CBNs

The International Monetary Fund (IMF) has endorsed the Central Bank of Nigeria’s decision to increase the interest rate to 22.75 per cent. The Monetary Policy Committee of the CBN at its last meeting raised the policy rate by 400 basis points. The committee also voted to keep the Cash Reserve Ratio (CRR) at 45 per cent while the Liquidity Ratio was retained at 30 per cent. Nigeria’s high inflation rate, hitting 29.9 per cent in January 2024, intensified pressure on the naira. This surge, driven by rising food…

Economists and policy analysts have expressed concern about the recent actions taken by the Central Bank of Nigeria concerning the benchmark interest rate and other monetary policy matters in the country. The Monetary Policy Committee of the Central Bank of Nigeria increased the benchmark interest rate to 22.75 per cent on Tuesday, as part of the move to aggressively manage the country’s inflationary pressures. Olayemi Cardoso, the governor of the CBN, on Tuesday, disclosed that the MPC voted to keep the Cash…

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will impact the growth of the Nigerian economy, central bank governor Olayemi Cardoso said on Monday. Expressing concerns about the impact of previous MPC meetings on the economy, he said the MPC will complement the fiscal side and ensure that it moves the economy in the right direction. The CBN in January announced the scheduling of the MPC meeting under the leadership of Mr Cardoso for 26 and 27 February. The announcement came six months…

The International Air Transport Association (IATA), a top global trade association of airlines, has said approximately $700 million still remains blocked with Nigeria’s commercial banks. IATA spoke in reaction to a statement by the Central Bank of Nigeria (CBN) that it had cleared all verified backlogs to foreign airlines operating in the country. In a statement published on its website on Monday, IATA acknowledged the CBN’s release of an additional $64.44 million in blocked airline funds. However, it noted that…

The Central Bank of Nigeria (CBN) late Wednesday announced the dissolution of the boards and management of Union Bank, Polaris Bank and Keystone Bank. Hours later, it appointed new executives (two each) to “oversee the affairs of the banks”, ostensibly till the time new boards and management will be reconstituted. All three banks are privately owned. Union Bank adopted private ownership last November after Titan Trust Bank, its majority shareholder, acquired the stakes of other shareholders, causing the lender to…

In a significant move towards improving the ease of doing business in Nigeria, the CBN Governor, Olayemi Cardoso, has approved the apex bank’s reviewed service charter. This development aligns with the Business Facilitation Act (BFA) of 2022, mandating the bank to streamline operations and enhance customer service delivery. This was disclosed Wednesday in a statement by the bank. In the foreword, the apex bank governor reiterated the CBN’s “commitment to providing more responsive and citizen-friendly governance…

The House of Representatives has asked the Central Bank of Nigeria (CBN) to suspend the implementation of the Customer Due Diligence Regulations, 2023, which makes it mandatory for customers to provide their social media details. It described the policy as unconstitutional as it violates section 37 of the 1999 constitution. This resolution was a sequel to a motion moved by Kelechi Nwogu (PDP, Rivers) and eight others on Tuesday during plenary. PREMIUM TIMES had reported that the CBN, in its latest policy, stated…

Folashodun Shonubi, the Central Bank of Nigeria Deputy Governor (Operations Directorate), has been directed by President Bola Tinubu to oversee the affairs of the apex bank. The Nigerian government made this known in a statement by Willie Bassey, Director of Information at the office of the Secretary to the Government of the Federation. The development comes after the suspension of Godwin Emefiele as CBN governor due to an ongoing investigation of his office and the planned reforms in the economy’s financial…

Despite the Central Bank of Nigeria’s directive authorising commercial banks to dispense and receive the old N200, N500, and N1000 notes, many Nigerians this week rejected the bank notes. A PREMIUM TIMES’ survey across major cities found that some motorists and traders refused to accept the old notes amid the uncertainties surrounding the acceptance of the notes by commercial banks. The apex bank had on Monday announced that the old and newly redesigned banknotes remain legal tender until 31 December. The move…

The International Monetary Fund (IMF) says only 24 per cent of loans disbursed under the Central Bank of Nigeria (CBN) Anchor Borrowers Programme (ABP) have been repaid. The Washington-based lender in its recent report titled ‘Nigeria selected issues’ said agricultural credit in Nigeria has not significantly boosted production even though there is the challenge of targeting the right recipients for the credit. In November 2015, President Muhammadu Buhari launched the ABP to boost agricultural production and…