CBN has disbursed N45 billion to Lagos for Blue Line railway project 

CBN has disbursed N45 billion to Lagos for Blue Line railway project 

The Central Bank of Nigeria (CBN) has announced that it will continue to fund railway developments in Lagos State, despite the fact that N45 billion has already been disbursed for the state’s Blue Line project. Yusuf Philip Yila, Director, CBN Development Finance, announced this in Lagos yesterday during an inspection of the Blue Line project…

CBN issues guidelines on disposal of non-permissible income 

CBN issues guidelines on disposal of non-permissible income 

The Central Bank of Nigerian has issues guidelines for the disposal of Non-permissible income (NPI) for Non-interest financial institutions (NIFI). This is according to a circular dated 13th of October, 2021, addressed to all non-interest financial institutions and signed by the  Director, Financial Policy and Regulation Department, Chibuzo A. EFOBI According to the circular, “Non-Permissible Income is any…

CBN says BVN violators would be sanctioned

CBN says BVN violators would be sanctioned

The Central Bank of Nigeria has stated  in its revised regulatory framework for Bank Verification Number operations that violators will be sanctioned. This was disclosed in a circular titled “Issuance of revised regulatory framework for Bank Verification Number operations and watch-list for the Nigerian banking industry”, and addressed to all deposit money banks, mobile money operators, super agents and…

e-Naira: CBN’s trump card to financial exclusion

e-Naira: CBN’s trump card to financial exclusion

After 61 years, a nation with approximately 201 million people according to the world bank, may have finally found a solution to its financial exclusion problem, an issue that the nation has grappled with for many years. The world bank defines financial inclusion as individuals and businesses having, “access to useful and affordable financial products and…

Dollar scarcity: Foreign airlines slash ticket sales on Nigeria routes

Dollar scarcity: Foreign airlines slash ticket sales on Nigeria routes

As the naira crisis continues to worsen, foreign carriers operating in Nigeria have begun moves to reduce the total number of tickets they sell on Nigerian routes amid worsening dollar scarcity that has made it difficult for them to repatriate billions of naira in ticket sale proceeds to their head offices abroad. The development will…

“Hubby be giving me butterflies, I just had to post it” – Regina Daniels says as she shares chat with Ned Nwoko (Screenshot)

“Hubby be giving me butterflies, I just had to post it” – Regina Daniels says as she shares chat with Ned Nwoko (Screenshot)

Beautiful Nollywood actress and mother of one, Regina Daniels has revealed how her husband, Ned Nwoko has been giving her ‘butterflies’. The delectable actress and fashionista who is presently in London with her son, Prince Munir Nwoko, disclosed this while sharing her WhatsApp conversation with hubby. In the chat which she shared, her husband praised her for…

To save the naira, CBN should harness the BDCs – Gwadabe

To save the naira, CBN should harness the BDCs – Gwadabe

The President, Association of Bureaux de Change Operators of Nigeria, Alhaji Aminu Gwadabe, has said that in order to save the falling naira, the Central Bank of Nigeria should harness the BDCs. Gwadabe disclosed this to Punch while speaking on how to solve the challenges of the falling value of the naira. It would be…

CBN to monitor Fintechs, manage risks associated with their operations

CBN to monitor Fintechs, manage risks associated with their operations

The Central Bank of Nigeria (CBN) has said that it would continue to monitor Financial Technology (FinTech) companies in Nigeria as well as manage the risks associated with their activities. The apex bank which regards FinTechs as an important sector in its operation, has assured it will work towards minimizing the risks associated with their…

We need proper understanding of Fintech and their risks – CBN

We need proper understanding of Fintech and their risks – CBN

The Central Bank of Nigeria (CBN) has stated that it needs a proper understanding of Fintechs and the risk they pose, especially regarding data protection. This was disclosed by Mustapha Haruna, Director, Banking Supervision Department of the CBN, represented by Assistant Director, Adekunle Adeniji. According to reports, 55.7% of total capital investment in the fintech…

CBN says Nigeria’s payment system attracted $500 million investment in five years

CBN says Nigeria’s payment system attracted $500 million investment in five years

Between 2015 and 2020, Nigeria’s payment system received around $500 million in investments due to increased level of confidence. This was disclosed by Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele while speaking at the bank’s 31st seminar for financial correspondents and business editors in Enugu State, themed, ‘Trends in Nigeria payments system:…

Nigeria’s foreign reserve records $2.76 billion boost in September 2021

Nigeria’s foreign reserve records $2.76 billion boost in September 2021

Nigeria’s foreign reserve received a boost of $2.76 billion in the month of September 2021 to close at $36.78 billion as of the end of the month. This is according to data tracked by Nairametrics from the Central Bank of Nigeria (CBN). This gain represents the highest monthly gain recorded since May 2020, when the…

Exchange rate depreciates at official window as forex supply drops

Exchange rate depreciates at official window as forex supply drops

Monday, 4th October 2021: The exchange rate between the naira and the US dollar closed at N413.55/$1, at the official Investors and Exporters window. Naira depreciated against the US dollar on Monday, to close at N413.55/$1, representing a 0.12% fall compared to N413.38/$1 recorded on Thursday 30th September 2021. The exchange rate maintained an average…

CBN releases regulatory guidelines on the eNaira

CBN releases regulatory guidelines on the eNaira

The Central Bank of Nigeria has released the regulatory guideline on the eNaria. This is according to documents seen by Nairametrics, titled, “REGULATORY GUIDELINES ON THE eNAIRA”. The document, the guidelines shall apply to all financial institutions and users of the eNaira. During the onboarding process, users shall have the option to disclose whether the…

