Central Bank Of Nigeria news

Just in: CBN orders banks to pay N10k fine for every failed electronic funds transfer

Just in: CBN orders banks to pay N10k fine for every failed electronic funds transfer

Just in: CBN orders banks to pay N10k fine for every failed electronic funds transfer
Just in: CBN deputy governor resigns, Buhari sends him message

Just in: CBN deputy governor resigns, Buhari sends him message

President Muhammadu Buhari, on Thursday, May 31, officially accepted the disengagement of the deputy governor in charge of operations at the Central Bank of Nigeria (CBN), Adebayo Adelabu, with effect from July 15, 2018.

Just in: CBN deputy governor resigns, Buhari sends him message
N228b saved from bank charges, stoppage of ghost workers - Buhari says, reveals the cause of recession

N228b saved from bank charges, stoppage of ghost workers - Buhari says, reveals the cause of recession

President Muhammadu Buhari on Tuesday, May 22, said that Nigeria has saved over N120 billion from the stoppage of ghost workers and another N108 billion from bank charges after implementation of the Treasury Single Account (TSA).

N228b saved from bank charges, stoppage of ghost workers - Buhari says, reveals the cause of recession
Some banks are stealing from the public - Noble Igwe speaks against financial institutions who set low withdrawal limit

Some banks are stealing from the public - Noble Igwe speaks against financial institutions who set low withdrawal limit

Controversial Nigerian fashion entrepreneur, Noble Igwe complains about banks who set low withdrawal limits on their ATMs. Here's what he suggests should be done to such banks who subtly rob customers of their money.

Some banks are stealing from the public - Noble Igwe speaks against financial institutions who set low withdrawal limit
CBN headquarters in Abuja engulfed in fire (video)

CBN headquarters in Abuja engulfed in fire (video)

The Central Bank of Nigeria (CBN) headquarters in Abuja is reportedly on fire. The fire reportedly began in the evening today, Tuesday, May 1. The cause of fire has not been ascertained yet as at the time of the report.

CBN headquarters in Abuja engulfed in fire (video)
Save now for the rainy day - CBN warns FG, states

Save now for the rainy day - CBN warns FG, states

The CBN has warned the federal and states goverment of the consequences of not saving for the ‘rainy day’. The warning comes as oil prices maintain a sustained recovery averaging $57 per barrel with increase in oil revenue.

Save now for the rainy day - CBN warns FG, states
Lady gets hospitalised as fraudsters stole her life savings after snatching her phone

Lady gets hospitalised as fraudsters stole her life savings after snatching her phone

After the Central Bank of Nigeria made it mandatory for every Nigerian bank user to have a Bank Verification Number (BVN), many people have done the exercise and even linked all their bank accounts to the number given to them.

Lady gets hospitalised as fraudsters stole her life savings after snatching her phone
9 facts about new CBN deputy governor Aishah Ahmad

9 facts about new CBN deputy governor Aishah Ahmad

NAIJ.com has compiled nine facts about the new deputy governor of the CBN, Aishah Ahmad, who is expected to resume duty having been confirmed by the Nigerian Senate. Aishah's appointment has been hailed as a triumph for women.

9 facts about new CBN deputy governor Aishah Ahmad
I was the best CBN governor - Emir boasts

I was the best CBN governor - Emir boasts

Emir of Kano, Muhammad Sanusi II, has stated that he was the best governor of the Central Bank of Nigeria (CBN), four years out of five. He also spoke about his ascension to the throne; ascribing it to God’s will.

I was the best CBN governor - Emir boasts
To help Nigeria's recovering economy, CBN moves to flood market with lower naira notes

To help Nigeria's recovering economy, CBN moves to flood market with lower naira notes

The Central Bank of Nigeria (CBN) on Tuesday, February 27, promised to flood the Nigerian market with lower denomination of naira notes. The apex bank also warned against hoarding of the lower notes for profit purposes.

To help Nigeria's recovering economy, CBN moves to flood market with lower naira notes
Settle customers complaints within 2 weeks - CBN tackles banks over overcharge, unauthorised deductions

Settle customers complaints within 2 weeks - CBN tackles banks over overcharge, unauthorised deductions

The Central Bank of Nigeria (CBN) has directed that banks and other financial institutions must settle customers’ complaints on issues of overcharge, unauthorised deductions and other matters within a period of two weeks.

Settle customers complaints within 2 weeks - CBN tackles banks over overcharge, unauthorised deductions
Forex market gets $210m boost from CBN

Forex market gets $210m boost from CBN

The Central Bank of Nigeria (CBN) has provided fresh 210 million dollars to meet customers’ requests in various segments of the foreign exchange market.100 million dollars was offered to authorised dealers in the wholesale segment

Forex market gets $210m boost from CBN
Nigeria's foreign exchange reserve climbs to $42.8 billion

Nigeria's foreign exchange reserve climbs to $42.8 billion

The Central Bank of Nigeria has disclosed that the Nigeria's external reserve has climbed to $42.8 million as at Tuesday, February 13. According to the CBN, this was achieved due to the decline in the usage of forex to import.

