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CBN to sell N1.64 trillion in Treasury bills between March and May
The Central Bank of Nigeria (CBN) has planned to sell N1.64 trillion in Nigeria Treasury Bills in the second quarter of 2024- March and May. The new offer is a refinancing of existing maturing treasury bills of…
Dangote Cement Wins Environmental Sustainability Award
The Dangote Cement Plc has emerged winner of the 2023 NatureNews Environmental Sustainability Award. The award was conferred on the company Tuesday at the…
‘Deep Freezer Ltd, Rice and Beans Ltd’ — unusual names of CBN-approved BDC operators
Nigeria’s bureau de change (BDC) market has grown significantly since 2005. Within that period (2005 to 2006) there were less than 100 operational BDCs, with the Central Bank of Nigeria (CBN) selling dollars to the…
Dollar crashes against Naira on Binance as Cardoso warning rattles crypto traders
The United States dollar crashed against the naira at the cryptocurrency peer-to-peer market platform Binance, according to trade information seen by Nairametrics. As of 8 am on Wednesday, the dollar traded for as high as…
Cardoso to hold investor call with foreign investors
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, is slated to engage with foreign portfolio investors in a crucial meeting on Wednesday, February 28, 2024. This strategic dialogue, organised by the…
Interest rate hike: Private sector, economists foresee fresh job losses, recession
The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate by 400 basis points to a record 22.75 per cent. The MPR was at 18.75 per cent. The MPC also made a bold…
I’m not responsible for Nigeria’s economic crisis – Cardoso
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says himself and his team are not responsible for the current economic woes in the country. This was made known by Cardoso while answering questions from…
‘Correct move’ — Moghalu backs Cardoso on CBN’s 22.5 % interest rate benchmark
A former Deputy Governor, Central Bank of Nigeria, Kingsley Moghalu has commended the CBN for raising the Monetary Policy Rate (MPR) by four hundred basis points to 22.75 percent from 18.75 percent. Moghalu gave this…
CBN has cleared another $400 million of FX backlog- Cardoso
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso has stated that the apex bank has paid another $400 million of valid FX backlog to those who were genuinely identified. Mr. Cardoso stated while delivering…
BREAKING: About $26 billion passed through Binance Nigeria – Cardoso
Nigeria’s Central Bank Governor, Olayemi Cardoso has stated that about $26 billion has passed through Binance Nigeria. He took this question in…
JUST IN: MPC Raises Interest Rate To 22.5%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised benchmark interest rate by 400 basis point from 18 5 percent to 22.5 percent. CBN governor Yemi Cardoso disclosed the decision of the…
BREAKING: CBN begins sale of dollars at N1,301/$
The Central Bank of Nigeria (CBN) has announced the sale of foreign exchange to Bureau de Change (BDC) operators in the country. This was contained in a memo signed by Hassan Mahmud, the director of Trade and Exchange…
Five key details of Mavins’s deal with Universal Music Group
It is no longer news that Don Jazzy owned Mavins has announced a major deal with global music firm, Universal Music Group. The deal has caused a stir on social…
FCMB reports fire incident at Lagos Island office
First City Monument Bank (FCMB) has confirmed a fire incident on Monday February 26 on the 7th floor of its office at Macarthy Street, Lagos Island. The incident, it said, occurred by 6:10pm A statement by Group…
Foreign investors hit brakes on Nigeria over volatile naira
Foreign investors are holding off on new investments into Nigeria until the naira finds some stability. A fresh inflow of around $700 million…
CSOs call for discontinuation of SPDC sale, say it ‘poses unacceptable risk’
A coalition of civil society leaders has called for the discontinuation of the sale of Shell Petroleum Development Company (SPDC). SPDC is the Nigerian subsidiary of Shell Plc, a British multinational oil and gas…
FBNH is now most capitalized banking stock in Nigeria, topples GTCO
Nigeria’s oldest bank, FBN Holdings became the most capitalized bank in Nigeria at the close of trading on Monday 25th February 2024. The bank’s share price closed trading at N34 per share becoming the largest bank…
Financier Jacob Rothschild dies at 87
Financier and member of the Rothschild banking family, Lord Jacob Rothschild, has died at the age of 87, his family has announced. The British…
CBN plans $10,000/year limit on foreign school fees from BDCs
The Central Bank of Nigeria (CBN) plans to introduce stringent measures on the purchase of foreign currencies through Bureau De Change (BDC) operators, with a specific focus on transactions related to overseas…
Naira stays above N1600 bandwidth at unofficial market as MPC meeting kicks off
The naira, week on week, posted some recovery against the haven currency at the unofficial market as the Central Bank of Nigeria set in motion its first Monetary Policy Committee (MPC) meeting under Mr. Yemi Cardoso,…
BDC operators plan mergers, fault mandatory deposit
The President of the Association of Bureau De Change of Nigeria, Aminu Gwadebe, has said that members of the association would consider mergers if the proposed guidelines for their operations go into effect. The Central…
How $50bn Equivalent Was Printed And ‘Fritted’ In Ways And Means
The Senate on Tuesday resolved to probe how the N30tn Ways and Means loans of the Central Bank of Nigeria was obtained and spent by the administration of former President Muhammadu Buhari. The development came as a…
Leatherback Targets Int’l Growth As EFCC Drops Misconduct Allegations
A financial services technology company, Leatherback, is targeting international growth through its offices in the United Kingdom (UK), Nigeria, Ethiopia, Canada, India, Pakistan, Nepal and Sri Lanka. The company’s CEO,…
Price of rice surges to N88,000 as expert proposes solution to food problem in Nigeria
The price of a 50kg bag of foreign rice has surged to over N88,000 across major stores in Nigeria, which is 22.2% higher than the N72,000 recorded earlier in the month. In the same vein, locally made rice increased…