CBN to increase wheat production, improve value chain

CBN to increase wheat production, improve value chain

The Central Bank of Nigeria (CBN) has devised strategic action plans to increase wheat production by addressing existing difficulties in the value chain and, as a result, bolstering the country’s foreign reserves. Mr Philip Yila Yusuf, Director of the CBN’s Development Finance Department, revealed this at a wheat conference and stakeholder engagement in Abuja over…

CBN decries Nigeria’s N617.3 billion financing gap for MSMEs

CBN decries Nigeria’s N617.3 billion financing gap for MSMEs

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has revealed that the financing gap for Micro, Small and Medium Enterprises (MSMEs) in Nigeria is estimated to be over N617.3 billion each year. He made the announcement at the Finance Correspondents Association of Nigeria’s 30th Anniversary Conference and Awards, which was themed “Financing…

CBN forex policy: BDCs decry job cuts, could lose N300 billion capital

CBN forex policy: BDCs decry job cuts, could lose N300 billion capital

The Central Bank of Nigeria’s policy on the discontinuation of sales of forex to Bureau de Change Operators has consequently resulted in massive job losses in several thousands of both direct and indirect employment in the sector with a possible capitalisation fade out of N300 billion if the status quo continues. This was disclosed by…

House of Reps member calls for closure of domiciliary accounts to save naira

House of Reps member calls for closure of domiciliary accounts to save naira

A House of Reps member, Ibrahim Obanikoro, representing Eti-Osa Federal Constituency, Lagos State, has called on the Central Bank of Nigeria to close all domiciliary accounts for the next 12 months to ease the slide of the naira. Obanikoro stated this in an online statement on Tuesday evening, adding that he has come up with…

Access to finance remains one of the biggest threats to MSME – CBN

Access to finance remains one of the biggest threats to MSME – CBN

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has stated that access to finance remains one of the biggest threats to MSME development in both developed and developing economies. This was disclosed by Mr Osita Nwanisobi, Director, Corporate Communications, who represented the CBN Governor at a keynote address at the 30th-anniversary…

UBA publishes names, BVN and account numbers of forex defaulters

UBA publishes names, BVN and account numbers of forex defaulters

The United Bank of Africa has published the names, Bank Verification Numbers (BVN) and account numbers of some customers alleged to have violated the forex policy of the Central Bank of Nigeria. This is development is coming after the CBN had directed banks to expose customers who engage in fraudulent and unscrupulous tactics to obtain…

How Sanusi and I stabilised the naira during our time in the CBN – Moghalu

How Sanusi and I stabilised the naira during our time in the CBN – Moghalu

Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria, has described how the central bank managed to keep the naira stable against the dollar for five years between 2009 and 2014. Moghalu, who served as the apex bank’s deputy governor from 2009 to 2014, said this during an interview with PUNCH. Nigeria…

Coalition applauds CBN monetary policies

Coalition applauds CBN monetary policies

The Coalition of Civil Society Groups (CCSG) has applauded numerous initiatives implemented by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to stabilize the naira and reposition the country’s economy. Civil society organizations have also decried economic sabotage in the forex market, claiming that the economy is experiencing significant inflation due to…

e-Naira to roll out on the 1st of October – CBN

e-Naira to roll out on the 1st of October – CBN

The Central Bank of Nigeria (CBN) revealed on Wednesday that it has concluded plans for the launch of its Central Bank Digital Currency (CBDC), the e-Naira on the 1st of October. This was disclosed by the CBN’s Director of Information Technology, Rukiya Mohammed, on Wednesday, in a webinar, themed: “Digital currency and the prospects of…

Merchants, businesses must accept e-Naria anywhere it’s presented – CBN  

The Central Bank of Nigeria has stated that the e-naira which will be launched on October 1, is a legal tender equal to the naira and must be accepted as a form of payment by all merchants and business establishments.   Mr. Musa Jimoh, the CBN Director of Payment System Management, stated this during an appearance…

CBN rebuffs calls for  Godwin Emefiele’s resignation

CBN rebuffs calls for  Godwin Emefiele’s resignation

The Central Bank of Nigeria (CBN) has rebuffed calls for the resignation of its Governor, Godwin Emefiele, amid naira exchange rate concerns. Mr Osita Nwanisobi, Director of Corporate Communications, Central Bank of Nigeria, dismissed calls for the Governor of the CBN to resign on Monday evening in Abuja, according to The Nation. Some parties that…

Official exchange rate gains as dollar supply records significant increase

Official exchange rate gains as dollar supply records significant increase

Friday, 17th September 2021: The exchange rate between the naira and the US dollar closed at N412.88/$1, at the official Investors and Exporters window. Naira appreciated against the US dollar on Friday, to close at N412.88/$1, representing a 0.05% gain compared to N413.07/$1 recorded on Thursday, 16th September 2021. On the other hand, the exchange…

CBN, NAIC discuss need for accurate farming data

CBN, NAIC discuss need for accurate farming data

The Nigerian Agricultural Insurance Corporation has stated that it is discussing the need for perfect data for farmers across the country with the Central Bank of Nigeria and other stakeholders. Mrs Folashade Joseph, the NAIC’s Managing Director/Chief Executive Officer, stated during an interview in Lagos that for the insurance industry to be efficient and sustainable,…

abokiFX vs CBN: abokiFX says it will temporarily suspend rates, hopes suspension leads to Naira appreciation

abokiFX vs CBN: abokiFX says it will temporarily suspend rates, hopes suspension leads to Naira appreciation

Online foreign exchange rate website, abokiFX, which is currently under investigation by the Central Bank of Nigeria (CBN), says it will temporarily suspend rates on all its platforms, to find clarity on the situation. This was disclosed in a social media statement by AbokiFX on Friday evening, adding that it “sincerely hopes the suspension will…