N565bn hits interbank market
The Central Bank of Nigeria (CBN) is expected to sustain its liquidity mop up efforts this week in response to inflow of N565 billion into the interbank money market.
CBN opposes MTN’s planned charges for USSD transactions
The Central Bank of Nigeria (CBN) has opposed plans by MTN to charge their subscribers for Unstructured Supplementary Service Data (USSD) access to banking services from Oct. 21.
BREAKING: CBN directs banks to shun Telcos that increase USSD charge
Babajide Komolafe The Central Bank of Nigerian (CBN) has directed banks to shun telecommunication providers that increase USSD charge. The CBN governor, Godwin Emefiele, said since the Telcos are adamant about increasing the charge, banks should move their business to any Telco that is ready to offer the service at a lower cost. Details later […]
CBN injects $325.5m into retail market
The Central Bank of Nigeria (CBN) has injected $325.5million in the Retail Secondary Market Intervention Sales (SMIS) and CNY14million in the spot and short-tenured forwards segment of the inter-bank foreign market. The apex bank’s Director of Corporate Communications, Mr. Isaac Okorafor, disclosed this in a statement in Abuja on Friday. Okorafor said the dollars intervention […]
