CBN and the fight against inflation

September 29, 2022 Adefolarin A Olamilekan 0

The global economy is currently uninspiring as it is still under the siege of inflation – a spike in over 9% globally – which is worsening purchasing power and dampening economic outlook of countries. Although each country is experiencing uncommon inflationary pressure, the phenomenon has both positive and negative effects on economic growth. Inflation is defined as the rate at Read More

Access Holdings gets CBN’s approval for Hydrogen

September 23, 2022 Blessing Anaro, :Lagos 0

Access Holdings Plc has gotten approval from the Central Bank of Nigeria (CBN) to operate its owned payment subsidiary, Hydrogen Payment Services Company Limited (Hydrogen). A disclosure signed by the company secretary, Sunday Ekwochi, stated that the new payment system is projected to become Africa’s most powerful business network for financial service providers and other stakeholders. It stated, “Access Holdings Read More

CBN, NEXIM, others restate commitment to improved export earnings

September 6, 2022 Blueprint 0

The Central Bank of Nigeria (CBN), the Nigeria Export Import (NEXIM) Bank the Nigeria Sovereign Investment Authority (NSIA) and Heritage Bank PLC have reiterated their commitment towards improved local productive activities that will boost the country’s export earnings. To this end, they have given their support to the Finance Correspondents Association of Nigeria (FICAN) as it assembles bankers, relevant government Read More

National security, cybercrime and the CBN

September 1, 2022 Nasir Dambatta 0

“Cryptomining attacks gave cyber criminals an easy foothold into company networks. It was a year of massive data leaks, expensive ransomware payouts, and a vast, new, complicated threat landscape. And it was a year that saw cyber criminals up their threat game in a big way” (2021 Cyber Security Threat Report). Since Nigeria enacted the Cybercrimes (Prohibition, Prevention, etc.) Act Read More

Why CBN is losing the battle against inflation

August 29, 2022 Chinedu George Nnawetanma 0

Inflation seems to be the buzzword in Nigeria these days. It comes as no surprise, though, given the near-unprecedented rise in the prices of goods and services in the country in recent times. July 2022’s inflation rate – the highest in the country since 2005 – stood at 19.64%, up from 15.60% in January 2022, according to the National Bureau Read More

HURIWA to Buhari: Don’t allow sale of Polaris Bank

August 24, 2022 Bode Olagoke 0

A civil rights advocacy group, Human Rights Writers Association of Nigeria, (HURIWA) has called on President Muhammadu Buhari, not to allow plot to sell a Commercial Bank (Polaris Bank) has reported in a section of the media. A news platform had reported that the CBN had allegedly proceeded with the secret sale of the distressed bank. The group said if Read More

CBN and the imperative of taming inflation

August 24, 2022 Nasir Nasir Dambatta 0

“Americans are fed up practically everywhere they spend money. Gas prices sit near record highs, food costs are surging, and housing is getting more expensive by the month. Lawmakers — particularly Republicans — have lambasted the Federal Reserve for allowing inflation to hit 41-year highs, arguing the central bank should’ve started raising interest rates much earlier” – BUSINESS INSIDER* The Read More

Blame NNPC, not CBN over rise in forex, drop in revenue generation – ACJHR

August 3, 2022 Ahmid Lawal 0

The African Centre for Justice and Hyman Rights (ACJHR) has urged Nigerians and other stakeholders to hold the Nigerian National Petroleum Corporation (NNPC), and not the Central Bank of Nigeria (CBN), responsible for the rise in forex and drop in revenue generation in the country. In a statement by its Coordinator, Nduka Edede Chinomso, the ACJHR attributed the situation NNPC’s Read More

Foreign reserves rises by $45.3m in July

August 2, 2022 Blessing Anaro, Lagos 0

Nigeria’s external reserves added $45.3million in July, according to movement in reserves data released by the Central Bank of Nigeria (CBN). The foreign exchange buffer as of July 28, 2022, moved to $39.22billion from $39.17billion it commenced the month under review. Analysts have attributed the steady increase in external reserves to CBN’s RT $200 billion Foreign Exchange (FX) Programme, stressing Read More

Naira’s precipitous depreciation: Emefiele Vs Senate

August 1, 2022 Jerry Uwah 0

The naira is sinking and no one knows precisely how to save the currency of Africa’s largest economy. The Central Bank of Nigeria (CBN) has deployed all the weapons in its arsenal in defence of the naira. Ironically, none is working. Even lending rate hikes have become counter-productive. On July 27, 2021, the apex bank fingered Nigeria’s treacherous bureau de Read More

