Tag: CBN

Nigeria’s External Reserves hit 22-month high, to $37.31bn — CBN

Aminu Imam
CBN HQ

Nigeria’s external reserves have reached a 22-month high of $37.31bn, reflecting significant foreign inflows into the country’s economy. Data from the Central Bank of Nigeria (CBN) revealed that as of September 18, 2024, the reserves hit the highest level since November 4, 2022, when they stood at $37.36bn. This marks a notable recovery in Nigeria’s foreign currency position. On a year-to-date basis, the country’s reserves surged by 12.99 per cent, or $4.29bn, from the $33.02bn recorded at the start of the year on January 2, 2024. Data from the CBN…

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CBN slashes cybersecurity levy to 0.005% on electronic transactions

Aminu Imam
CBN on levy

The Central Bank of Nigeria, (CBN), has reduced the cybersecurity levy on electronic transactions from 0.5% to 0.005% as part of its fiscal guidelines for 2024-2025. This adjustment follows the earlier controversial introduction of the levy, which faced significant opposition from the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and bank customers. The reduction follows President Bola Tinubu’s directive in May to review and suspend the original levy due to widespread protests, and a subsequent demand from the House of Representatives for its withdrawal. Despite the backlash, the CBN…

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CBN defies NASS, maintains 5% ‘Ways & Means’ Advance limit

Aminu Imam
CBN defies NASS

The Central Bank of Nigeria, (CBN), has confirmed that it will sustain its ‘Ways and Means’ advances to the Federal Government at a 5 percent limit for the fiscal years 2024-2025. This information is based on the ‘Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025’, published by the apex bank yesterday. The latest development is contrary to a Bill passed by the National Assembly which raised the maximum borrowing percentage in the Act from 5 to 10 percent. The guideline aligns with the Medium-term Expenditure…

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CISLAC condemns CBN leadership’s extravagant spending

Aminu Imam
CISLAC condemns

…Urges reduction in cost of governance The Civil Society Legislative Advocacy Centre, (CISLAC), has condemned the Central Bank of Nigeria (CBN) leadership, including its governor, Yemi Cardoso, for extravagant spending amid Nigeria’s economic challenges. Recall that last week, reports have surfaced that Cardoso and his deputies, who were nominated and confirmed by the Senate in September 2023, have spent over N10 billion on ultra-modern armoured vehicles. According to sources, Cardoso recently procured six armoured Lexus LX 600 2023 models for himself and his deputies. Insiders revealed that Cardoso personally acquired…

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CBN sacks NIRSAL Executive Management team

Aminu Imam
CBN sacks NIRSAL

The Central Bank of Nigeria, (CBN), has fired all the Executive management of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending, (NIRSAL). According to a reliable source, who confirmed the development to newsmen yesterday, one of the affected personnel said the CBN governor, Olayemi Cardoso, approved the sack on Friday. The NIRSAL executive management are: Managing Director and Chief Executive Officer, Abbas Umar Masanawa; Kennedy Nwaruh, Executive Director, Operations; and Olatunde Akande, NIRSAL Plc’s Executive Director, Technical. The sudden change in leadership has reportedly created a wave of anxiety…

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Amid hardship, CBN governor, deputies get N10bn bulletproof SUVs’ – Sources

Aminu Imam
CBN bulletproof SUVs

As Nigeria struggles with economic hardship and inflation, Central Bank of Nigeria (CBN) Governor, Yemi Cardoso and his four deputies have reportedly acquired bulletproof SUVs worth over N10 billion. According to reports, the CBN governor and his deputies were nominated and confirmed by the Senate in September 2023. It was gathered that Cardoso recently procured six armored Lexus LX 600 2023 models for himself and four deputies at the cost of over N10 billion. Insiders said each of the apex bank’s deputy governors — Emem Usoro, Philip Ikeazor, Bala Bello…

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CBN report warns of rising financial pressures on Nigerians

Aminu Imam
CBN HQ

A recent report from the Central Bank of Nigeria, (CBN) has warned of further financial strain for Nigerians. This information was detailed in the apex bank’s ‘July 2024 Inflation Expectations Survey Report’, published on the CBN’s official website on Tuesday. The report noted that more Nigerians may rely on borrowing to cover increasing expenses over the next six months.It indicated that household expenditures will continue to rise through the remainder of 2024 and into January 2025. The survey on household expectations revealed that numerous Nigerian families may deplete their lifetime…

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CBN approves merger of Providus and Unity banks

Aminu Imam
Providus, Unity banks

The Central Bank of Nigeria, (CBN), has approved the merger of Providus Bank and Unity Bank Plc, marking a significant development in Nigeria’s financial sector. The announcement, which was made on Tuesday, in an issued statement signed by theCBN’s Acting Director of Corporate Communications, Hakama Sidi, said the decision aligns with the provisions of Section 42 (2) of the CBN Act, 2007″. The statement from the CBN read: “The Central Bank of Nigeria has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc…

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CBN raises interest rate to 26.75% amid soaring inflation

Aminu Imam
CBN raises interest rate

The Central Bank of Nigeria, (CBN), has again raised the Monetary Policy Rate (MPR), which measures interest rates by 50 basis points, from 26.25% to 26.75% amid soaring inflation and skyrocketing food prices. CBN Governor, Olayemi Cardoso, announced this after the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday. The MPC also pegged the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45%, while that of merchant banks was put at 14%. The liquidity ratio was pegged at 30%. The apex bank also adjusted the…

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Four banks open bid to raise N1tr from capital market

Aminu Imam
Cardoso on banks

Four commercial banks with international license – Fidelity Bank Plc, Access Holdings Plc, Guaranty Trust Holding Company (GTCO) Plc and FCMB Group Plc – which altogether needed to increase their capital base to N2 trillion, are seeking to raise about N1 trillion in the first phase of intense competition for investors’ funds. The first cluster of offers came as the Central Bank of Nigeria, (CBN), at the weekend said the ongoing recapitalisation will produce resilient and fit-for-purpose banks with more ability to grow the economy. CBN governor, Olayemi Cardoso, said…

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