CBN & Bankers Committee Unfolds Single-Digit Loan Scheme For Agric, Real Sector

The Central Bank of Nigeria (CBN) and the Bankers’ Committee on Thursday agreed to offer single-digit interest rate loans to operators in the manufacturing and agricultural sectors of the economy from commercial banks’ cash reserve requirement (CRR) with the apex bank. The central bank explained that instead of out rightly lowering interest rate, it opted […]

SEC

CMC Extends Multiple Subscription Deadline To December 31, 2018

Ag. Director General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk has enjoined investors in the capital market that bought shares with different names to regularise their accounts in order to get the benefit of their investments. This is even as the Capital Market Committee (CMC) has extended the forbearance period to December […]

CBN Establishes Alternative Dispute Resolution Platform for Mortgage Banks

In a renewed effort to build public confidence as well as engender soundness and stability in the mortgage banking sub-sector, the Central Bank of Nigeria (CBN) has established a sub-committee on Ethics and Professionalism for Mortgage Bankers. The committee will ensure the settlement of disputes between mortgage banks and their customers on one hand and […]

CBN To Develop Risk-Based Cyber Security Framework For Banks

Partners US Fed Reserve, South Africa Central Bank, JP Morgan The Central Bank of Nigeria (CBN) is developing a risk-based cyber security framework for deposit money banks (DMBs) and payment service in partnership with stakeholders in the financial industry. Statistics put the cost of cyber-crime globally at $700 billion annually, a figure projected to rise […]

Manufacturers Urge CBN To Reduce Interest Rate

The Manufacturers Association of Nigeria (MAN), has urged the Central Bank of Nigeria (CBN) to reduce its Monetary Policy Rate (MPR) from 14 per to boost lending to the real sector. The MAN President, Dr Frank Jacobs, who made the call in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos, […]

CBN Holds Monetary Policy Rate At 14%

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 14 per cent. The CBN Governor, Mr Godwin Emefiele, announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja. He explained that members of the […]

CBN Extends Skye Bank Board Of Directors Tenure By Two Years

The Central Bank of Nigeria (CBN) has renewed the mandate of bank’s board of director for additional two year term, which will end by June 30, 2020. The bank disclosed this in a statement which was posted on the Nigerian Stock Exchange (NSE) website and signed by the Company Secretary / General Council Babatunde Osibodu. […]

China-Yuan

CBN Woos Importers To Trade Chinese Yuan

The Central Bank of Nigeria (CBN) is wooing local businesses importing goods from China to use the yuan instead of the US dollar in its effort to support its naira currency and boost reserves. To this end, central bank officials Wednesday held a town hall meeting with businesses in Lagos to introduce the yuan for […]

Resolve USSD Disputes In 3-days, CBN Directs Banks

The Central Bank of Nigeria, on Saturday, directed all commercial banks to resolve disputes arising from use of Unstructured Supplementary Service Data (USSD) channel within three days. Mr Dipo Fatokun, CBN’s Director, Banking and Payment Systems Department, gave the directive at the ‘Meet The Executive’ forum organised by Finance Correspondents Association of Nigeria (FICAN) in […]