Forex: No need to fear, CBN assures Nigerians…Says don’t succumb to speculators

July 29, 2022 Benjamin Umuteme 0

In the face of rising demands for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria (CBN) has advised Nigerians to resist the urge of succumbing to the speculative activities of some players in the foreign exchange market. Speaking with newsmen in Abuja Thursday, the bank’s director, Corporate Communications, Mr. Osita Nwanisobi, said the CBN Read More

Surging inflation: Beyond MPR manipulation

July 25, 2022 Jerry Uwah 0

Surging inflation has stampeded the Central Bank of Nigeria (CBN) into a monetary policy manipulation that would even worsen a bad situation. Headline inflation surged to a five-year record of 18.3 per cent in June as food inflation stands menacingly at 20.6 per cent. CBN responded to the surging inflation by inching up its monetary policy rate (MPR), the rate Read More

CBN clarifies stand on illicit conversion

July 21, 2022 Benjamin Umuteme Abuja 0

The Central Bank of Nigeria (CBN) has clarified the statement made by the Governor, Godwin Emefiele, at Tuesday’s post-Monetary Policy Committee (MPC) meeting briefing, warning bank customers against converting the naira to foreign exchange, for electioneering purposes. According to Nwanisobi, the warning by the CBN Governor was to those who sought to convert the Naira from their accounts into foreign Read More

CBN to clamp down on illegal forex traders as dollars scarcity bites

July 21, 2022 Blueprint 0

The Central Bank of Nigeria (CBN) said it may resort to the arrest and prosecution of Nigerians using naira to buy dollars, noting that it is an illegal practice. The implication is that, road side and street sellers of foreign currencies will be forced to close business as the trade is now termed illegal. Central bank governor, Godwin Emefiele, issued Read More

CBN, e-Naira and the Forex rebate for export

July 13, 2022 Blueprint 0

“There’s a real sweet spot between challenge and hope; leaders make pathways that keep both firmly in view” – Marshall Ganz. For years Nigerians in the export business have been struggling with multiple challenges that have led to vociferous calls for practical solutions. The missing link in these loud calls however, was that they were bereft of suggestions for practical Read More

Nigerian banking system remains stable, resilient – CBN

July 5, 2022 Segun Odunewu, Lagos 0

The Central Bank of Nigeria has reiterated its positive assessment of Nigerian banks, stressing that the banking system remained sound, stable and resilient as banking industry total assets grew by 20.97 per cent from N53.17 trillion in April 2021 to N64.32 trillion in April 2022. CBN Deputy Governor, Kingsley Obiora who disclosed this in a statement also said that the Read More

Remita introduces eNaira on payment platform

July 5, 2022 Blessing Anaro, Lagos 0

Remita, Africa’s leading electronic payment brand, has introduced e-Naira, the digital currency of the Central Bank of Nigeria (CBN), as an additional payment option across all its touch points. With the introduction of eNaira on Remita, individuals and businesses can now make and receive payments with eNaira for all utilities, services, and products available on the Remita web and mobile Read More

Global central bank chiefs say better cage inflation than grow economy

July 1, 2022 Blessing Anaro, Lagos 0

Bringing down high inflation around the world will be painful and could even crash growth but must be done quickly to prevent rapid price growth from becoming entrenched, the world’s top central bank chiefs said on Wednesday. Inflation is breaking multi-decade highs around the world as soaring energy prices, post-pandemic supply chain bottlenecks and in some cases red-hot labour markets Read More

Why World Bank faults CBN policies

June 29, 2022 Adefolarin A. Olamilekan 0

We are in an era of economic uncertainties that characterised the post COVID-19 pandemic. The global economy currently is in a reverse gear courtesy inflation, stock depreciation, and rising public and private debts both in developed and developing countries. The Russia-Ukraine war that depicts persistent power in the use of strategic military weapons by the warring parties, unfortunately, is causing Read More

Remita introduces eNaira on payment platform

June 28, 2022 Blueprint 0

Remita, Africa’s leading electronic payment brand, has introduced e-Naira, the digital currency of the Central Bank of Nigeria (CBN), as an additional payment option across all its touch points. With the introduction of eNaira on Remita, individuals and businesses can now make and receive payments with eNaira for all utilities, services, and products available on the Remita web and mobile Read More