Tag Archives: CBN

By Elvis Eromosele Public institutions in Nigeria have a knack for policy inconsistency. They can aggressively pursue a course of action one moment and, the very next, introduce measures that directly contradict their stated objectives. The Central Bank of Nigeria (CBN) is currently at the centre of one such paradox. …

Nigeria has seen a significant surge in remittances during the first nine months of 2024, with international money transfers increasing by 63.7%, according to the Central Bank of Nigeria (CBN). For the first nine months of 2024, the increase signals a major boost to the country’s remittances. Inflows rose from …

By Elvis Eromosele   The Nigerian banking system, once celebrated as the backbone of the nation’s economy, is facing a glaring paradox. Customers walk into bank branches daily to access their funds, only to be told that cash is scarce. The situation, which began following the Naira redesign exercise under …

A digital rights advocacy organization, Paradigm Initiative, has launched a legal battle against the Nigerian government over a massive data breach that has exposed the personal information of millions of Nigerians. The lawsuit, filed in October 2024, targets several government agencies, including the National Identity Management Commission (NIMC), Central Bank …

Nigeria’s economy has recorded a significant boost in foreign exchange, FX inflows, with a 67.8% increase to $27.6 billion in the first half of 2024, up from $16.44 billion in 2023, according to data from the Central Bank of Nigeria (CBN). The growth is attributed to a 34.6% year-on-year increase …

The first quarter 2024 Economic Report published by the Central Bank of Nigeria (CBN) has revealed that consumer credit outstanding in Nigeria rose by 268.9 per cent to N8.24 trillion by the end of March 2024, from N3.42 trillion in December 2023. Consumer credit outstanding refers to the total amount …

The Central Bank of Nigeria(CBN) has reported a significant increase in remittance inflows, reaching $553 million in July 2024, a 130 per cent increase from the corresponding period in 2023. This figure represents the highest monthly total inflows on record and reflects ongoing efforts by the CBN to enhance liquidity …

The Central Bank of Nigeria (CBN) has reintroduced the publication of several key economic reports to enhance transparency. According to a statement on Tuesday signed by Sidi Ali Hakama, CBN’s Acting Director of Corporate Communications, this initiative is part of its broader efforts to enhance transparency, promote informed decision-making and …

The Central Bank of Nigeria (CBN) on Tuesday announced the approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and the Providus Bank Limited. The apex bank, in a statement by its acting Director of Corporate Communications, Hakama Sidi-Ali, said the move is designed …

The Central Bank of Nigeria (CBN) has disclosed that it will create a dedicated office to manage dormant accounts and unclaimed balances. This is according to the CBN’s recently issued document, “FAQs – Guidelines on Dormant Account and Unclaimed Balances – July 25, 2024,”. It read: “The CBN shall establish a dedicated office for this purpose. The …