A prosecution witness, Olomotane Egoro, told an Abuja court that the transactions linked to the Kogi Government House account complied with Central Bank of Nigeria (CBN) regulations and no banking rules were breached. The Economic and Financial Crimes Commission (EFCC) charged former governor, Yahaya Bello, Umar Shuaibu Oricha and Abdulsalam Hudu with 16 counts of breach of…
The Central Bank of Nigeria (CBN) has taken delivery of responsibly sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards into its foreign reserves. A statement by the apex bank on Wednesday said that this brings the CBN’s total gold holdings to 3.5 billion dollars, marking a significant step in its reserve…
Dr Titus Okunrounmu, former Director, Research Department, Central Bank of Nigeria (CBN), has lauded the Monetary Policy Committee (MPC) for cutting interest rate by 50 basis points. Okunrounmu gave the commendation in an interview with the News Agency of Nigeria (NAN) on Wednesday in Ota. He said that the MPC’s decision to lower the rates…
Vice President Kashim Shettima representing President Bola Tinubu on Tuesday said the naira would have strengthened to N1,000 to the dollar within weeks if not for the recent intervention by the Central Bank of Nigeria aimed at maintaining market stability. Shettima spoke at the Progressive Governors forum (PGF)–Renewed Hope Ambassadors Strategic Summit held at the…
The Central Bank of Nigeria’s Monetary Policy Committee (MPC) has reduced the Monetary Policy Rate (MPR) by 50 basis points to 26.50 per cent from 27 per cent, the CBN Governor, Yemi Cardoso, announced. Cardoso made the disclosure on Tuesday at the 304th MPC meeting in Abuja. The News Agency of Nigeria (NAN) reports that…
The Central Bank of Nigeria (CBN) has published a comprehensive assessment of the country’s fintech landscape, highlighting priorities to sustain innovation, strengthen system integrity, and drive the next phase of digital financial growth. The report examines the scale and maturity of Nigeria’s fintech ecosystem, noting the nation’s leadership in real-time payments and the structural factors…
The Central Bank of Nigeria (CBN) has issued final licences to 82 Bureau De Change (BDC) operators, formalising their approval to commence operations from 27 November. The development forms part of the regulator’s continued reforms aimed at tightening oversight of the foreign exchange sector. Announcing the decision on Monday, Mrs Hakama Sidi-Ali, Acting Director of…
The Asset Management Corporation of Nigeria (AMCON) has repaid about N3.6 trillion to the Central Bank of Nigeria (CBN) since its establishment in 2010, Managing Director Gbenga Alade said on Wednesday in Lagos. Alade described the repayments as “a significant national achievement,” noting that while AMCON initially acquired toxic bank assets for N1.7 trillion, it…
Nigeria’s central bank has scrapped cash-deposit limits and eased withdrawal restrictions in a major policy shift designed to reduce the cost of cash handling and tackle security and money-laundering concerns. The Central Bank of Nigeria (CBN) announced the changes in a circular signed by Dr Rita Sike, Director of Financial Policy and Regulation, who said…
The Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate (MPR) at 27 per cent, following the 303rd meeting of its Monetary Policy Committee (MPC). CBN Governor Yemi Cardoso said the committee also retained the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks, 16 per cent for merchant banks, and…
