By Seun Ibiyemi Nigerian banks have mobilised a total of N4.61 trillion in fresh capital under the ongoing recapitalisation programme of the Central Bank of Nigeria (CBN), reflecting robust investor confidence and increased foreign participation in the sector. This was disclosed in a statement issued on Tuesday following remarks by the CBN Governor, Olayemi Cardoso,…
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has warned banking customers to safeguard their financial information by never sharing their Personal Identification Numbers (PINs), passwords, and other sensitive banking details with anyone. The apex bank gave the advice in a post on its official X handle as the world observes Global Money Week…
..As reforms raise capital inflows by 200% By Seun Ibiyemi The Central Bank of Nigeria Governor, Olayemi Cardoso has said reforms in Nigeria’s foreign exchange (FX) market have significantly improved liquidity, restored investor confidence, and stabilised the Naira. Cardoso made the remarks on Thursday in Lagos while delivering a distinguished Alumni Lecture at St. Gregory’s…
By Seun Ibiyemi The Nigerian naira appreciated further at the official foreign exchange market on Wednesday, closing at N1,376.19 to the United States dollar, according to data released by the Central Bank of Nigeria (CBN). Figures published on the CBN’s website showed that the local currency gained N25.20 against the dollar at the Nigerian Autonomous…
By Seun Ibiyemi The Central Bank of Nigeria (CBN) says 30 banks have met the new minimum capital requirements introduced under its banking sector recapitalisation programme as the March 31 deadline approaches. The Acting Director of Corporate Communications at the apex bank, Hakama Sidi-Ali, disclosed this in a statement issued on Friday in Abuja. According…
By Seun Ibiyemi The Nigerian naira maintained a relatively stable performance against the United States dollar today, with traders showing cautious optimism as the new trading week began. According to currency market data, ₦1,360 was exchanged for $1 on the foreign exchange market as of this morning, reflecting only minor day‑to‑day movement and signalling stability…
By Seun Ibiyemi The naira weakened against the United States dollar across foreign exchange segments for the week ended Friday as sustained demand pressures outweighed liquidity support measures. Data from the official Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency closed the week at ₦1,363.39 per dollar on Friday, compared to ₦1,359.82…
…Says rate cut signals economic recovery … Investors lose N1.14trn as NGX reacts to MPC decision By Seun Ibiyemi Stakeholders in Nigeria’s financial and real sectors have expressed support for the decision of the Central Bank of Nigeria (CBN) to reduce the benchmark interest rate to 26.50 per cent, describing the move as timely and…
By Seun Ibiyemi The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has disclosed that 13 banks are yet to meet the new minimum capital requirement under the ongoing bank recapitalisation programme. Cardoso made this known on Tuesday in Abuja while presenting the communiqué from the 304th meeting of the apex bank’s…
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) by 50 basis points, lowering the benchmark interest rate from 27 per cent to 26.5 per cent in what analysts describe as a significant shift in monetary strategy. The decision was taken at the 304th meeting of the apex…
