Tuesday, October 22

Tag: CBN

CBN May Start Printing Gambia’s Currency – Emefiele
16Jun By Chinedu IbeakanmaNo Comments
Economy, News, Nigeria

CBN May Start Printing Gambia’s Currency – Emefiele

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has said that the bank is willing to assist the Central Bank of the Gambia to print its legal tender. Emefiele said this in Abuja on Tuesday during a two-day visit by a delegation from the CBG, led by its governor, Mr Buah Saidy. This was in response to a request by the CBG for a possible partnership to tackle acute currency shortages among other currency management challenges in the country. Saidy informed the CBN governor that relying on its current printer, De La Rue of London, for its currency needs was expensive and unsustainable. He explained that it costs the bank about £70,000 to lift printed currencies from Sri Lanka to the Gambia. In response, the CBN Governor assured his visitors that the bank had a...
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CBN Promises more Credit Facilities for Youths
10May By Chinedu IbeakanmaNo Comments
Economy, News, Nigeria

CBN Promises more Credit Facilities for Youths

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has reiterated the apex bank’s commitment to provide more loans to the youth. The bank chief urged youths to embrace agriculture, declaring the bank’s readiness to support them that are willing to engage in agriculture. The governor reiterated the bank’s opposition to the importation of maize. Emefiele made the declaration in Katsina, during the unveiling of the first maize pyramid and kick-off of the maize wet season farming under the CBN-Maize Association of Nigeria (MAAN) Anchor Borrowers’ Programme. He expressed belief that  youths could leverage their talents, along with technological tools to improve farm productivity and delivery of agricultural produce to markets. Noting that agriculture offered significant be...
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CBN Introduces New Charges for USSD Services
17Mar By Chinedu IbeakanmaNo Comments
Economy, Finance, News, Nigeria, Press Statement

CBN Introduces New Charges for USSD Services

The Central Bank of Nigeria has introduced new charges for customers using the Unstructured Supplementary Service Data services. The apex bank said effective Tuesday, customers will pay a flat fee of N6.98 per transaction every time they use USSD services. It said the new charges was part of the agreement reached when banks and telecommunication operators met on Monday to discuss the N42bn debt owed mobile operators by banks. This was contained in a statement released on Tuesday and jointly signed by the apex bank’s Acting Director, Corporate Communications, Osita Nwanisobi; and Director, Public Affairs, Nigerian Communications Commission, Ikechukwu Adinde. The statement was titled, ‘Joint Statement By Central Bank Of Nigeria and Nigerian Communications Commission On Pricing Of...
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CBN directs Banks to Start Scan-to-pay System
16Mar By Chinedu IbeakanmaNo Comments
Economy, Finance, Interview, News, Nigeria

CBN directs Banks to Start Scan-to-pay System

The Central Bank of Nigeria (CBN) has requested Deposit Money Banks (DMBs) to begin the adoption of the contactless payment service option. The NQR payment solution, launched yesterday on Monday rs instant value by simply scanning generated digital code to make payment. The new ‘touch-free’ payment method would help create and offer better customer experience to the  public. Speaking during the launch in Lagos, CBN Director, Payment System Management, Musa Jimoh, said the NQR payment solution is an alternative payment plan that will  eliminate direct contact between merchants and their customers. The innovative solution will catalyse to boost financial inclusion while providing access to faster, easier and secure financial services to Nigerians. It provides a “touch-free” optio...
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Cryptocurrency Ban: They Breed Illegal Activities – CBN Says as it Defends Action
8Feb By Obiajulu Joel NwoluNo Comments
Economy, Finance, Nigeria, Safety, Youths

Cryptocurrency Ban: They Breed Illegal Activities – CBN Says as it Defends Action

Following the ban placed on cryptocurrencies, the Central Bank of Nigeria, CBN, has defended its decision saying they promote illegal activities and raise risks, among other reasons. The apex bank disclosed this in a statement issued on Sunday concerning various comments and reactions following its recent reminder to Deposit Money Banks to desist from transacting in/and with entities dealing in cryptocurrencies. It said, “The recent regulatory directive became necessary to protect the financial system and the generality of Nigerians (including the youth population) from the risks inherent in crypto assets transactions, which have escalated in recent times, with dire consequences for the integrity of the financial system and financial stability. “Due to the fact that cryptocurrenci...
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CBN to Shut Accounts of Diaspora Remittance Violators
23Jan By Obiajulu Joel NwoluNo Comments
Economy, Finance, News, Nigeria

