CBN to banks: You must seek approval before sacking staff

The Central Bank of Nigeria, CBN has said banks are no longer allowed to sack more than five staff without its approval. This was part of the communiqué released by the Bankers Committee after its meeting on Friday. The committee, in a circular signed by Director, Financial Markets Department, CBN, Angela Sere-Ejembi, emphasized that all […]

CBN flags off long-term naira contract and PE players have these to say

The move by the Central Bank aimed at providing a longterm naira contract for investors to hedge funds against a devaluation is a step in the right …

FG to disburse N97.3 billion to tech innovators, agric enterprises |

The sum of $20 million funds has been approved by the Federal Government for young innovators and Small and Medium Enterprises (SMEs) in the technology sector. This was announced during a meeting presided over by the Vice President, Yemi Osinbajo at the Presidential Villa, Abuja. The meeting was held for the purpose of reviewing the […]

CBN’ll off-take gold to spice up profitability of artisanal miners-Adegbite

Flags-off Presidential Artisanal Gold Mining Devt InitiativeCBNBy Gabriel Ewepu – AbujaThe Minister of Mines and Steel Development, Architect Olamilekan Adegbite, on the weekend, disclosed that the Central Bank of Nigeria, CBN, will off-take gold to spice up the profitability of artisanal miners within the nation.Adegbite who was represented by the Director, Artisanal and Small Scale […]

Europe’s payments industry drop by 27.8% in deal activity Q4 2019

Europe’s payments industry witnessed a drop of 27.8% in overall deal activity during the fourth quarter of 2019, when compared to the Q4 2018. This was found in the GlobalData’s deals database. Details: A total of 26 deals worth $2.13billion were announced for the region during Q4 2019, against the last four-quarter when 36 deals […]

New Report Rules out Naira Devaluation in 2020

•Says CBN has forex buffers, tools to keep naira stable Obinna Chima A new report has revealed that naira devaluation is unlikely in 2020 despite it being nine per cent overvalued and a deteriorating external position. The report by analysts at Renaissance Capital (RenCap), one of the leading emerging and frontier markets focused investment banks, […]

Health financing: NMA, CBN in talks to scale up funding

Health financing: NMA, CBN in talks to scale up funding … He therefore urged the CBN to help in the creation of a Health Bank like the Bank of … had billions of Naira released to them for the upgrade of their facility and equipment.

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The Policy Wave in the Nigerian Banking sector: A Poison or a Pill?

By all indications, the body language of the CBN and the policy … the commitment of the CBN to defend the Naira and promote real sector growth.

Naira and the exchange rates

So, picture an account, call it Current Account, and one side of the Current Account label “Debit”, on the other side of the scale, label “Credit.” Debits are Imports and payments made with foreign currency, Credits are Exports and Payments received in foreign currency. When Nigeria sells crude oil, it’s an export, and a $ […]

U-turn: CBN clarifies order on domiciliary account transfers

The Central Bank of Nigeria (CBN) cleared the air on the order it gave to Deposit Money Banks (DMB) on transactions carried out through domiciliary accounts in the country. The development was cleared in a letter issued by the apex bank and seen by Nairametrics. The letter, which was signed by CBN’s Director, Trade and […]

N30.2bn Fraud: EFCC Re-arraigns Jang, Yusuf on Amended Charges

Kingsley Nwezeh in Abuja The Economic and Financial Crimes Commission (EFCC) yesterday re-arraigned the former Plateau State Governor, Senator, Jonah David Jang, and a former cashier in the Office of the Secretary to the State Government (OSSG), Yusuf Pam, before Justice C. L. Dabup of the state high court in Jos on amended 17-count charge. […]

CBN clarifies position on operation of domiciliary accounts

The Central Bank of Nigeria (CBN) says it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks (DMBs).

CBN imposes new rules on domiciliary account operations

Nigerians and other bank customers willing to deposit foreign currency in Nigerian banks can do so freely as there are no restrictions on such transactions. This clarification is coming from the Central Bank of Nigeria, CBN as it says the it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks. […]