(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at ₦500 billion. A circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed […]
(AFRICAN EXAMINER) – The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent. This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja. The new interest rate […]
(AFRICAN EXAMINER) – As the naira gradually appreciates against the dollar after months of unprecedented uncertainties, the Central Bank of Nigeria (CBN), on Monday, announced the sales of $10,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,251/$1. In a circular to the President of the […]
(AFRICAN EXAMINER) – The Debt Management Office (DMO) of Nigeria has disclosed that Nigeria’s public debt rose to ₦97.34trn ($108bn) as of the fourth quarter of 2023. DMO made this known in a statement made available to journalists on Friday. This increase in debt levels was basically attributed to new domestic borrowing initiatives undertaken by […]
(AFRICAN EXAMINER) – The Nigerian National Petroleum Company (NNPC) Ltd has reiterated its commitment towards utilizing Nigeria’s abundant gas resources to trigger Nigeria’s industrialisation and economic development. NNPC Ltd’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan disclosed this during a Panel Session at the ongoing 2024 CERAWeek Conference in Houston, the United States on Tuesday. […]
(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs of s$7 billion have now been settled, fulfilling a key pledge of its Governor, Mr. Olayemi Cardosoo. In a statement on Wednesday, the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, in Abuja confirmed that independent […]
(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) says the 294th meeting of the Monetary Policy Committee (MPC) will begin on Monday, March 25, 2024. In a Tuesday post on its X handle, the CBN said the two-day event is scheduled for Monday, March 25, and Tuesday, March 26, 2024, at the bank’s headquarters […]
(AFRICAN EXAMINER) – Zenith Bank Plc has announced the appointment of Dame (Dr.) Adaora Umeoji, OON, as Group Managing Director/Chief Executive with effect from June 1, 2024, subject to approval by the Central Bank of Nigeria (CBN). She takes over from Dr. Ebenezer Onyeagwu, whose five-year term expires on May 31, 2024, after a very […]
(AFRICAN EXAMINER) – The inflation rate has moved to 31.70 per cent in February, according to the latest data by the National Bureau of Statistics (NBS). The Bureau released the figure on Friday, with the latest data showing a rise from the 29.90 per cent recorded in January 2024. According to the ‘Consumer Price Index […]
(AFRICAN EXAMINER) – Access Holdings has reappointed Aigboje Aig-Imoukhuede as its non-executive chairman after 10 years of serving as the bank’s Chief Executive Officer (CEO). “Access Holdings Pic (the Holdco’), is pleased to announce the return of Mr. Aigboje Aig-Imoukhuede, CFR as its Non-Executive Chairman. Mr. Aig-Imoukhuede, CFR replaces Mr. Abubakar Jimoh, the erstwhile Chairman […]
(AFRICAN EXAMINER) – In furtherance of his effort to achieve the full modernization of the nation’s electric power transmission grid as part of the Presidential Power Initiative (PPI), President Bola Tinubu has approved the reconstitution and amended structure of the Governing Board of the FGN Power Company, which is tasked with implementing the accelerated performance […]
(AFRICAN EXAMINER) – Egypt signed a deal with the International Monetary Fund to increase an initial $3 billion loan package to $8 billion, the two sides said on Wednesday. The agreement, announced by Egyptian Prime Minister Mostafa Madbouly and the IMF’s mission chief for Egypt, Ivanna Vladkova Hollar, came hours after the country’s central bank […]
(AFRICAN EXAMINER) – The Bank of Ghana has suspended the foreign exchange trading licences of two Nigerian-owned banks operating in the neighbouring West African nation — Guaranty Trust Bank and First Bank — over “fraudulent documentation” in their forex operations. In a statement on Monday, the Ghanaian regulator said the suspension will become effective from […]
(AFRICAN EXAMINER) – The forthcoming Australia-Africa Business submit scheduled to hold between 12th, to 14th May, 2024 in Melbourne, Australia, would afford participating nations, including Nigeria the opportunity of exploring investment chances and strengthen business relationship between Africa and Australia, President of Australia Africa Chamber of Commerce AACC, Duncan Harris has stated. He hinted that about […]
(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN), has announced revocation of operational licenses of 4,173 Bureaux De Change (BDCs) for failure to observe some regulatory provisions. According to a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi on Friday in Abuja, the move is in exercise of the powers […]
(AFRICAN EXAMINER) – Managing Director, The Shell Petroleum Development Company of Nigeria, Mr. Osagie Okunbor has said African countries can unlock the potential of the energy sector and drive energy security, transition and economic prosperity by embracing partnerships, technological innovation and sustainable financing, Shell has said. Speaking at a ministerial panel session on “Navigating the […]
(AFRICAN EXAMINER) – The Dangote Cement Plc has emerged winner of the 2023 NatureNews Environmental Sustainability Award. The award was conferred on the company Tuesday at the 3rd Anniversary Lecture of NatureNews and Presentation of the Hero of Environmental Actions for Development (HEAD) at the Shehu Musa Yar’Adua Centre, Abuja. The 3rd anniversary has as […]
(AFRICAN EXAMINER) – The Nigerian National Petroleum Company Limited (NNPC Ltd), as the largest partner to all the oil producing companies in Nigeria, has assured that its role in the divestment of the International Oil Companies from onshore and shallow water assets in the country is that of a facilitator, and not an obstacle. The […]
(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) governor Yemi Cardoso says over $26 billion has passed through the crypto app Binance Nigeria in the last four years. Cardoso said this on Tuesday after the MPC meeting in Abuja. “In the case of Binance, in the last one year, 26 billion dollars has passed […]
(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) has raised the Monetary Policy Rate(MPR) by four hundred basis points to 22.75 percent from 18.75 percent. Governor of the CBN Yemi Cardoso announced this after the first MPC meeting for the year in Abuja on Tuesday. “All 12 members of the […]
