THE Central Bank of Nigeria, CBN, cash injection into the nation’s foreign exchange market rose by 118 percent to about $48 billion in 2018 from $22 billion in 2017.

The Central Bank of Nigeria (CBN) on Friday made its first intervention in the inter-bank sector of the Foreign Exchange (FOREX) market for 2019 with a sum of 210 million dollars. U.S. stocks rises as dollar slips The CBN Director, Corporate Communications, Isaac Okorafor, said the wholesale sector of the market received 100 million dollars, […]

The MTN saga shook the banking industry like a storm. In August 2018 the Central Bank of Nigeria, CBN, announced sanction of N5.87 billion on four banks namely Standard Chartered Bank Limited, Stanbic IBTC Bank Plc, Diamond Bank Plc  and Citi Bank Nigeria Limited. The banks were accused of authorising remittances of foreign exchange with irregular Certificates of Capital Importation, CCI, issued on behalf of some offshore investors of MTN Nigeria Communications Limited. The CBN, therefore, asked the managements of the banks and MTN Nigeria Communications Limited to immediately refund $8.1 billion illegally repatriated by the company to the coffers of the apex bank.

The Central Bank Of Nigeria (CBN) has announced the deployment of its Consumer Complaint Management System (CCMS) to ease the process of addressing issues.

The Central Bank of Nigeria (CBN) says it has injected 210 million dollars into the various segments of the market to sustain its intervention in the Inter-Bank Foreign Exchange Market.

Central Bank of Nigeria, CBN said that an agreement reached with MTN over allegations that the South African company illegally repatriated $8.1 billion would end legal proceedings and means the matter has been resolved, it said in a statement.

IN spite of the increased aggressive liquidity mop up by  the Central Bank of Nigeria, CBN, cost of funds is expected to fall further this week in response to inflow of N1.36 trillion into the interbank money market. Last week, cost of funds fell marginally in defiance of the liquidity mop up efforts of the CBN.

“Those Micro-finance banks that we have today, are not ‘giving’ loans at single-digit interest rates”; for example, “You borrow N50,000 for 90 days and they expect you to pay another N50,000 interest to them in another 90 days. That is outrageous and that is too exorbitant…” besides, “if you don’t pay the N50,000 interest, they seize your bicycle, or your car or your machine.” (CBN Governor, Godwin Emefiele-see story titled ‘Microfinance Banks Charging Outrageous Interest Rates on Loans”, Punch edition of December 10, 2018).

The Central Bank of Nigeria (CBN) has charged finance houses to maximise opportunities offered in the revised guidelines to expand their scope of business and increase their contribution to economic growth.  

The Central Bank of Nigeria, CBN, has commended West African Institute for Financial and Economic Management, WAIFEM, for its outstanding role in capacity building within the West African sub-region.