Tag: CBN
Nigeria’s Foreign Exchange Reserves Rebound to Three-Year High, But Structural Challenges Loom
The Central Bank of Nigeria has announced a dramatic recovery in the country’s foreign exchange reserves, with net reserves climbing to $23.11 billion in 2024 – the highest level since 2021. This financial turnaround comes as the Lagos business community warns that without fundamental reforms to Nigeria’s power sector and debt management, these gains may…
Court Adjourns Ex-CBN Governor Godwin Emefiele’s Procurement Fraud Trial to June 3
An Abuja High Court has adjourned the ongoing procurement fraud trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele to June 3, 2025. Justice Hamza Muazu, presiding over the case, also rejected additional evidence presented by the Economic and Financial Crimes Commission (EFCC), citing violations of Emefiele’s right to a fair trial. The…
Economic Activities Expand for Second Consecutive Month, CBN Reports
The Central Bank of Nigeria (CBN) has announced that economic activities expanded for the second consecutive month, reaching 51.4 index points in February 2025, according to its Purchasing Managers’ Index (PMI) Report. The report highlights growth in the industry, services, and agriculture sectors, signaling a gradual recovery in the Nigerian economy. Sectoral Performance The CBN’s…
CBN Monetary Policies Yielding Results, but Fiscal Challenges Loom
After months of trial and error, the Central Bank of Nigeria (CBN) appears to be on the right track with its monetary policies. The exchange rate is stabilizing, and the gap between the official and parallel market rates has significantly narrowed. For the first time in years, Nigeria is close to achieving a relatively stable…
National Theater Transformation to Unlock $25 Billion Creative Sector Potential, Says CBN Governor Cardoso
Lagos, Nigeria – The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has declared that the transformation of the National Theater in Lagos will serve as a catalyst for unlocking the $25 billion income potential of Nigeria’s creative sector. Cardoso made the statement during a press briefing following a tour of the upgraded National Theater,…
Court Adjourns $6.2m Fraud Case Against CBN Staff to November 2025
The Federal High Court in Abuja has adjourned the arraignment of three Central Bank of Nigeria (CBN) staff accused of fraudulently obtaining $6.2 million from the apex bank to November 3, 2025. The adjournment followed the Federal Government’s inability to produce the accused persons, who are currently at large, for trial. The defendants—Odoh Ocheme, Adamu…
CBN Announces Launch of Electronic Foreign Exchange Matching System
The Central Bank of Nigeria (CBN) has disclosed plans to implement an Electronic Foreign Exchange Matching System (EFEMS), a new platform that is expected to overhaul the nation’s foreign exchange market. The system, aimed at promoting transparency and market-driven rates, will officially be launched on December 1, 2024, following a two-week testing phase set to…
CBN Expected to Ease Interest Rate Hikes Soon, Says Cardoso
Lagos, Nigeria – The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, announced that the bank will soon implement measures to ease the upward trajectory of the benchmark interest rate. The announcement was made on Saturday during the unveiling of the book ‘The Power of One Man: How Soludo’s Consolidation Revolutionized Nigerian…
Proposed Amendment Aims to Curtail Political Engagement of CBN Officials
A proposed amendment to the Central Bank of Nigeria (CBN) Act 2007 seeks to curb the involvement of high-ranking officials of the apex bank in partisan politics. Spearheaded by former legislator Darlington Nwokocha, the revision aims to impose a three-year ban on the chairman, governor, and deputy governors of the CBN from engaging in political…
Central Bank of Nigeria Suspends Cash Deposit Fees Until September 2024
In a move aimed at providing relief to individuals and businesses, the Central Bank of Nigeria (CBN) has announced the suspension of fees on cash deposits until September 30, 2024. The decision was communicated in a memo dated May 6, 2024, signed by Adetona Adedeji, the Director of Banking Supervision at the CBN. The memo…