The Central Bank of Nigeria has written to all banks in Nigeria to stop the use of foreign currencies as collateral for naira loans. It disclosed this in a circular titled, “The use of foreign-currency-denominated collaterals for naira loans” with ref number: BSD/DIR/PUB/LAB/017/004. The circular was signed by the apex bank’s acting Director, ...
•CBN Governor Yemi Cardoso Governor of Central Bank of Nigeria (CBN), Yemi Cardodo has sacked a fresh batch of 40 staff mostly from the Development Finance Department (DFD), in furtherance of its ongoing restructuring. Deputy directors and assistant directors were mostly affected with 22 from the DFD and the remaining 18 from the Medicals and ...
•Central Bank of Nigeria A Significant increase in the minimum capital requirements for all banks operating in the country was yesterday announced by the Central Bank of Nigeria (CBN). Acting Director, Corporate Communications, Mrs. Hakama Sidi-Ali, listed requirements for the various categories of banks in a circular, reports The Nation. The ...
•New Naira notes The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at ₦500 billion. A circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, to all commercial, merchant, and non-i...
•CBN Governor Yemi Cardoso The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent. This is according to today’s communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja. The new interest rate […]
•CBN Governor Cardoso The Central Bank of Nigeria (CBN) says it has settled all outstanding foreign exchange (FX) obligations. Acting Director of Corporate Communications, Mrs Sidi Ali, said in a statement made available to journalists yesterday. Ali said the financial regulator recently concluded the payment of obligations to bank customers, ...
•CBN Governor Yemi Cardoso Nineteen directors at the Central Bank of Nigeria (CBN) are set to be dismissed in the coming days, following the recent termination of seven directors last Friday. While two of the terminated directors have accepted their fate, the other five are planning to take legal action against the bank for what […]
•CBN Governor Yemi Cardoso No fewer than 17 out of the existing 24 Deposit Money Banks may be unable to meet the Central Bank of Nigeria’s capital requirement if it is increased from its current N25bn, according to a report by Ernst and Young. The new report, titled “Navigating the Horizon: Charting the Course for […]
•CBN Governor Cardoso The Central Bank of Nigeria (CBN) has strengthened its pre-emptive surveillance of banks to unearth infractions and ensure compliance with extant rules and guidelines. The banks have been under intense criticism in recent periods for alleged complicity in economic crimes, reports The Nation. The Economic and Financial Cri...
•Obaseki Edo State governor, Mr Godwin Obaseki, has criticised the policies recently introduced by the Central Bank of Nigeria (CBN), saying they cannot support the economic growth of the country. The governor said the interest rates that are raised would hinder small business owners from getting loans to expand their businesses which are detr...
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