Tag: CBN

Foreign Airlines Refute CBN’s Claim of Cleared Forex Backlog

Posted on By Rextun boss No Comments on Foreign Airlines Refute CBN’s Claim of Cleared Forex Backlog
Foreign Airlines Refute CBN’s Claim of Cleared Forex Backlog

Contrary to claims by the Central Bank of Nigeria that it has cleared all outstanding foreign exchange (FX) obligations, foreign airlines says the status quo remains the same. Kingsley Nwokeoma, President, Association of Foreign Airlines and Representatives in Nigeria, (AFARN) told newsmen that as far as he is concerned, nothing has changed as regards clearing…

Read More “Foreign Airlines Refute CBN’s Claim of Cleared Forex Backlog” »

Uncategorized

We Have Cleared $7b Forex Backlog – CBN

Posted on By Rextun boss No Comments on We Have Cleared $7b Forex Backlog – CBN
We Have Cleared $7b Forex Backlog – CBN

The Central Bank of Nigeria (CBN) says it has cleared all $7 billion foreign exchange (forex) backlog inherited by Governor Yemi Cardoso. In a statement yesterday, Acting Director of Corporate Communications, Central Bank of Nigeria (CBN), Mrs. Hakama Sidi Ali, confirmed the settlement of all valid forex backlog claims. She explained that the CBN had…

Read More “We Have Cleared $7b Forex Backlog – CBN” »

Exchange and Forex, Finance and Economy

Cardoso Retires Emefiele Era CBN Directors

Posted on By Rextun boss No Comments on Cardoso Retires Emefiele Era CBN Directors
Cardoso Retires Emefiele Era CBN Directors

At least eight directors at the Central Bank of Nigeria (CBN) would be served early retirement letters from the apex bank this week. These directors, some of whom were initially redeployed to an arm of the bank, FSS 2020 under the Governor’s Directorate, whose office is located in the Maitama District of Abuja since 24th…

Read More “Cardoso Retires Emefiele Era CBN Directors” »

Appointments and Jobs

CBN Revokes Operational Licenses Of BDCs (see list)

Posted on By Rextun boss No Comments on CBN Revokes Operational Licenses Of BDCs (see list)
CBN Revokes Operational Licenses Of BDCs (see list)

Information filtering in indicate that the Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureau de Change (BDCs) operators in the country. This was contained in a statement on Friday by Sidi Ali Hakama, CBN’s acting director of corporate communications. The statement reads: “The Central Bank of Nigeria (CBN), in exercise…

Read More “CBN Revokes Operational Licenses Of BDCs (see list)” »

Exchange and Forex, Finance and Economy

Naira Crisis: CBN Directs Banks To Sell Excess Dollars Within 24 Hours

Posted on By Rextun boss No Comments on Naira Crisis: CBN Directs Banks To Sell Excess Dollars Within 24 Hours
Naira Crisis: CBN Directs Banks To Sell Excess Dollars Within 24 Hours

Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024. The CBN, which made the disclosure in a new circular released on Wednesday, also warned lenders against hoarding excess foreign currencies for profit. According…

Read More “Naira Crisis: CBN Directs Banks To Sell Excess Dollars Within 24 Hours” »

Finance and Economy

CBN Commits Fresh $500 Million Into Forex Market

Posted on By Rextun boss No Comments on CBN Commits Fresh $500 Million Into Forex Market
CBN Commits Fresh $500 Million Into Forex Market

The Central Bank of Nigeria (CBN) has committed $500 million into the forex market. Hakama Sidi-Ali, Acting Director of the Corporate Communications Department at the CBN, disclosed this in a statement on Monday. Sidi-Ali reiterated the bank’s commitment to “settling all legitimate foreign exchange backlogs within a short time frame.” She also assured Nigerians that…

Read More “CBN Commits Fresh $500 Million Into Forex Market” »

Exchange and Forex, Finance and Economy

CBN Appoints New Executive Officials For Union, Keystone, And Polaris Bank (see List)

Posted on By Rextun boss No Comments on CBN Appoints New Executive Officials For Union, Keystone, And Polaris Bank (see List)
CBN Appoints New Executive Officials For Union, Keystone, And Polaris Bank (see List)

The Central Bank of Nigeria has announced a new appointment of executive officers for Union Bank, Keystone Bank, and Polaris banks following the dissolution of the board of the banks on Wednesday. The acting director of Corporate Communication, Sidi-Ali Hakama, made this disclosure in a circular dated January 10, 2024. According to the CBN, the…

Read More “CBN Appoints New Executive Officials For Union, Keystone, And Polaris Bank (see List)” »

Appointments and Jobs

Why We Sacked Union, Keystone, And Polaris Boards — CBN

Posted on By Rextun boss No Comments on Why We Sacked Union, Keystone, And Polaris Boards — CBN
Why We Sacked Union, Keystone, And Polaris Boards — CBN

The Central Bank of Nigeria has disclosed that the boards of Union Bank of Nigeria, Keystone Bank and Polaris Bank were dissolved because they committed infractions. The acting Director, Corporate Communications, Sidi Hakama, stated this in a statement released on Wednesday. In the release, the apex bank disclosed that the action became necessary as the…

Read More “Why We Sacked Union, Keystone, And Polaris Boards — CBN” »

Finance and Economy

Commercial Banks’ Borrowing from CBN Hits N19.8tn In 2023 – Reports

Posted on By Rextun boss No Comments on Commercial Banks’ Borrowing from CBN Hits N19.8tn In 2023 – Reports
Commercial Banks’ Borrowing from CBN Hits N19.8tn In 2023 – Reports

Commercial and merchant banks increasingly depended on liquidity from the Central Bank of Nigeria in 2023 as their borrowing from the apex bank grew by 32.07 per cent to N19.81tn in the year. From January to December 2023, the banks’ borrowings from the CBN outgrew the N15tn they borrowed in 2022, according to a CBN…

Read More “Commercial Banks’ Borrowing from CBN Hits N19.8tn In 2023 – Reports” »

Finance and Economy

CBN Ends Ban On Cryptocurrency Transactions In Banks

Posted on By Rextun boss No Comments on CBN Ends Ban On Cryptocurrency Transactions In Banks
CBN Ends Ban On Cryptocurrency Transactions In Banks

The Central Bank of Nigeria has put an end to the ban on cryptocurrency transactions in Nigeria. The apex bank said on Friday that it had changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions. This is contained in a circular dated December 22,…

Read More “CBN Ends Ban On Cryptocurrency Transactions In Banks” »

Cryptocurrencies