CBN to probe forex restriction on banned items policy violators

The Central Bank of Nigeria (CBN) has expressed its intention to initiate investigations of bank accounts of companies involved in importation of the 41 banned items for possible violation of the policy on foreign exchange restriction on the affected items. In a circular titled ‘Foreign Exchange Restriction on the importation of 42 items’ signed by […]

CBN rolls out guidelines for Payment Service Banks

In its bid to enhance access to financial services for low income earners and unbanked Nigerians, the Central Bank of Nigeria (CBN), has come out with guidelines and regulations for Payment System Banks (PSBs) in the country. According to a circular issued to all stakeholders and signed by Director, Financial Policy and Regulatory Department of […]

ABCON seeks CBN support on forex market transparency

The Association of Bureaux De Change Operators of Nigeria (ABCON) has solicited the support of the Central Bank of Nigeria (CBN) on the operations of its live exchange rate website as part of its current efforts to improve transparency and stability in the nation’s foreign exchange market. In its just published Economic Review for Q3, […]

CBN revises MFBs’ capital base requirements

The Central Bank of Nigeria (CBN) on Tuesday raised the minimum capital base of microfinance banks (MFBs) in the country, setting April 2020 deadline for all operators to comply with the new recapitalization requirements. The apex bank, in a circular issued by its Director, Financial Policy and Regulation Department, Kevin Amugo, increased the minimum capital […]

CBN forex policy on 41 items in Nigeria’s economic interest – Emefiele

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says the bank’s decision to restrict access to the foreign exchange official window for the importation of 41 items is in the best interest of the nation’s economy. Emefiele, who made the remarks in his keynote address while declaring open the 26th Seminar of Financial […]

Why we opted for stable exchange rate – CBN Governor

The Governor, Central Bank of Nigeria (CBN), Mr.Godwin Emefiele, has disclosed that the monetary authorities opted for maintaining stable exchange rate for the nation’s currency rather than building the foreign reserves in view of the far-reaching benefits of the adopted option for the economy. Emefiele gave this hint on Sunday while briefing journalists on the […]

CBN provides $210mn for Inter-bank forex market

The Central Bank of Nigeria (CBN) on Tuesday intervened in the Inter-bank segment of the foreign exchange (Forex) market with the sum of $210 million to sustain the market’s liquidity. Figures obtained from the apex bank on how the sum was allocated showed that authorized dealers in the wholesale segment of the market received the […]

CBN releases guidelines on Payment Service Banks

The Central Bank of Nigeria has released draft regulatory guidelines for the establishment of Payment Service Banks in rural areas across the country. To achieve this objective, the apex bank in the latest guidelines released on Sunday stated that the objective of the proposed institutions is to enhance financial inclusion in rural areas by increasing […]

FG to prosecute defunct Skye Bank directors, mgt

The Minister of Finance Hajiya Zainab Ahmed, has directed the Central Bank of Nigeria (CBN), and the Nigeria Deposit Insurance Corporation (NDIC), to fully investigate and prosecute all the directors and Executive management who contributed to the collapse of Skye Bank. The minister gave the directive during her familiarization visit to the Executive Management of […]

CBN boosts Retail SMIS FX market with $334m, CNY 52m

To ensure stability in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) on Friday intervened in the Retail Secondary Market Sales (SMIS) to tune of $334,146,393.84. The Bank also injected the sum of CNY 52,106,614.35 into the inter-bank forex market. The Bank’s Director of Corporate Communications, Mr Isaac Okorafor, said the bank […]