Tag: CBN

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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CBN’s Anchor Borrowers Scheme: H/Reps. to probe NIRSAL’s N215bn loan

Aminu Imam
Reps on NIRSAL's probe

The House of Representatives has ordered probes into the N1.12 trillion anchor borrowers scheme, an initiative of the Federal Government’s interventions and agricultural funding through the Central Bank of Nigeria, (CBN). Also included in the probe is the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the Bank of Industry (BoI) and other agencies. The resolution followed the adoption of a Motion by Chike Okafor (APC-Imo) on the floor of the House in Abuja, on Tuesday. Presenting his Motion, Okafor linked the growing food scarcity and malnutrition in Nigeria…

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?angote faults CBN’s 30% interest rate

Aminu Imam
?angote faults

Chairman and Chief Executive of the ?angote Group, Aliko ?angote, has criticised the latest increment of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN). While addressing the audience during the opening session of a three-day summit organised by the Manufacturers Association of Nigeria (MAN) at the State House, Abuja, yesterday, ?angote said businesses could not cope with the current rate. Recall that in May, following a two-day meeting, CBN’s Monetary Policy Committee (MPC) agreed to increase the Monetary Policy Rate (MPR) for the third straight…

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?”Worst of naira volatility over” – Cardoso

Aminu Imam
Cardoso on Naira

Central Bank of Nigeria, (CBN), governor,, Yemi Cardoso, says he’s “relatively pleased” about the rare calmness the naira has witnessed in the past months. In an interview with BloombergTV yesterday, Cardoso, who is the apex bank’s Monetary Policy Committee (MPC) Head, expressed optimism that the excessive volatility of the naira may not resurface again. “I do believe that we have more or less seen the worst in terms of volatility”, he stated. “We are also very alive to observing the way and manner in which that market operates, and ensuring…

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Nigeria’s forex reserves hit a 3-month high

Aminu Imam
forex

Nigeria’s foreign exchange (forex) reserves have surged to their highest level since March 28, 2024, marking a significant financial milestone that coincides with the longest period of stable exchange rate seen in over a year. This is as the country recorded a stringent p3 of finartuncial commitments from the World Bank, through new multilateral loans. According to the latest data published by the Central Bank of Nigeria (CBN), the reserves now stand at $33.58 billion as of June 19, 2024. This achievement represents a notable recovery since the end of…

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