Category: Finance
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MPC: Why We Raise Interest Rate To 22.75% -CBN
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the benchmark interest rate from 18.75 percent to 22.75 percent. Rising from its maiden meeting on Tuesday, February 27, 2024, under Mr. Olayemi Cardoso as CBN Governor, the Committee revealed that the Monetary Policy Rate (MPR) was raised by 400 basis…
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FAAC: FG, States, LGCs Share N1.149trn As January Revenue
The Federation Account Allocation Committee (FAAC) has shared a total sum of N1,149.816 billion January 2024 Federation Account Revenue to the Federal Government, States and Local Government Councils. The revenue was shared at the February 2024 meeting of the Federation Accounts Allocation Committee (FAAC) chaired by the Minister of Finance and Coordinating Minister for the…
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Agbede Replaces Late Wigwe As Access Holdings CEO
The Central Bank of Nigeria (CBN) has approved the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer (CEO) of Access Holdings Plc. Agbede’s appointment is following the untimely passing of its former Group Chief Executive Officer, Dr. Herbert Wigwe. Her appointment was announced by the Board of Directors of Access Holdings…
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NNPC, CBN Deepen Collaboration For Seamless Commercial Operation
In an apparent move to resolve the foreign exchange crisis in the country, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mallam Mele Kyari, and the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, have reviewed the decision of the NNPC Ltd. to domicile a significant…
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Cardoso Optimistic Inflation Rate Will Moderate To 21.4% In 2024
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has expressed optimism that the nation’s inflation rate which is currently at 28.92 percent would decline to 21.4 percent within the year. Mr. Cardoso stated this Tuesday when he appeared before the House of Representatives to address critical concerns related to exchange rates…
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$2.4bn Of $7bn FX Backlog Invalid -Cardoso
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has disclosed that $2.4billion of the $7 billion Foreign Exchange backlog were invalid transactions. Mr. Cardoso disclosed this while speaking during an Interview on Arise News Television on Monday, February 5, 2024. He said, the apex bank has been able to clear $2.3bn…
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No Plans To Convert $30bn Domiciliary Deposits To Naira -CBN
The Central Bank of Nigeria (CBN) has clarified that there were no plans to Convert Domiciliary Account Holdings into Naira as alleged. Recall that a national newspaper in its report alleged that the Federal Government was considering to convert $30billion domiciliary deposits to Naira. However, the Ag. Director, Corporate Communications of CBN, Mrs. Sidi-Ali, Hakama…
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CBN Introduces Measures To Limit Banks’ FX Exposures
Worried by the growth in foreign currency exposures of banks through their Net Open Position (NOP), the Central Bank of Nigeria (CBN) has issued Prudential Requirements for all Commercial Banks operating in Nigeria. In a Circular referenced: TED/FEM/PUB/FPC/OOI/OOI issued on January 31, 2024, and signed by the Director, Trade and Exchange, Dr. Hassan Mahmud, and…
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Promise Kept As CBN Clears FX Backlog Owed Foreign Airlines
The Central Bank of Nigeria (CBN), has disbursed an additional $64.44 million to conclude payment of all verified claims by foreign airlines in the country. This is in fulfillment of the pledge made by the CBN to clear the backlog of the foreign exchange owed the foreign airlines. TheFact Daily had reported the US$500 million…
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FX Backlog: CBN Releases $500m To Various Sectors
The Central Bank of Nigeria (CBN) has released a sum of US$500 million to various sectors, in its efforts to clear the backlog of verified foreign exchange transactions. This comes barely a week after the Bank paid approximately US $2.0 billion to settle outstanding commitments across manufacturing, aviation, and petroleum sectors. The Acting Director of…