Nigeria's foreign exchange reserve climbs to $42.8 billion
7 important things to know about the new CBN deputy-governor

7 important things to know about the new CBN deputy-governor

President Muhammadu Buhari appointed Edward Adamu as the new deputy-governor of the Central Bank of Nigeria to replace Suleiman Barau who retired in 2017. The appointment was contained in a letter to the Senate.

7 important things to know about the new CBN deputy-governor
Jubilation as CBN governor announces that Nigeria's economy is now strong

Jubilation as CBN governor announces that Nigeria's economy is now strong

A statement by Godwin Emefiele in Abuja on Monday, January 22, said that the meeting, which was earlier scheduled for the day and Tuesday, had been cancelled due to the non-confirmation of the MPC nominees by the Senate.

Jubilation as CBN governor announces that Nigeria's economy is now strong
Just in: CBN injects $210 million into currency market

Just in: CBN injects $210 million into currency market

It is expected that the issuance of single dealing license would boost liquidity of the operators and facilitate a more robust and deeper financial market.

Just in: CBN injects $210 million into currency market
Abuse naira and go to jail - CBN warns Nigerians

Abuse naira and go to jail - CBN warns Nigerians

The Central Bank of Nigeria (CBN) has warned Nigerians against abusing naira. The apex bank said anybody caught abusing naira would be arrested and prosecuted.

Abuse naira and go to jail - CBN warns Nigerians
CBN commits N44 billion into borrowers' programme

CBN commits N44 billion into borrowers' programme

Okoroafor said the apex bank in collaboration with the ministry of agriculture and rural development targets 500,000 participants in ABP by the end of 2017.

CBN commits N44 billion into borrowers' programme
Aishah Ahmad gets last laugh as Buhari writes Senate to confirm her as CBN deputy governor despite criticisms

Aishah Ahmad gets last laugh as Buhari writes Senate to confirm her as CBN deputy governor despite criticisms

President Muhammadu Buhari has written to the Senate, asking the upper legislative chamber to confirm Mrs. Aishah Ahmad as Deputy Governor of the CBN.

Aishah Ahmad gets last laugh as Buhari writes Senate to confirm her as CBN deputy governor despite criticisms
Nominate another deputy governor for CBN - Group tells Buhari

Nominate another deputy governor for CBN - Group tells Buhari

A group has called on President Muhammadu Buhari to make a fresh nomination for the position of the deputy governor of Central Bank of Nigeria (CBN).

Nominate another deputy governor for CBN - Group tells Buhari
Angry man calls out Buhari for being 'unfair' to Muslims by appointing Aishah Ahmad as CBN deputy governor

Angry man calls out Buhari for being 'unfair' to Muslims by appointing Aishah Ahmad as CBN deputy governor

An Nigerian man, Abubakar Usman Almajiri, has called out President Muhammadu Buhari over the appointment of Aisha Ahmad as the new deputy governor of the CBN.

Angry man calls out Buhari for being 'unfair' to Muslims by appointing Aishah Ahmad as CBN deputy governor
CBN is not printing money to support Buhari's government - Osinbajo debunks ‘false’ claims

CBN is not printing money to support Buhari's government - Osinbajo debunks ‘false’ claims

Allegations that the CBN is printing money to support the Buhari-led federal govt have been debunked by VP Yemi Osinbajo, who described them as ‘absurd'.

CBN is not printing money to support Buhari's government - Osinbajo debunks ‘false’ claims
Breaking: President Buhari shakes CBN, makes 5 new crucial appointments (see list)

Breaking: President Buhari shakes CBN, makes 5 new crucial appointments (see list)

President Buhari has approved the appointment of Aishah Ahmad as the new deputy governor of the Central Bank of Nigeria, subject to confirmation by the Senate.

Breaking: President Buhari shakes CBN, makes 5 new crucial appointments (see list)
NAIJ.com

The Central Bank of Nigeria (CBN) was founded by the CBN Act in 1958 and started its activities on July 1, 1958.

Objectives

The principal normative objectives of the bank are written in the CBN act of 1958. Among them it is necessary to note support external currency reserves, activity as a banker of last instance and financial consultant to the federal government and contribution monetary and credit stability and a sound financial environment.

Bank policy

After the end of the Nigerian civil war the willingness of the government to develop economy appeared. Bowing to the demands of the government the bank directed its efforts to attach short falls in credit distribution to the real sector.

Immediately the bank began to participate in crediting to consumers. Although at first it differed from initial intentions to carry out transactions through commercial banks in consumer finance. Nonetheless bank policy was hereditary indigenization policy during those years. With the help of the central bank CBN undertakes the printing of money, securities regulation and implementation treasury instruments into the capital market.

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