The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP), surplus of $6.83 billion for the 2024 financial year, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022. This improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence…
The challenges facing the implementation of the Supreme Court judgment on local government autonomy have assumed a new dimension, with some state governors explicitly warning their council chairmen against opening an account with the Central Bank of Nigeria for the direct payment of their allocations from the Federation Account. The latest development represents yet another…
There is prevalence of naira commoditization and abuse in some Nigeria’s commercial hubs, including Abuja, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan, Central Bank has alarted. The growing trend of illicit transactions involving banknotes, requires immediate and urgent intervention, CBN Governor, Mr. Olayemi Cardoso, warned on Thursday at the Bank’s Security Workshop held in…
The Federal Government has explained why the Central Bank of Nigeria (CBN) has not yet started releasing funds directly to the 774 Local Government Areas (LGAs), despite a Supreme Court ruling. Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and CBN’s Director of Legal, Kofo Salam-Alade, stated that proper procedures are not…
The prolonged delay by the Central Bank of Nigeria (CBN) in allotting shares to investors who participated in banks’ rights issues and public offers on the Nigerian Exchange Limited (NGX) has ignited widespread concern among capital market stakeholders. At this year’s (2024) workshop of the Capital Markets Correspondents Association of Nigeria (CAMCAN) with the theme…
The Central Bank of Nigeria (CBN) has released the phone numbers and emails of its branches in each of the county’s 36 states, as well as its Head office in Abuja, which it says, bank customers should use in reporting complaints of inability to obtain cash Over- the- Counter or through Automated Teller Machines (ATMs)…
The Central Bank of Nigeria (CBN) has reassured the public that there is no set deadline for the use of old Naira notes. The assurance was contained in a statement issued by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications. This clarification addresses false reports circulating that the N200, N500, and N1,000 notes would…
The case was adjourned to November 13, 2024, for continuation of trial. Stephen Salau Gana, the 10th Prosecution Witness, (PW10) in the trial of former governor of Central Bank of Nigeria, Godwin Emefiele, has disclosed how Emefiele awarded contracts without bidding processes in violation of procurement act. The Economic and Financial Crimes Commission (EFCC) is…
The presidency has refuted reports that President Bola Tinubu ordered Central Bank of Nigeria (CBN) Governor Olayemi Cardoso to resign. Tinubu had been claimed to have dismissed Cardoso due to his inability to halt the naira’s decline and address economic challenges. According to the report, Tinubu supposedly issued the order before departing for China, despite…
The Central Bank of Nigeria has kept mum two days after a report emerged that its Governor, Olayemi Cardoso and four deputy Governors acquired six ultra-modern armored vehicles worth N10 billion despite the hardship Nigerians are facing. Recall that a newspaper report, (not Ekwe Anaedo) on August 30, 2024, reported that Cardoso and deputy governors,…
