Tag Archives: CBN

The Central Bank of Nigeria (CBN) has allayed fears over the fluctuation in external reserves, assuring that with its current levels at over $44 billion, there’s no cause for alarm. The apex bank further assured that it will continue to ensure that finance is provided for all Small and Medium Scale Enterprises (SMEs) which may require support to be able …

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The Central Bank of Nigeria (CBN) says manufacturing sector sustained its expansionary trend for the 18th consecutive month as its Purchasing Managers Index (PMI) in September stood at 56.2 index points, just as the non-manufacturing sector PMI stood at 56.5 points. The PMI, released Tuesday, which indicated expansion both in the manufacturing and non-manufacturing sectors, adds: “The manufacturing PMI, however, …

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The Central Bank of Nigeria(CBN) has revoked the operational licences of 182 other financial institutions (OFIs) across the country. In a notice of revocation of licences of 182 OFIs obtained from its website, the apex banks lists the financial institutions to include 154 microfinance banks, 22 finance companies and six primary mortgage banks. Giving reasons for the exercise, CBN explained …

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Tayo Olanipekun Sterling Bank has gone into partnership with a cloud-based business software provider, Freshworks Inc.,for the upgrading of its current IT service desk. This is in a bid by the Bank to remaining a technology pioneer in Nigeria with a “modern, robust, cloud-based platform” to empower its employees and also enhance the business efficiency of its technology teams,according to …

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The Central Bank of Nigeria, CBN, says it is reviewing the recent sanctions placed on MTN and four commercial banks. In a statement released Wednesday, September 19, 2018, the apex bank said the parties involved have submitted fresh documents in response to the sanctions. CBN had ordered MTN to refund $8.1 billion which it claimed the company repatriated using irregular …

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Before any bank could extend loans to any federal agency, state or local government, their guarantees must be approved by their legislative chambers henceforth. This new requirement is contained in a released circular on Credit Risk Management System (CRMS) guidelines to mitigate credit risk in commercial, merchant and non-interest banks, by the Central Bank of Nigeria (CBN). The guideline stated: …

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The 2018 annual conference of the Finance Correspondents Association of Nigeria (FICAN) will hold in Lagos on 15th and 16th of September, 2018. The conference, with the theme: “Banks, Fintech and Nigeria’s Financial Inclusion Journey,” has the Central Bank of Nigeria (CBN) Governor as the keynote speaker. There will also be representatives from the Nigeria Deposit Insurance Corporation (NDIC). The …

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Nigeria would be hosting the 2018 Mid-Year Statutory Meetings of West African Monetary Agency (WAMA), West African Monetary Zone (WAMZ) and West African Institute of Financial and Economic Management (WAIFEM) from September 6 -14, 2018 in Abuja, Nigeria. The meeting will be preceded by the 33rd Joint Ordinary Meeting of the Economic and Monetary Affairs Committee and the Operations and Administration …

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The Central Bank of Nigeria (CBN) said it had set aside N220 billion to be disbursed as loans to cooperative organisations under Micro Small and Medium Enterprises Development Fund (MSMEDF). CBN Governor, Mr Godwin Emefiele Mr. Isaac Okorafor, Director, Corporate Communications Department of the CBN, announced the plan while addressing newsmen in Gombe on Monday during the bank’s programme on …

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The Central Bank of Nigeria (CBN) has directed four banks to refund N5.87 billion for allegedly exporting forex illegally. Making the announcement in Abuja on Wednesday, CBN also said MTN had been asked to refund $8 billion to the apex bank. Citibank, Stanbic IBTC Nigeria, Standard Chartered Bank and Diamond Bank,  are the affected banks, with Standard Chartered Bank receiving the …

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