The Central Bank of Nigeria has authorized 400 financial agents to facilitate access to the new banknote design in rural areas.
CBN said this would allow residents of rural Kogi to meet the January 31 deadline, allowing them to finally retire their old banknotes from circulation.
At Elulu Mopa Palace Thursday, CBN Oba’s chief strategy officer Julius Joledo Oluranti Buari said people can…
CBN cash limit claim to fix inflation counterfactual, says Bismarck Rewane
December 20, 2022
The cash withdrawal cap and new currency policies, which seek to lower inflation, increase the value of the naira, and minimize vote buying, have been criticized by Bismarck Rewane, managing director and CEO of Financial Directives, as being contrary to economic theory.
The…
Withdrawal Limit Policy: According to Emefiele, there are 1.4 million mobile bankers in Nigeria.
December 11, 2022
Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, on Thursday, said there are about 1.4 million super agents (mobile banking operators including POS agents) in the country for Nigerians to patronise for business transactions.
Emefiele said this while reiterating…
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 against accepting mutilated naira notes, explaining that they were not the real currencies in…
Nigerians traded N497.35bn ($1.16bn) worth of Bitcoin from the beginning of 2021 to June 2022, indicating an increasing prominence of the digital currency in the nation.
This is despite the Central Bank of Nigeria’s restriction on cryptocurrencies in the nation.
In…
The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances rose from N17.46tn in December 2021 to N19.91tn in June 2022.
According to data from the CBN, this shows that the Federal Government borrowed N2.45tn from the apex…
Non-remittance of dollars to foreign reserves by the Nigeria National Petroleum Corporation (NNPC) is responsible for naira’s free fall in the official and parallel markets, the Central Bank of Nigeria (CBN) has said.
As at the close of work yesterday, the naira traded for N700/$1 at the parallel market and N415.96/$1 at the official market.
The CBN explanation was given in report that was…
The Central Bank of Nigeria has disbursed N68.13bn to beneficiaries under its 100-for-100 Policy on Production and Productivity since the commencement of the intervention.
According to the bank, the CBN Governor, Godwin Emefiele, disclosed this in Lagos after the last…
The Central Bank of Nigeria (CBN) has granted an Approval in Principle (AIP) to fintech platform Fincra to operate as a Payment Solution Service Provider (PSSP) across the country.
In its commitment to promote strong and credible payment systems, CBN, in December 2020…
Central Bank of Nigeria (CBN) backtracks, takes radical stance against rising inflation
May 30, 2022
The rate-fixing arm of the Central Bank of Nigeria (CBN) backtracked on its position on the country’s rising inflation, yesterday, increasing the monetary policy rate by 1.5 per cent or 150 basis points (bps), an extreme radical stance against rising prices.
A 150bps increase in MPR is a rare decision, perhaps not taken by the Monetary Policy Committee in recent years. With the decision, CBN is…