Banking Business Top Story

Buhari launches eNaira on Monday

Reading Time: 2 minutes The digital currency, the eNaira, will be launched on Monday. This is coming many months after the Central Bank of Nigeria (CBN) barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies. The digital currency will be launched by the Nigerian President, Muhammadu Buhari at State House, Abuja. Central Bank of Nigeria Read More…

Banking Business

CBN set to roll out e-Naira by Independence Day

Reading Time: 3 minutes Image Credits: Nairametrics. Independence Day, 1st October 2021, is the day that the Central Bank of Nigeria (CBN) has set aside as the day the new digital currency will be rolled out. According to the Director of Information Technology, Central Bank of Nigeria (CBN), Rukiya Mohammed, the apex bank has concluded plans to launch the Read More…

Business Economy Legal Nigeria Top Story

Citizen drags CBN, Emefiele to Court for incompetence, illegality

Reading Time: 3 minutes In what can be termed a peculiar legal case, an Abuja-based businessman, Sesugh Akume, has filed a suit at the Federal High Court, Abuja, asking the court to determine whether the Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele and the apex bank itself, have not been grossly incompetent by failing to provide price Read More…

Banking Top Story

CBN plans pilot digital currency by year-end

Reading Time: < 1 minutes Image Credits: REUTERS/Afolabi Sotunde/File Photo. If all plans go as intended, the Central Bank of Nigeria (CBN) will be launching its own digital currency by the end of the year. According to an official of the nation’s premier bank, Central Bank Director of Information Technology, Rakiya Mohammed, the project to create some form of digital Read More…

Banking Business Economy Featured

CBN urges banks to support businesses seeking expansion

Reading Time: 3 minutes Image Credits: Bloomberg. The Central Bank of Nigeria (CBN) has urged commercial banks to leverage their presence in other parts of Africa to support Nigerian businesses seeking to plant their footprints into new markets. The CBN Governor, Mr Godwin Emefiele, gave the advice at the Zenith Bank’s 2021 Export Seminar on Tuesday in Lagos. Emefiele Read More…

Business Featured Inflation

LCCI advises CBN on tackling inflation

Reading Time: 2 minutes Image Credits: artsandculture.google.com. The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to address the supply side variables impacting domestic prices.Dr Muda Yusuf, Director-General, LCCI, spoke in an interview with the News Agency of Nigeria (NAN) in reaction to the October 2020 inflation rate. The News Agency of Read More…

Economy Featured Manufacturing

Nigeria’s manufacturing sector records growth, according to CBN PMI

Reading Time: 2 minutes Image Credits: MIGA/World Bank, REUTERS/Afolabi Sotunde. The October Purchasing Managers’ Index for the manufacturing sector stood at 49.4 index points, indicating a reversal of five consecutive months of contraction which started in May. This is according to the result of PMI survey released by the Statistics Department of Central Bank of Nigeria (CBN) on Tuesday. Read More…

Banking Business Featured

CBN directs banks to comply with SWIFT universal payment confirmations

Reading Time: < 1 minutes Image Credits: Nigerian Finder. The Central Bank of Nigeria (CBN), has directed all banks operating in the country to always observe strict compliance with SWIFT Universal Confirmation Requirements. The directive was outlined in a circular issued by Mr Sam Okojere, CBN’s Director, Banking Services Department. Okojere directed all SWIFT customers to provide information on the Read More…

Business Economy Top Story

CBN reduces Monetary Policy Rate to stimulate economic recovery

Reading Time: 2 minutes Image Credits: REUTERS. The Central Bank of Nigeria (CBN) on Monday announced reduction of the Monetary Policy Rate (MPR) from 12.5 per cent to 11.5 per cent. Mr Godwin Emefiele, the CBN Governor made the announcement while presenting the communiqué the 275th Monetary Policy Committee (MPC) meeting on Tuesday. Emefiele said that the decision to reduce Read More…

Banking Business Top Story

MPC retains MPR at 12.5%, holds other policy parameters constant

Reading Time: < 1 minutes  The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has retained Monetary Policy Rate (MPR) at 12.5 per cent and held all other policy parameters constant. The CBN Governor, Mr Godwin Emefiele disclosed this while reading the communique after the MPC meeting in Abuja on Monday. Emefiele explained that the committee retained Read More…