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…
The Central Bank of Nigeria (CBN) says it is pursuing economic reforms aimed at refocusing financial system stability and stimulating productivity. The CBN Governor, Olayemi Cardoso, who disclosed this on Tuesday at its fair, holding in Kano, said it’s working hard to deepening financial inclusion and sustaining monetary and price stability. The theme of the…
Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, has called on manufacturers to spearhead efforts to diversify Nigeria’s foreign exchange earnings away from crude oil dependence. Cardoso made the call at the 54th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN), Apapa Branch, themed “Complementing the Oil Sector, a…
Customers of various banks have continued to lament over the numerous debit alerts from their accounts in spite of their appeals to banks. Some of them who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday, ,ppealed to the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) and other…
The Central Bank of Nigeria (CBN) has reiterated that its Early Exit Package (EEP), implemented in 2024, was entirely voluntary and not aimed at targeting or destabilising Northern staff. CBN’s Deputy Governor in charge of Economic Policy, Muhammad Abdullahi, made this clarification on Wednesday in Kaduna at a two-day Interactive Session on Government-Citizen Engagement, organised…
