Banks will be stronger, resilient through recaptilization – Cardoso 

The CBN took its reassurance on the recapitalisation exercise to global investors at a forum convened by the UK-Nigerian Chamber of Commerce The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reteriated that the bank will continue to collaborate with relevant financial institutions, the fiscal authorities and the National Assembly to ensure a successful recapitalisation exercise for deposit money banks in the country. Mr. Cardoso made this  pledge in London on...

Senate Summons CBN Governor over State of Economy and fall of Naira 

The Senate Committee on Banking, Insurance, and Other Financial Institutions held an emergency closed-door meeting to address the financial crises of the country. The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has been summoned by the Senate to speak on the status of the economy and the free flow of Naira on the foreign exchange market next Tuesday.  In response to the Naira’s collapse to N1,520 to the US dollar, the Senate...

Exchange rate will decline in 2024 – CBN

Besides expressing optimism about the exchange rates, the CBN boss projects less revenue from oil exports in the 2024 fiscal year  The Central Bank of Nigeria (CBN) has guaranteed that the country’s skyrocketing inflation and exchange rates will significantly decrease in 2024. The apex bank also predicted lower oil revenue for the coming fiscal year, while disclosing that the sum of N18.804 billion worth of trade was recorded through the Nigerian Foreign Exchange Market (NFEM)...

CBN warns public against fake naira notes

The apex bank cautioned those circulating the fake naira notes to be wary of possible breach of the law and the consequence of jail term The Central Bank of Nigeria (CBN) has alerted the public to the circulation of fake naira notes in the country. A statement signed by Sidi Ali Hakama, acting director of communications of the bank, reminded the public to beware of using the fake notes because it is an offence which...

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