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 …
Read More »Consumer Credit Outstanding in Nigeria Spur by 268.9% to N8.24 Trillion in Three Months
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 …
Read More »Remittance Inflow Hits $553 Million in July – CBN
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 …
Read More »Transparency: CBN Reintroduces Publication of Key Economic Reports
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 …
Read More »CBN Approves Unity, Providus Bank Merger Deal
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 …
Read More »CBN to Create New Office to Manage Dormant Account Funds
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 …
Read More »CBN Frown Against Old, Lower Dollar Bill Rejection in Nigeria
The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) and authorized forex dealers, emphasizing the mandatory acceptance of old and lower denominations of United States Dollar (USD) bills from customers. This directive comes in response to findings from consumer market intelligence, which …
Read More »NESG Supports CBN’s Decision to Discontinue Price Verification on FX
The Nigerian Economic Summit Group (NESG) has backed the recent decision of the Central Bank of Nigeria (CBN) to discontinue the Price Verification System (PVS) for foreign exchange transactions, saying it will remove regulatory bottlenecks and boost macroeconomic stability. The CBN, in a recent circular, stated that with effect from …
Read More »CBN Debunks Licence Revocation Rumours
The Central Bank of Nigeria (CBN) has again reassured members of the banking public of the safety of their deposits and the banking system’s resilience. The reassurance follows concerns in certain quarters about the stability of some Nigerian banks in the wake of Heritage Bank Plc’s licence revocation. Contrary to …
Read More »CBN Suspends Charges on Bank Deposits Till September
The Central Bank of Nigeria has directed banks to stop charges on cash deposits until September 30, 2024. The apex bank disclosed this in a circular dated May 6, 2024, signed by its director of Banking Supervision, Adetona Adedeji. Customers of some of the Deposit Money Banks raised concerns that …
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