By Jemimah Wellington, JKNewsMedia Reporter NIGERIAN ABROAD can now remotely obtain a Bank Verification Number (BVN), following the official launch of the Non-Resident Bank Verification Number (NRBVN) platform in Abuja by the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS). This move, the group say, eliminat...
By Jemimah Wellington, JKNewsMedia Reporter NIGERIA’s EXTERNAL reserves slumped to an eight-month low in April as the Central Bank ramped up dollar sales and foreign debt service obligations weighed on the balance. Gross reserves dipped by nearly $375 million from March to $37.9 billion at the end of April, marking the fourth consecutive mont...
By Joke Kujenya THE CENTRAL Bank of Nigeria (CBN), on Tuesday, announces increase in the Monetary Policy Rate (MPR) from 27.25 per cent to 27.50 per cent, aiming to address rising economic challenges. The decision came during the final Monetary Policy Committee (MPC) meeting of the year, held at the apex bank’s headquarters in Abuja [&he...
By Ajibola Olaide, JKNMedia Reporter THE CENTRAL Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) to 26.75 percent from 26.25 percent. This decision aims to address the surging inflation in the country. Governor Olayemi Cardoso announced the new rate after the committee’s 296th meeting in Abuja. Nigeria’s inflation ra...
By Ajibola Olaide, JKNMedia Reporter ALLEGATIONS OF mismanagement concerning over N100 billion in questionable notes and other funds stored in Central Bank of Nigeria (CBN) vaults have prompted calls for accountability from Governor Olayemi Cardoso. These concerns stem from revelations in the Auditor-General of the Federation’s latest an...
By JKNMedia A WAVE OF misinformation is noted to have been sweeping through Nigeria’s banking sector following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank Plc’s license on June 3, 2024. This targeted campaign seeks to undermine Fidelity Bank Plc, a financial institution known for its stability and sound financia...
By Joke Kujenya A DRAMATIC turn of events occurred on Tuesday as Ahmed Umar, a former Director of Operations at the bank, testified against him in the ongoing trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. Umar revealed that the controversial naira redesign policy implemented in 2022 was carried out without the [&helli...
By Joke Kujenya COMPREHENSIVE GUIDELINES to govern the operations of Bureau de Change (BDC) operators, setting new standards for capital requirements and operational practices has been introduced by the Central Bank Of Nigeria (CBN). Under the revised regulations issued on Wednesday, Tier-1 BDCs are now required to maintain a minimum capital b...
By Joke Kujenya NIGERIA’S MONETARY Policy Committee (MPC) has announced a significant adjustment to the monetary policy rate (MPR), increasing it from 24.75 percent to 26.25 percent. This change, revealed on Tuesday, May 21, by Central Bank of Nigeria (CBN) Governor Yemi Cardoso, marks a strategic response to escalating inflationary pres...
By Joke Kujenya MONEY SUPPLY in Nigeria saw a slight decrease, falling to N92.3 trillion in March 2024 from N93.9 trillion in February. This shift, reported by the Central Bank of Nigeria (CBN), is largely attributed to the apex bank’s decision to increase interest rates. The rise in interest rates appears to have influenced depositor [&...
