The Central of Nigeria (CBN) has released supervisory framework for Payment Service Banks. The framework among other things empowered the PSB operators to sell foreign currencies, especially dollars, to authorised foreign exchange dealers. The CBN framework also authorised the PSBs to accept deposits from individuals and small businesses, which shall[Read More…]
Tag: CBN
IMF Warns CBN of Financial Instability with Rate Hikes
The International Monetary Fund has warned that Nigeria and other emerging economies are at risk of financial instability if benchmark interest rates are continuously raised. In a new report entitled, “Interest Rate Increases Volatile Markets Signal Rising Financial Stability Risks,” the global lender noted that to avoid inflationary pressures from[Read More…]
Currency In Circulation Drops To N3.24trn
Currency in circulation fell by N107.08bn from N3.35tn in April to N3.24tn in July, latest figures on currency from the Central Bank of Nigeria has revealed. According to the CBN, the CIC which stood at N3.33tn in May fell to N3.25tn in June. The CBN recently warned Deposit Money Banks[Read More…]
9mobile, CBN, Ecobank, Others Brainstorm Deepening Financial Inclusion In Nigeria
As part of efforts to promote financial inclusion among the unbanked and underbanked population in Nigeria, innovative telecoms brand, 9mobile, joined Ecobank, Vanguard Newspapers, Sanef, and other stakeholders in the financial sector to brainstorm the germane issues and plot a roadmap to actualizing the cashless policy of the Central Bank[Read More…]
Access Bank fires Staff In Oyo Branch Despite CBN Directive
Despite an agreement by the Central Bank of Nigeria and Bankers Committee to suspend the lay-offs in banks across the country due to the adverse impact of the COVID-19 pandemic, Access Bank has continued to dismiss its staff. A man, whose wife worked for a branch of the bank in[Read More…]
WAMCO, Nestle, others exempted from dairy importation ban
The Central Bank of Nigeria (CBN) has approved six companies for the importation of milk and other dairy products. They are FrieslandCampina WAMCO Nigeria; Chi Limited; TG Arla Dairy Products Limited; Promasidor Nigeria Limited; Nestle Nigeria PLC and Integrated Dairies Limited. The approval was contained in a circular issued by[Read More…]
Manufacturing PMI drops to 59.2 index points in January — CBN
THE Central Bank of Nigeria, CBN, said that the Manufacturing Purchasing Managers Index, PMI, dropped marginally to 59.2 index points in January though activities in sector expanded for the 34th consecutive months. The January Manufacturing PMI represents 1.6 index points decline when compared to the 60.2 index points recorded in[Read More…]
CBN raises Cash Reserve Ratio to 27.5%
The Central Bank of Nigeria has raised the Cash Reserve Ratio from 22.5 per cent to 27.5 per cent. Briefing the press after the first Monetary Policy Committee (MPC) meeting in 2020 held in Abuja, the CBN Governor, Mr Godwin Emefiele, said that all other parameters were retained. Accordingly, the[Read More…]
CBN sets new rules to improve PoS usage
Central Bank of Nigeria (CBN) is taking steps meant to get more people embrace e-payment channels, especially Point of Sale (PoS) machine. The Nigeria Interbank Settlement System (NIBSS) data showed the total volumes of PoS transactions for 2017 stood at 146.3 million, which was worth N1.4 trillion; 285.9 million transactions[Read More…]
CBN Directive: Petrol Stations, Malls Still Charge N50 Stamp Duty
Despite the repeated clarification and caution from the Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Commission (FCCPC), investigation by Daily Trust reveals that merchants have continued to charge their customers N50 stamp duty. Daily Trust reports that the Federal Government recently stopped the additional N50[Read More…]
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FG Revenue Rises 76% to N12.5tn, Fueled by Tax and Oil Gains — Budget Office
The Federal Government’s earnings have increased by 76 percent, rising from N7.1 trillion in 2022 to N12.5 trillion in 2023, due to higher taxes and oil revenues. This information was revealed in the recently released 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper from the Ministry of Budget and[Read More…]