CBN Raises Tenure Limit For Banks’ Chief Executives To 12 Years   The Central Bank of Nigeria (CBN) has increased the tenure of the Managing Director/Chief Executive of banks to a maximum of 12 years from 10 years. This was disclosed in a circular on the new,...

CBN Upgrades eNaira, Introduces NFC Device   The Central Bank of Nigeria (CBN) has upgraded the eNaira by introducing a chip-enabled Near Field Communication (NFC) device into the eNaira. The NFC feature will enhance the use of the eNaira by Nigerians without smart phones or internet access. NFC...

FG Spent $1.1bn On Foreign Debt Service   As Nigeria continues to grapple with economic challenges, it has emerged that the federal government spent $1.169 billion to service its debt obligation from January to June 2023. According to the export and international payment data released by the...

CBN Expends $17.81bn To Strengthen Naira   The Central Bank of Nigeria (CBN) drew down Nigeria’s foreign reserves and expended $17.81billion to defend the nation’s weak currency, at the foreign exchange(forex) markets in 2022. According to the apex bank in its Annual CBN Activity Report, in 2022,...

Liquidity Crunch: Banks’ Deposit With CBN Increased To N579.27bn In June   Despite the liquidity crunch in the financial sector, deposit money banks and merchant banks’ deposit with the Central Bank of Nigeria (CBN) increased to N579.27 billion in June 2023, representing an increase of 25.4...

CBN Moves To Partner FUTA On eNaira The Central Bank of Nigeria (CBN) on Monday sought the partnership of the Federal University of Technology Akure (FUTA) Ondo State, in adopting the newly introduced digital currency known as eNaira. The apex bank urged the university to adopt...