Tag Archives: CBN

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has decided to hold the key interest rate, which serves as the national lending rate, at 14 percent despite the economy’s exit from recession. Godwin Emefiele disclosed this on Tuesday after the MPC meeting in Abuja. He said the committee considered holding the rates because it would allow …

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The Central Bank of Nigeria (CBN) has unveiled to members of the public an exposure draft on the regulatory framework for banking platform, it is aimed as part of efforts to mitigate risk by bank customers that carry out transactions through Unstructured Supplementary Service Data (USSD). The apex bank stated this in the draft framework that was posted on its …

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The Central Bank of Nigeria (CBN) has injected $9.964 billion into the interbank segment of the foreign exchange (forex) market since it commenced its aggressive interventions in February this year. This has helped to ease pressure on Nigeria’s forex market, which prior to the action by the regulator had been pummelled by speculators. According to figures compiled by THISDAY between …

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The Central Bank of Nigeria (CBN) has assured that Financial Technology (FinTech) companies will not take over the roles played by commercial banks in delivering services customers. Speaking at the Bi-Monthly Forum of the Financial Correspondents Association of Nigeria (FICAN) in Lagos at the weekend, CBN Director, Banking and Payments System Department , ‘Dipo Fatokun said the demand for the …

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The Central Bank of Nigeria (CBN) has described e-fraud as the biggest challenge facing the electronic payment sector and needs to be collectively tackled by customers, banks and financial sector regulators. CBN Director, Banking & Payments System Department, ‘Dipo Fatokun who disclosed this at the weekend in Lagos, said fraud not only leads to loss of funds, but reduces confidence …

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The Central Bank of Nigeria (CBN) will be addressing key issues confronting the e-payment industry at a Bi-Monthly Forum organised by the Finance Correspondents Association of Nigeria (FICAN). The event, with the theme: ‘Electronic Payment Industry, Performance & Regulatory Issues’ will hold on Saturday, August 5th,  2017 at the FICAN Centre, Onipanu, Lagos. The Guest Speaker, CBN Director, Banking & …

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The Central Bank of Nigeria (CBN) has warned that Nigeria’s fragile growth risks falling back into recession. Addressing reporters at the end of the bi-monthly Monetary Policy Committee Meeting in Abuja yesterday, CBN Governor Godwin Emefiele said “forecasts of key macroeconomic indicators point to a fragile economic recovery in the second quarter of the year”. ”The Committee  cautioned that this recovery could relapse in a more protracted recession if strong and bold monetary …

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The monetary policy committee of the Central Bank of Nigeria (CBN) has retained monetary policy rate (MPR) at 14 percent and all other parameters at their current levels for 12 months running. On July 26, 2016, the committee voted to raise MPR from 12 percent in May, 2016 to 14 percent, the highest in at least 10 years. It also …

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With less than six months to the implementation of the International Financial Reporting Standards 9 (IFRS-9) deadline, many banks are yet to meet up with the deadline given by the Central Bank of Nigeria (CBN) to move to the new financial reporting regime with effect from 1, January, 2018. The Director, Banking Supervision, CBN, Alhaji Ahmad Abdullahi disclosed this at …

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The Central Bank of Nigeria (CBN) has the capacity to sustain ongoing foreign exchange (forex) interventions despite the pressure on the foreign exchange reserves, Chief Consultant of Biodun Adedipe Associates Limited, ‘Biodun Adedipe has said. Speaking on Thursday at the Finance Correspondents Association of Nigeria (FICAN) Half-Year Economic Review held in Lagos, he disclosed that on the 30-day moving average, …

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