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…
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has lauded the Monetary Policy Department (MPD) for its significant contributions to the bank’s achievements over the years. Cardoso spoke on Tuesday in Abuja during the MPD’s 20th Anniversary Colloquium, themed “Monetary Policy in Nigeria: Past, Present and Future”. He was represented by…
Nigeria’s trade surplus has risen to six per cent of Gross Domestic Product (GDP), according to the Central Bank Governor, Mr Olayemi Cardoso, signalling improved trade performance amid ongoing economic reforms. Cardoso made the announcement in Washington on Wednesday in a statement released by Mr Mohammed Manga, Director of Information and Public Relations at the…
The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for its draft guidelines mandating banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours. In a statement issued on Monday in Abuja, the FCCPC’s Director of Corporate Affairs, Mr. Ondaje Ijagwu, said the draft…
The Independent Media and Policy Initiative (IMPI) has welcomed the decision of the Central Bank of Nigeria (CBN) to reduce the Monetary Policy Rate (MPR) to 27 per cent. Dr Omoniyi Akinsiju, IMPI Chairman, said this in a statement on Wednesday in Abuja. Akinsiju said that the decision aligned with the position IMPI’s analysts had…
The Central Bank of Nigeria (CBN) on Wednesday flagged off a sensitisation campaign in Abuja to promote proper handling of the Naira. At the event, officials of the apex bank urged Nigerians to keep banknotes clean, avoid folding or crushing them, and adopt proper storage practices. Dr. Bala Bello, Deputy Governor, Operations, represented by Dr….
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has disclosed that 14 banks have fully met the new capital requirements under the apex bank’s ongoing recapitalisation exercise. Cardoso made this known on Tuesday in Abuja while presenting the communiqué of the 302nd meeting of the Monetary Policy Committee (MPC). The recapitalisation framework,…
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday reduced the country’s benchmark interest rate, the Monetary Policy Rate (MPR), from 27.5 per cent to 27 per cent. CBN Governor, Mr. Yemi Cardoso, announced the decision while presenting the communiqué of the committee’s 302nd meeting in Abuja. The move signals…
