Abdulrasaq Kamaldeen The Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, has stated that Nigerians are experiencing the repercussions of excessive money being injected into the economy. He cited the N37.5 trillion supply to the economy, comprising a N27 trillion Ways and Means loan and N10.5 trillion in interventions from the past administration. […]
Economic Woes Continue as Petrol Scarcity Causes Nationwide Disruption
Abdulraheem muhammed olarewaju Nigeria’s petrol supply has been disrupted by the closure of several independent marketers’ filling stations due to an ex-depot price increase to N710/liter by private depot owners. This has led to drivers crowding at petrol statios, causing huge lines at Conoil and Total stations near the NNPC offices in Abuja city center […]
CBN Announces Licensed Banks in Nigeria, Emphasizing Lagos Headquarters
Goodness Eminue The Central Bank of Nigeria unveiled a comprehensive list of licensed Money Deposit Banks (MDBs) on Tuesday, May 7, 2024, marking a significant update for the country’s financial sector. The list, which was published on the Apex bank’s website yesterday, highlights the names and locations of banks authorized to operate in Nigeria, notably […]
Nigerians Demand Transparent Explanations Amid Upset Over New CBN Cybersecurity Levy
Abdulraheem Muhammed olarewaju A recent Central Bank of Nigeria (CBN) directive has created a stir among Nigerians. The regulation, published on May 6, 2024, requires banks to collect a 0.5% fee on all electronic transactions to finance cybersecurity efforts. The decision, issued by CBN officials Chibuzo Efobi and Haruna Mustafa, covers all commercial banks, mobile […]
Nigerians Show Concern as Fitch Ratings Warns of Negative Impact on Nigerian Banks Amid Proposed Foreign Currency Gateway Bank
By Bukola Kuteyi Credit rating agency, Fitch Ratings has raised concerns about the potential negative impact of the proposed foreign currency gateway bank announced by the Central Bank of Nigeria (CBN) on the liquidity of Nigerian banks. According to Fitch Ratings, the Nigerian naira has experienced a significant devaluation, with the […]