CBN to Shut Accounts of Diaspora Remittance Violators

The Central Bank of Nigeria has threatened to suspend the operating licences of operators who continue to violate rules guiding diaspora remittances into the country. The apex bank said it would not tolerate the explicit flouting of its directive that all remittances be paid to beneficiaries in dollars. This was contained in its circular signed by the Director, Trade & Exchange Department, Dr. O. S. Nnaji to all authorised dealers and International Money Transfer Operators on Friday. The circular was titled ‘Modalities for payout of diaspora remittances’. It said that this new circular was in furtherance to its earlier one titled ‘Receipt of diaspora remittances: Additional operational guidelines’. The circular partly read, “These measures are intended to promote transpa...
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CBN Predicts Further Depreciation of the Naira in January 2021
27Dec By Obiajulu Joel NwoluNo Comments
Economy, Finance, News, Nigeria, Trade

CBN Predicts Further Depreciation of the Naira in January 2021

The Central Bank of Nigeria has said that a survey conducted by its Statistics Department showed that the naira is projected to further depreciate in January next year. According to the report titled, ‘December 2020 Business Expectations Survey Report’, there might also be a steady rise in the interest rate from December till the next six months, Punch reports. Nigeria’s currency fell to its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been lingering between N460 and N470. As of Friday, however, one dollar exchanged for N465 in the parallel market. Recall that the Nigerian economy fell into its second recession in five years on November 21, 2020. Reports say the recession is the worst in 36 years, according to the data obtained from the Wo...
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CBN Withdraws 42 Microfinance Bank’s Operating Licences
21Dec By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

CBN Withdraws 42 Microfinance Bank’s Operating Licences

Nigeria’s apex bank, the Central Bank of Nigeria has withdrawn the operating licences of 42 microfinance banks operating in the country. This was contained in an announcement issued by the Nigeria Deposit Insurance Corporation (NDIC) on its website titled, ‘Notice of closure of 42 microfinance banks’. It read, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020. “The Nigeria Deposit Insurance Corporation, the official liquidator of the banks whose licences were recently revoked, is in the process of closing the listed banks and pay their insured depositors. “We, therefore, request that all depositors o...
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CBN Website Hacked? Bank Reacts to Speculated Hacking
17Oct By Obiajulu Joel NwoluNo Comments
Finance, News, Nigeria

CBN Website Hacked? Bank Reacts to Speculated Hacking

Nigeria’s apex bank, Central Bank of Nigeria (CBN),  has dismissed speculations of its website being hacked on Friday. The reports became rife after the website of National Broadcasting Commission (NBC) was hacked yesterday (Friday) by a group. In a statement on its official Twitter  handle, CBN said that its website was safe and secure as opposed to reports of it being hacked. The bank asked Nigerians to desist from spreading false news as its website had not been tampered with and fully secured against hackers. The CBN said, “Contrary to claims on social media alleging that the website of the Central Bank of Nigeria has been breached by malicious persons, we wish to state categorically that our website is secure. “We also wish to advise the online community to desist from ...
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CBN Disburses N3.5tr COVID-19 Intervention Cash
23Sep By Chinedu IbeakanmaNo Comments
Cost of Living, Covid-19, Economy, Finance, Nigeria

CBN Disburses N3.5tr COVID-19 Intervention Cash

  The Central Bank of Nigeria (CBN) says it has disbursed N3.5 trillion to various sectors of the economy to assist in cushioning the effects of the Coronavirus pandemic. The Apex bank says it will also contribute N1.8 trillion into the N2.30 trillion Federal Government’s one-year Economic Sustainability Plan (ESP) through its Participating Financial Institutions (PFIs). CBN Governor Godwin Emefiele who stated this on Tuesday after the Monetary Policy Committee (MPC) meeting in Abuja also gave a breakdown of how the funds were disbursed. The breakdown is as follows: Real Sector (N216.87 billion); COVID-19 Targeted Credit Facility (N73.69 billion); Agri-Business/Small and Medium Enterprise Investment Scheme (N54.66 billion); Pharmaceutical and Health Care Support (N44.47 bi...
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