Tag: CBN
Banks Retain N530 Billion CBN Funds Amidst Temporary Halt in Support Schemes
Amidst a temporary suspension of all Central Bank of Nigeria (CBN) support funds by the current governor, Olayemi Cardoso, banks in the country continue to retain over N530 billion in unutilized intervention funds. According to recent financial statements reviewed, nine banks still hold substantial amounts of intervention funds designated for distribution to various recipients. Leading…
Central Bank of Nigeria Halts Acceptance of Foreign Currency as Collateral for Naira Loans
In a significant policy shift, the Central Bank of Nigeria (CBN) has announced the discontinuation of the practice of accepting foreign currencies as collateral for loans denominated in naira. This decision marks a departure from previous banking practices and is poised to have far-reaching implications for financial institutions and borrowers alike. The directive, issued by…
Dollars Crashed but Food Prices Haven’t – Unraveling the Economic Puzzle
In recent weeks, the Nigerian Naira has witnessed a significant gain against the dollar, trading at around N1250 to a dollar, marking a notable 35% drop from its previous tumultuous period at N1900 in the black market. This commendable appreciation is attributed to the concerted efforts by the Central Bank of Nigeria (CBN), spearheaded by…