Archives Tag: CBN
CBN Unveils ‘My Own Home’ Scheme
April 19, 2022
Having a house in Nigeria is usually a bragging right. The type of house you occupy provides information about your status, your standard of living and peculiar taste. Houses in most Nigerian communities are used as a yardstick for one’s social status. The rate of owning a house is particularly challenging. This has become a major prayer … Continue reading CBN Unveils ‘My Own Home’ Scheme
By adepeju
How to Check BVN Using Your Mobile Device
April 19, 2022
You can check your BVN (Bank Verification Number) easily with your mobile phone on MTN, Airtel, Etisalat or Glo Network, by simply dialing *565*0# on your mobile phone. Note: This service does not require internet connection, but charges apply. And note that the BVN USSD code only works if you dial it on the mobile … Continue reading How to Check BVN Using Your Mobile Device
CBN Suspends Cashless Policy in 30 States
April 19, 2022
The Central Bank of Nigeria on Friday announced the immediate suspension of the implementation of the Cashless Nigeria Policy in 30 states of the federation. This came exactly 21 days after the CBN commenced the nationwide implementation of the cashless policy on April 1, 2017. In a circular signed by the Director, Banking and Payment … Continue reading CBN Suspends Cashless Policy in 30 States
The CBN Wants to Eliminate the Currency Black Market
April 19, 2022
The Central bank of Nigeria has indicated that it plans to put an end to Nigeria’s thriving parallel currency market. Officials of the country’s apex bank say the institution will be moving against the black market to curb what they describe as its negative impact on the Nigerian economy. Minister of Finance, Mrs Kemi Adeosun, … Continue reading The CBN Wants to Eliminate the Currency Black Market
Nigeria Today: Top 5 News Stories, Friday, Nov 25th, 2016
April 19, 2022
1. The Central Bank of Nigeria has established the National Collateral Registry to increase financing to MSMEs. 2. Fishing company, Atlantic Shrimpers Ltd has set up a 160-hectare shrimp farm in Lagos to hatch and harvest shrimps for both local and export markets. 3. To prevent the Igbo language from going extinct, Anambra State … Continue reading Nigeria Today: Top 5 News Stories, Friday, Nov 25th, 2016
By ogo-eze
Nigeria Today: Top 5 News Stories, Wednesday, Nov 9th 2016
April 19, 2022
1. Donald Trump has been elected the 45th President of the United States of America. 2. Global markets plunged at the possibility of Trump’s election as President of the United States of America. 3. Dangote has announced an investment of $20 billion in Nigeria, an investment expected to create about 250,000 jobs over the … Continue reading Nigeria Today: Top 5 News Stories, Wednesday, Nov 9th 2016
By ogo-eze
Nigeria Today: Top 5 News Stories, Tuesday, Nov 1st 2016
April 19, 2022
1. General Electric has carried out the repair of one of Dangote’s gas turbines and says it is committed to investing $2 billion in Africa. 2. The Minister of Transportation, Rotimi Amaechi has said that the Warri-Ajaokuta-Obaro-Abuja central rail project is expected to attract an investment worth $30 billion dollars. 3. The Group Managing Director of NNPC, Dr … Continue reading Nigeria Today: Top 5 News Stories, Tuesday, Nov 1st 2016
By ogo-eze
Nigeria Today: Top 5 News Stories, Monday, Oct 31st 2016
April 19, 2022
1. To ensure that manufacturers get the required FOREX for their businesses, the Central Bank of Nigeria will sell $500 million to banks. 2. The Minister of Finance, Mrs Kemi Adeosun has urged women to take advantage of the 62% of ₦220 billion MSME funds set out by the CBN. 3. The Minister of Agriculture and Rural … Continue reading Nigeria Today: Top 5 News Stories, Monday, Oct 31st 2016
By ogo-eze
Nigeria Today: Top 5 News Stories, Friday, Oct 21, 2016
April 19, 2022
To regain its share in the global oil market, NNPC offers discounts on crude oil. President Buhari has released names of 46 ambassadorial nominees to the Senate. The militant group, Niger Delta Avengers, have pulled out of dialogue proposed by the Federal Government. The House of Representatives investigates PHCN on electricity bills and sale of non-core … Continue reading Nigeria Today: Top 5 News Stories, Friday, Oct 21, 2016
By ogo-eze
Nigeria Today: Top 5 News Stories, Thursday, Oct 20, 2016
April 19, 2022
The Central bank of Nigeria discloses banks with lowest and highest lending rates, and will subsequently do so every Wednesday in selected national newspapers and on the CBN website. ExxonMobil sells 60% equity stake in Mobil Oil Nigeria to NIPCO. The International Monetary Fund, IMF, predicts that Nigeria will return as Africa’s largest economy and … Continue reading Nigeria Today: Top 5 News Stories, Thursday, Oct 20, 2016
By ogo-eze
Manufacturers to Get 60 Percent of Bank’s Forex Purchases
April 19, 2022
In the bid to save the engines of Nigeria’s factories from grinding to a halt, the Central Bank of Nigeria has ordered commercial banks and other authorised dealers of foreign exchange in the country to set aside 60 percent of their FOREX purchases for manufacturers. The manufacturing sector has been hit particularly hard by the … Continue reading Manufacturers to Get 60 Percent of Bank’s Forex Purchases
CBN Proposes Single Digit Interest Rate for Agriculture and Manufacturing Sectors
April 19, 2022
Manufacturers and agriculturists may finally be getting something that they have craved for a long time. The Central Bank of Nigeria says that it will provide interest rates below 10 percent on special loans to these sectors. This plan was disclosed by the CBN’s Director of Banking Supervision, Mrs Tokunbo Martins, in Abuja yesterday following a … Continue reading CBN Proposes Single Digit Interest Rate for Agriculture and Manufacturing Sectors
The Central Bank of Nigeria’s Requirements for International Money Transfer Operators
April 19, 2022
On Tuesday, August 2, the Central Bank of Nigeria (CBN) issued a statement warning Nigerians to steer clear of what it called “unlicensed International Money Transfer Operators (IMTO)” in the country. This would have passed off as another document put out by the country’s apex bank which would only arouse the interest of financial institutions … Continue reading The Central Bank of Nigeria’s Requirements for International Money Transfer Operators
Banks Seek 10,000 Naira Limit on Across-the-Counter Withdrawals
April 19, 2022
The Bankers’ Committee has made known the intention of banks in the country to restrict physical cash withdrawals. Its sub-committee on payment systems and infrastructure proposed fixing the limit of cash withdrawals at ₦10,000 to Nigeria’s apex bank last week. The CBN’s response to this is being awaited, reports say. There is an apparent link … Continue reading Banks Seek 10,000 Naira Limit on Across-the-Counter Withdrawals
CBN to Reveal Flexible Forex Guidelines This Week
April 19, 2022
Reports making the rounds suggest that the Central Bank of Nigeria could be making its guidelines for the new flexible foreign exchange regimes this week. There is a general expectation that this will be done on Friday. The adoption of a flexible FOREX regime by the country’s apex bank followed increasing difficulties encountered by businesses … Continue reading CBN to Reveal Flexible Forex Guidelines This Week