Central Bank of Nigeria’

CBN Explains Why Nigeria Can’t Stop Borrowing

CBN Issues Directive To Banks, Reduces Interest Rates

May 28, 2020 12:40 pm

The Central Bank of Nigeria (CBN) has reduced interest rates on its facilities through participating Other Financial Institutions (OFIs).

The rate has been slashed from 9 to 5 percent per for one year, effective March 1, 2020.

This was contained in a circular to banks on Wednesday by the Director of Financial Policy and Regulation Department, Kevin Amugo.

Read Also: Stop The Retrenchment Now, CBN Orders Banks

Similarly, CBN intervention facilities obtained through participating OFIs, Microfinance Banks (MFBs), Primary Mortgage Banks, among others would be given a further one-year moratorium on all principal repayments.

This is also effective March 1,

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Stop The Retrenchment Now, CBN Orders Banks

Stop The Retrenchment Now, CBN Orders Banks

May 4, 2020 6:26 am

The Central Bank of Nigeria, CBN, has ordered banks to stop any form of retrenchment of workers now.

Isaac Okorafor Director, Corporate Communications, CBN, said the apex Bankers’ Committee both decided to suspend lay-offs in banks.

The statement said that in order to help minimize and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods, no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time).”

It said the decision was taken following special meeting of the Bankers’ Committee on May 2, 2020, to further review the implications of the …

Coronavirus - Private Sector Donations Now ₦27.160bn – CBN

Coronavirus: Private Sector Donations Now ₦27.160bn – CBN

April 28, 2020 2:31 pm

The Nigeria Private Sector Coalition Against Coronavirus (CACOVID), has so far realised about ₦27.160 billion to help fight the coronavirus pandemic.

The update of the contribution as at April 23, was made known in a document released by Mr Isaac Okorafor, the Director, Communications, Central Bank of Nigeria (CBN) on behalf of the coalition in Abuja on Tuesday.

The document containing the list of contributors showed that the donations were made by institutions and individuals across the country.

CBN and Aliko Dangote were so far the highest contributors of two billion naira each.

Read Also: CBN Confirms Fire Incident In

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EndSARS Crusaders Sue CBN

CBN Lists Conditions To Access ₦50bn Covid-19 Fund

March 25, 2020 6:38 am

The Central Bank of Nigeria, CBN has listed the conditions that must be fulfilled by individuals and companies willing to access it’s ₦50bn intervention fund.

The apex bank had last week unveiled the fund in response to the coronavirus pandemic, which had led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, lockdown of large swaths movements of persons in many countries, among others.

These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown …

CBN Interventions In Agriculture For All Nigerians – Emefiele

Naira Devalued As CBN Seeks Exchange Uniformity

March 21, 2020 5:37 am

The Central Bank of Nigeria may have devalued the Naira by as much as 15 per cent as it seeks a single exchange rate instead of the often criticised multiple rates.

An indication that the Naira has been devalued came when news filtered that the CBN sold the U.S. dollar to Jaiz Bank at 360 naira on the official currency market, instead of N306 where it was previously pegged. The CBN also sold dollar at the Importer and Exporter window at N380.

Much later on Friday, CBN published N360 as the official exchange rate on its website.

The crash in …

CBN

CBN To Stop Burning Banknotes, Adopts Recycling

February 13, 2020 3:24 am

The Central Bank of Nigeria (CBN) says it will end the process of burning banknotes and adopt recycling.

In a document published on its website, the apex bank called on recycling companies to submit proposals for a contract to recycle wasted banknotes.

“Section 18(d) of the CBN act 2007 authorises the apex bank to arrange for the destruction of currency notes and coins withdrawn from circulation under the provision of section 20(3) of the said act or otherwise found by the bank to be unfit for use,” the call for proposal read.

“The CBN generates 100 tons of paper banknote …

CISLAC

CBN Hasn’t Shown Commitment To Fight Corruption – CISLAC

February 12, 2020 3:35 pm

The Civil Society Legislative Advocacy Centre (CISLAC), has accused the Central Bank of Nigeria (CBN) of not showing enough commitment to fighting corruption, money laundering and illicit financial flow.

Executive Director of CISLAC, Rafsanjani Auwal Ibrahim Musa, stated this at the opening of a two-day conference titled “Exploring New Frontiers in Nigeria’s Anti Money Laundering Regime through Effective Use of Data.”

Musa, who explained that the purpose of the conference was to assess the level of Nigeria’s effort at dealing with issues of illicit financial flows and money laundering, noted that if indeed the CBN as the regulator of all …

Forex

CBN Injects $218.41m, CNY 18m Into Forex Market

February 10, 2020 2:51 pm

In line with its intervention in the interbank foreign exchange (forex) market, the Central Bank of Nigeria (CBN) at the weekend, injected the sum of $218.41million into the retail Secondary Market Intervention Sales (SMIS) and CNY 18million in the spot and short-tenored forwards segment of the inter-bank forex market.

 

The bank’s Director, Corporate Communications Department, Isaac Okorafor disclosed that the intervention, like in previous exercises, was for requests in the agricultural and raw materials sectors, adding that the Chinese Yuan, on the other hand, was for Renminbi-denominated Letters of Credit.

 

Okorafor, in a statement, further expressed satisfaction over …

OMO

A Hard Shift From Easy Money: CBN And OMO Restriction

February 5, 2020 6:22 am

 

The ripple effect of the Central Bank of Nigeria’s (CBN) decision to completely prohibit individuals and local firms from investing in both its primary and secondary Open Market Operations (OMO) auctions has continued to reverberate in the financial market.

The policy, coupled with the banking sector regulator’s decision to review downward, bank charges, which became effective at the beginning of the year, are all targeted at shifting both banks and fixed income investors away from easy money.

Read Also: China Speaks On ‘Visa Ban To Nigerians”

Presently, treasury bills rates have dropped to single-digit, from about 13 per cent …

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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