CBN Loans N9.3trn To Businesses   The Central Bank of Nigeria has lent N9.3trn to businesses, recovering N3.7tn from it. The apex bank said N5tn was not yet due. Director of Development Finance, CBN, Dr Yusuf Yila, disclosed this to journalists on Wednesday in Abuja, noting that manufacturers...

JUST IN: Senate Seeks Removal of CBN Governor The Nigeria Senate has initiated moves to remove the Governor of Central Bank of Nigeria (CBN) as chairman of board of the apex bank. The CBN Act No. 7 of 2007 makes any incumbent Governor of the Central Bank...

Forex Pressure, High External Reserve Remains As MPC Meets Monday, Tuesday   As the Monetary Policy Committee (MPC) meets Monday and Tuesday, there are posers over a relief for the weakening naira or the speedy inflationary rise, which has prevailed despite a $38.7 billion external reserve. Just...

RT200 FX Report: Export Remittances Have Improved Significantly  Says CBN The Central Bank of Nigeria has revealed that its introduction of the “Race to $200 billion in FX Repatriation” (RT200 FX)  has spurred significant improvement in the country’s export remittances. The Principal Manager, Trade and Exchange...

Banks Ration Forex Sales As Scarcity Deepens   Banks have begun to reduce approval requests for Personal Travel Allowance and Business Travel Allowance to legitimate users. The legitimate users will be able to access forex only once in two quarters. Before this new development, the banks had been...

E-Payment Hit Monthly All-Time High Of N33trn In August   Data released by the Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that transactions worth N33.2 trillion were performed electronically in August through the NIBSS Instant Payment platform (NIP). The latest figure brings the total value of e-payment...