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The Central Bank of Nigeria and the Securities and Exchange Commission have approved the N147bn rights offer of FCMB Group. This was disclosed in a statement issued on Monday which was signed by the Company Secretary, Olufunmilayo Adedibu. This marked the second approval from the CBN in days on the first tranche of capital-raising exercise of banks this year. It was revealed that the offer was oversubscribed by 33 per […]
The Central Bank of Nigeria has attributed the significant decline in oil revenue for the third quarter of 2024 to ageing pipeline infrastructure and operational inefficiencies. According to the apex bank’s latest economic report for the third quarter of 2024, oil revenue fell by 24.72 per cent to N1.30tn compared to the second quarter of 2024. This drop was largely due to lower receipts from petroleum profit tax and royalties. […]
The International Finance Corporation, a member of the World Bank Group and the Central Bank of Nigeria have announced an agreement to scale up local currency financing, unlocking over $1bn in investments across key sectors of the Nigerian economy. This was according to a joint press statement from the IFC and the CBN on Monday. The agreement, signed by IFC Managing Director Makhtar Diop and CBN Governor Yemi Cardoso, will […]
The Central Bank of Nigeria has revoked the banking licence of Heritage Bank Plc, effective immediately. This decision was made due to the bank’s failure to improve its financial performance, posing a threat to financial stability. The apex bank’s Acting Director of Corporate Communication Department, Sidi Ali, disclosed this in a statement on Monday. According to the CBN, the bank’s management has been unable to stem the decline despite various […]
Nigeria’s foreign exchange reserves have taken a significant hit, dropping by approximately $1.02bn within 18 days as the Central Bank of Nigeria steps up efforts aimed at defending the naira. On March 18, 2024, the FX reserves stood at $34.45bn, but by April 3, it had dropped to $33.50bn, based on the latest data from the CBN. Before the current decline, the reserve had been steadily growing, witnessing a remarkable […]
The Association of Bureaux De Change Operators of Nigeria has appealed to the Central Bank of Nigeria to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members. ABCON National President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade & Exchange Department. The appeal comes when the parallel market rate of 1,235/$ is lower than the BDCs’ applicable buying exchange rate […]
The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country. The development came three years after the former CBN governor, Godwin Emefiele, announced the suspension of foreign exchange sales to BDC operators. The apex bank disclosed this in a new circular issued and signed by the Director, Trade and Exchange Department, Hassan Mahmud, on Tuesday. […]
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has vowed to pursue an aggressive regulatory environment to reduce infractions in the country’s banking system. He said this on Tuesday in Abuja at the Monetary Policy Committee meeting of the apex bank, the first since he assumed office in September 2023. He also stated that an in-depth investigation was underway to determine the necessary actions against banks involved in […]
Foreign airlines repatriated N795.48bn from Nigeria in six months, data from the Central Bank of Nigeria have shown. Data from the apex bank’s Balance of Payment compilation revealed that airlines withdrew (as debits) $1.76bn (converted to naira at N451/$) in the first and second quarters of 2023. Total credit to the Balance of Payment account from airline travel was $19.39m (N8.75bn). The amount on the debit side of the balance […]
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