Business Monetary Policy Top Story

CBN’s MPC hikes monetary policy rate to 24.75% amid economic challenges

In a decisive move to address the economic challenges facing Nigeria, the Central Bank of Nigeria’s Monetary Policy Committee (MPC) has increased the Monetary Policy Rate (MPR) by 200 basis points, setting it at 24.75% from the previous 22.75%. The MPR, a critical financial tool, influences the rate at which banks lend to each other Read More…

Business Monetary Policy Top Story

CBN Governor Cardoso explains forex obligations and Naira stabilisation in Arise TV interview

In an exclusive interview on Arise TV, Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), delved into critical issues surrounding foreign exchange stability and monetary policy. His insights shed light on the CBN’s current priorities and strategic actions aimed at bolstering Nigeria’s economy and currency. Key Points from the Interview: Below Read More…

Crime Economic Crimes Financial Crimes Nigeria Top Story

EFCC to challenge court ruling on Emefiele’s detention

The Economic and Financial Crimes Commission (EFCC) has vowed to appeal a court ruling that awarded N100 million damages to a former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over his detention by the anti-graft agency. Emefiele, who served as the CBN governor from 2014 to 2019, was arrested by the EFCC Read More…

Aviation Business Forex

CBN disburses $61.64 million to foreign airlines to clear forex backlog

The Central Bank of Nigeria (CBN) has announced the disbursement of $61.64 million to foreign airlines via various Deposit Money Banks (DMBs) as part of its commitment to clear the backlog of matured foreign exchange in DMBs. According to the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, this disbursement aligns with the CBN’s dedication Read More…

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Business Crime Financial Crimes Investigation Manufacturing

Dangote Industries responds to EFCC’s raid on Lagos Office over forex transactions

The management of Dangote Industries Ltd. reacted to the Economic and Financial Crimes Commission’s (EFCC) raid on its Lagos head office regarding alleged foreign exchange transactions during Godwin Emefiele’s tenure as Governor of the Central Bank of Nigeria (CBN). In a statement, the multi-product group expressed its readiness to cooperate with the EFCC in its Read More…

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Business Economy Featured Manufacturing Notes

Inflation: Specific blueprint critical to manufacturing, other performances in 2024

By Rukayat Moisemhe, News Agency of Nigeria (NAN) Some Stakeholders in the manufacturing sector say Nigeria needs a specific blueprint to critically address the impact of inflationary pressures on all economic activities in the country. According to the World Economic Forum’s Global Risks Report 2023, the world’s top current risks are energy, food, inflation, and Read More…

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Banking Business Top Story

CBN assures Nigerian bank customers amid takeover rumours

The Central Bank of Nigeria (CBN) has reaffirmed the safety of funds held in Nigerian banks, quelling concerns among depositors and customers. Mrs. Hakama Sidi-Ali, the Acting Director of the CBN’s Corporate Communications Department, addressed apprehensions following reports hinting at potential takeovers of certain financial institutions under CBN supervision. Sidi-Ali clarified that the assurance stemmed Read More…

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Business Cryptocurrency Currency

Nigeria eases crypto ban but imposes new regulations on virtual assets

The Central Bank of Nigeria (CBN) has reversed its earlier decision to ban banks and financial institutions from transacting in cryptocurrencies, acknowledging the global trend towards regulating digital assets. The bank issued a new circular on December 22, outlining the rules and requirements for firms dealing in crypto assets. The CBN imposed a ban on Read More…

Business Inflation

NBS stats: CBN sees positive impact of monetary policies

In a recent statement, Isa AbdulMumin, Director of the Corporate Communications Department at the Central Bank of Nigeria (CBN), shared the bank’s positive outlook on its monetary policy measures. Speaking in Abuja regarding the latest figures released by the National Bureau of Statistics (NBS), AbdulMumin highlighted the noteworthy results stemming from the bank’s strategies. He Read More…