Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has explained that the move to relocate departments and personnel in the bank’s headquarters in Abuja to other branches is due to “overpopulation”. Cardoso spoke on Monday during an interview on Arise Television. When asked if the CBN headquarters is over-populated, Cardoso said: “It is over-populated” adding … Read more
Central Bank of Nigeria (CBN) Governor Yemi Cardoso stated that the apex bank uncovered $2.4 billion in invalid foreign outstanding claims, which are squeezing the naira and causing anxiety in the currency market. Cardoso confirmed this in an interview with Arise Television on Monday. According to Cardoso, this was discovered during an audit by the … Read more
The Central Bank of Nigeria, CBN, has ordered Deposit Money Banks to sell their surplus dollar stock by February 1, 2024, as part of new measures to stabilize the country’s fluctuating currency rate. The CBN, which made the announcement in a fresh circular issued on Wednesday, also urged lenders not to hold extra foreign currency … Read more
The Central Bank of Nigeria, CBN, on Wednesday raised concerns over the increase in foreign currency exposures among Nigerian banks. In a bid to manage risks and prevent potential losses with systemic implications, the CBN issued stringent lending requirements for commercial banks. The requirements are contained in a circular addressed to all banks and signed … Read more
On Tuesday, the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official window, saw a further depreciation of the naira to N1,482.57 versus the US dollar. The naira continued to fall at the end of trading, down 9.93 percent from the N1,348.63/$ posted on Monday. Before closing at N1,482.57, the dollar saw trading as … Read more
The Central Bank of Nigeria (CBN) says it has concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned foreign aviation firms. Hakama Sidi-Ali, CBN acting director of corporate communications disclosure this on Tuesday. Sidi-Ali said the latest amount paid to the airlines brought the total verified sum … Read more
After being redeployed from the headquarters, at least 1,500 employees of the Central Bank of Nigeria, CBN, will return to work at its Lagos branch on Friday. Despite strong criticism, the plan remained in place, according to an apex bank source who spoke with our correspondent. Affected employees would be returning to work on Friday. … Read more
The Central Bank of Nigeria (CBN) has injected an additional $500 million into the market to resolve the continuing backlog of confirmed foreign exchange (forex) transactions. This comes only a week after the bank infused nearly $2 billion to satisfy outstanding commitments in the manufacturing, aviation, and petroleum sectors. Mrs. Hakama Sidi Ali, Acting Director … Read more
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has described the Nigerian currency as “undervalued.” Mr Cardoso stated this Wednesday at the Launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report. “We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will … Read more
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, said that the apex bank is working to reduce the headline inflation rate to 21.4 per cent this year. Cardoso gave this assurance in a keynote address at the launch of the Nigeria Economic Summit Group 2024 Economic Outlook report. The inflation rate … Read more