Central Bank of Nigeria

The House of Representatives is moving to review the parameters of the 2024 budget due to the depreciation of the Naira against major currencies. The House, on Thursday, mandated its Committees on National Planning and Economic Development, Appropriation and Finance, to review the parameters in the budget, particularly the exchange rate. This resolution followed a motion of urgent public importance moved by Kafilat Ogbara (APC, Lagos) during plenary. The naira was on a free fall for months following the decision…

The Central Bank of Nigeria on Wednesday issued a stern warning to all development finance institutions, primary mortgage banks, and microfinance banks regarding the timely submission of their statutory monthly returns through the Financial Institutions Returns Automation (FinA) application. FinA is an advanced off-site surveillance automation system for online submission of returns by financial institutions to the CBN, sponsored by USAID. Deployed in 2011, its key functions include collecting data from FIs…

A good number of Nigerian stocks still hold potential for strong return on investment although equities generally depreciated by 3.4 per cent last week. The rate-setting meeting of the Central Bank of Nigeria’s monetary policy panel holds Monday (today) and Tuesday, with every possibility of a significant interest rate. The move may shift the balance of investment inflow from equity more into fixed-income securities, which investors often find more attractive whenever interest rates go higher. Yet, dividend…

Nigeria’s naira has on several occasions in recent weeks tumbled across both the official and unofficial markets amidst an increased forex demand and a significant spike in the prices of goods and services across the country. The local currency traded at an average of N1500 and above mark at the spot market last week, closing the week on a negative note at N1,665.50/$1 last Friday — the lowest the currency has ever recorded at the segment according to data posted by FMDQ. Similarly, amidst speculations and…

The Centre for the Promotion of Private Enterprise (CPPE) on Sunday appealed to the Central Bank of Nigeria (CBN) to peg the customs duty exchange rate at N1,000 per dollar for the rest of the year in line with the federal government’s commitment to ease economic hardship on the citizens. In a statement signed by Muda Yusuf, director of CPPE, the think tank said the current customs duty exchange rate of N1488.9/$ is too high in the context of the current inflation and difficulties facing businesses and citizens.…

The Senate on Thursday confirmed the Governor of the Central Bank of Nigeria, Olayemi Cardoso, as chairman of the Monetary Policy Committee (MPC). The upper legislative chamber also confirmed the appointment of deputy governors of the CBN and seven others as members of the MPC. The CBN deputy governors are, Mohammed Abdullahi, Bala Bello, Emem Usoro, and Philip Ikeazor. Others are Director-General of Securities and Exchange Commission (SEC), Lamido Yuguda, and Permanent Secretary of the Ministry of Finance,…

There is intense apprehension at the Central Bank of Nigeria (CBN) Thursday that the Naira may weaken further as the Federation Account Allocation Committee (FAAC) is set to disburse allocations from the revenues generated into the federations’ accounts among the federal, state and local governments. Sources within the apex bank Thursday told PREMIUM TIMES that there are concerns that funds from FAAC were often illegally converted to dollars by some corrupt state governors at the unofficial market, with a ripple…

Abubakar Suleiman, the managing director/chief executive officer of Sterling Bank, on Sunday, shared advice on how to thrive amidst Nigeria’s economic hardship and cost of living challenges. President Bola Tinubu on 29 May 2023 announced the removal of the petrol subsidy, a policy decision with adverse effects on the cost of living and general economic well-being of the populace. The situation was compounded by the Central Bank of Nigeria‘s move to consolidate the foreign exchange market, leading to massive…

In a bid to address liquidity concerns in the Nigerian foreign exchange market, the Central Bank of Nigeria on Wednesday announced measures targeting international oil companies engaged in cash pooling practices. According to a circular addressed to all authorised banks and signed by the Director, Trade and Exchange Department, Hassan Mahmud, the move comes amidst growing concerns over the impact of cash pooling on domestic liquidity. Cash pooling, a common practice among IOCs, involves the transfer of proceeds…

Ahead of the Monetary Policy Committee (MPC) meeting, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, has disclosed the bank is revamping its communication strategy. The bank had on 19 January announced its first MPC meeting, six months after its last one. The meeting is scheduled to be held between 26 and 27 February. Speaking Monday in an exclusive interview with Arise Television, Mr Cardoso said he recognised the pivotal role of communication in conveying complex monetary policy decisions.…