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CBN

16 Results / Page 1 of 2

National

CBN Attributes Depreciation Of Naira To Medical Tourism, Others

The Central Bank of Nigeria CBN, has blamed the free-fall of the naira on the huge sum of $40 billion spent by Nigerians on foreign education and medical tourism in the last 10 years. The CBN Governor Mr. Olayemi Cardoso made this clarification while giving insight into the constant depreciation of the value of the Naira as against the United States Dollar, creating a volatile exchange rate for the country. […]

todayFebruary 7, 2024 2

Featured

Senate Summons CBN Gov Over State Of Economy

    The Senate Committee on Banking, Insurance and other Financial Institutions has summoned the Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, to appear before it on Tuesday next week on state of the economy and free flow of Naira at the forex market. The Committee Chaired by Senator Adetokunbo Abiru hurriedly met on Wednesday when the Naira plummeted to N1,520 to a US dollar and resolved […]

todayJanuary 31, 2024 3

National

CBN Disburses $500m To Clear Forex Liabilities Backlog

In its determination to address the backlog of verified foreign exchange transactions, the Central Bank of Nigeria, CBN has disbursed 500 million dollars to various sectors. This comes barely a week after the Bank paid approximately two billion dollars to settle outstanding commitments across manufacturing, aviation, and petroleum sectors. The CBN's Acting Director Corporate Communications Department, Mrs. Hakama Sidi-Ali, who stated this in Abuja noted that the Management of the […]

todayJanuary 29, 2024 8 2

Economy

CBN Extends Legal Tender Status Of 200, 500, 1000 Notes

  By Tersoo Zamber The Central Bank of Nigeria has extended the legal tender status deadline of the old design of N200, N500 and N1,000 denominations. A statement by the apex bank Director of Corporate Communications, Dr. Isah Abdulmunin says the decision is in line with international best practices and to forestall a repeat of earlier experiences. To this end, all banknotes issued by the Central Bank of Nigeria, in […]

todayNovember 15, 2023 6

Featured

House Summons CBN, Discos Over Loans For Transmission

By Oduyemi Odumade The House of Representatives Public Accounts Committee has summoned the Central Bank of Nigeria and 11 Electricity Distribution Companies, DISCOs, over $321 million and N18.2 billion loans for the accelerated transmission distribution interface, lines and substation projects. They are to appear before the Committee on November 8. Chairman of the PAC, Bamidele Salam,who handed down the summons when the Managing Director of the Transmission Company of Nigeria, […]

todayNovember 2, 2023 15

Economy

CBN To Boost Liquidity In Foreign Exchange Market

  Edited By Umbwanko Baba The Central Bank of Nigeria, CBN says it will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle. This is contained in a statement by the CBN Director, Corporate Communications, Dr Isa Abdulmumin in Abuja. The statement reiterates that the prevailing Foreign Exchange […]

todayOctober 13, 2023 22

Business

Forex Market : CBN Lifts Ban On All 43 Items

The Central Bank of Nigeria has removed the restriction it placed on access to official foreign exchange market for importation of 43 items, 9 years after. The statement assures that the apex bank will continue to intervene at the official foreign exchange market to meet the rising demand. It says the CBN is actively working to address the existing backlog of foreign exchange transactions. Although the value of the naira […]

todayOctober 13, 2023 1

Business

CBN Raises Dollar Supply, Lifts Ban On Cement, 42 Items

The Central Bank of Nigeria has said it is raising dollar supply in the foreign exchange market, just as it also lifted the ban on 43 items that were previously not qualified for forex at the official market. The decision came after the naira tumbled to 1,050/$ at the parallel market on Thursday, following pressure from international organisations and experts. The PUNCH earlier noted that despite unifying exchange rates, the […]

todayOctober 13, 2023

National

Senate Confirms Cardoso As CBN Governor

The Senate has confirmed the appointment of Dr. Olayemi Cardoso as the substantive Governor of the Central Bank of Nigeria, CBN. Also confirmed are four Deputy Governors who were nominated along with Cardoso by President Bola Ahmed Tinubu recently. The confirmation was a sequel to the voice votes by the distinguished Senators present. “The nomination of Olayemi Cardoso is hereby confirmed as the Governor of the Central Bank of Nigeria,” […]

todaySeptember 26, 2023 15 4 2

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