Banking and Finance

The Central Bank of Nigeria, (CBN), has banned the use of foreign denominated collaterals for naira loans. However, Eurobonds issued by the Federal Government of Nigeria or Guarantees of foreign banks, including Standby Letters of Credit, are exempted from the ban. The Central Bank…

The Central Bank of Nigeria (CBN) said it has sold a total of $10, 000 to 1, 588 Bureau De Change (BDC) operators to meet retail market demand for eligible invisible transactions. A statement by the apex bank on Monday said the $10,…

Nigerian customers of the Guaranty Trust Bank (GTB) are grappling with network downtime, rendering transactions impossible via the bank’s app, USSD or Point of Sale terminals. As observed, the network problem, which started on April 4, 2024, persisted without resolution as at yesterday. Customers…

The Association of Bureaux de Change Operators of Nigeria (ABCON) has lauded the decision of the Central Bank of Nigeria (CBN) to recall Bureaux De Change (BDCs) into the mainstream forex market, describing the move as a major factor in ongoing exchange…

Access Holdings Plc has unveiled plans to establish a capital raising programme of up to $1.5 billion. The programme aims to raise $1.5 billion through a share sale or bond offering. The company also plans to ask existing shareholders to raise N365 billion…

The Central Bank of Nigeria has disclosed that over $1.5bn came into the Nigerian economy over the past few days, indicating that its monetary policy efforts are effective. The CBN’s Acting Director of Corporate Communications Department, Mrs Sidi Ali, disclosed this in a…

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…

The Central Bank of Nigeria (CBN) says it is the role of the Securities and Exchange Commission (SEC) to regulate cryptocurrency transactions in the country, and not the responsibility of the apex bank. CBN Governor Olayemi Cardoso stated this during the apex bank’s…

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 a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting…

As the naira gradually appreciates against the dollar after months of unprecendented uncertainties, the Central Bank of Nigeria (CBN), on Monday, announced the sales of $10,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate…