The management of Stanbic IBTC was fined about N2 billion for violating the guidelines of the Central Bank of Nigeria, CBN, and committing other sundry offences in 2018. Details of the fines are contained in the bank’s financial statement for…
Snippets of the 5 newly licensed banks emerge
Unconfirmed reports suggest that the Central Bank of Nigeria (CBN) has issued licences to 5 new banks. Here are details of what is known about two of the newly licensed banks so far. Titan Trust Bank Titan Trust Bank reportedly has a former…
CBN sets N50m capital for Tier 2 microfinance banks
The Central Bank of Nigeria has introduced a Tier-based system for unit microfinance banks in the country. The apex bank also adjusted the time frame given to the different categories of microfinance banks to recapitalise. The different categories are the…
CBN To Issue Loans At 5% To SMEs Through NIRSAL MFB
The Central Bank of Nigeria (CBN), says it will issue loans at five per cent and with no collateral to Small and Medium Enterprises (SMEs) through the NIRSAL Micro Finance Bank (MFB). The CBN Governor, Mr Godwin Emefiele, said this…
CBN finances 568 agric projects with N577bn
A total of 568 agricultural projects valued at N577.3bn have been financed by the Central Bank of Nigeria under the Commercial Agriculture Credit Scheme. The CACS commenced in 2009 as part of the developmental role of the CBN to the…
CBN Commends North-east Farmers For Paying Loans
The Director of Development Finance of the Central Bank of Nigeria (CBN), Mr Mudashiru Olaitan, has commended farmers in the north-east for paying the loan granted to them by the bank under its Anchor Borrowers Programme (ABP). Olaitan who gave the commendation yesterday in…
CBN: Our programmes have created 7 million jobs
Isaac Okorafor, acting director, communications at the Central Bank of Nigeria, says the bank’s development finance interventions has created seven million jobs. Okorafor, who made this statement on Thursday at the Lagos International Trade Fair, said the bank had created…
Naira crashes further against dollar as supply declines
The naira closed at 370 to the United States dollar on Friday, as dollar supply from the Central Bank of Nigeria continued to decline. The Nigerian currency, which used to stand between 360 and 365 to the greenback, has been…
CBN Improves Foreign Exchange Market With $195m
The Central Bank of Nigeria (CBN) on Monday offered $195m in three segments of the Foreign Exchange Market to boost liquidity in the operation. The CBN’s Acting Director, Corporate Communications Department, Mr Isaac Okorafor, in a statement in Abuja said…
Naira Depreciates To N367/$1 As MPC Meeting Continues Today
The naira falls yesterday to N367 against the Dollar on the parallel market from N376 it opened for trading as the Central Bank of Nigeria (CBN) Monetary Policy Meeting commences today (Tuesday). The sell side of the naira exchange…