CBN Raises Interest Rate to 26.75% as Inflation Bites Harder

The Central Bank of Nigeria, CBN, on Tuesday, announced a 50 basis point increase in the monetary policy rate, MPR, from 26.25 per cent to 26.75 per cent. CBN Governor, Olayemi Cardoso, made the announcement at the end of the 296th meeting of the Monetary Policy Committee, MPC, in Abuja on Tuesday. The increase is a desperate attempt to tame the rising inflation rate, which stood at 34.19 per cent as of last week. The...

CSOs Alert CBN, Others Of Plot To Thwart Banking Reforms

A coalition of Civil Society Organisations (CSOs) has alerted the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS), the Bankers Committee and the Nigerian media of an organised plot by some vested interest within the Nigerian Banking System to thwart plan to reform the banking sector. The group made up of over eight CSOs, include Centre for Anti-corruption and Open Leadership (CACOL), Constitutional Rights Advocate...

Nigeria’s Debt Burden Swells to N121 Trillion

Nigeria’s public debt has risen to N121.67 trillion, according to the Debt Management Office, DMO. This represents a N24.33 trillion or 24.99 per cent increase over the N97.34 trillion recorded in December 2023. The DMO attributes this surge primarily to new domestic borrowing by the federal government to finance a portion of the 2024 budget deficit. Additionally, disbursements from multilateral and bilateral lenders have contributed to the rise. “The increase was from new borrowing to...

CBN Debunks Allegations Of Plans To Revoke Three Bank Licenses

The Central Bank of Nigeria (CBN) has debunked widespread speculations that there are plans by the apex bank to revoke the licenses of three additional banks, describing the rumours as false which is orchestrated to trigger panic in the financial system. The CBN’s reaction is contained in a statement by Mrs. Hakama Sidi Ali, the Acting Director Corporate Communications, made available to newsmen on Tuesday. The CBN also assured that the Nigerian financial system remains...

Nigeria Secures Stable Oil Production Level of 1.5 BPD Per Day Till  2025

The Organisation of the Petroleum Exporting Countries, OPEC, has granted Nigeria a reprieve on its oil production quota. At their recent ministerial meeting, OPEC announced the extension of Nigeria’s production allowance of 1.5 million barrels of crude oil per day (bpd) throughout 2025. This decision comes after OPEC increased Nigeria’s production limit to 1.5 million bpd for 2024 in November 2023. The extension signifies OPEC’s confidence in Nigeria’s production capacity and stability within the oil...

Nigeria Clears 98% of Trapped Airline Funds, IATA Reports

The International Air Transport Association, IATA, has commended the Nigerian government for resolving a major issue that had been impacting airlines. According to IATA, Nigeria has successfully cleared 98 per cent of the funds previously trapped in the country, which had significantly hampered airlines’ operations. At its peak in June 2023, the amount of blocked airline funds in Nigeria reached a staggering US$850 million. This made it difficult for airlines to repatriate their earnings in...

CBN Revokes Heritage Bank’s License Citing Financial Instabil

The Central Bank of Nigeria, CBN, has revoked the operating license of Heritage Bank Plc, effective immediately. The decision comes after a period of sustained financial struggles at the bank. According to a statement issued by the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, the bank’s management has not been able to “improve the bank’s financial performance, a situation which constitutes a threat to financial stability.” The CBN had previously engaged with Heritage...

CBN Backtracks on Cybersecurity Levy, Directive to Banks Withdrawn

The Central Bank of Nigeria, CBN, has withdrawn its directive mandating banks and payment service providers to collect a cybersecurity levy. The levy, outlined at 0.5 per cent of electronic transactions, was met with widespread criticism shortly after its announcement on 6th May 2024. The CBN’s revised circular, dated 17th May 2024, instructs all commercial banks, payment service providers (PSPs), non-interest banks, and others to disregard the previous directive. According to the latest circular, the...

Emirates Announces October Takeoff for Flights to Nigeria

After a hiatus of 18 months, Emirates Airlines has confirmed the resumption of passenger flights to Nigeria. Starting 1 October 2024, the airline will offer daily service between Lagos, Nigeria’s bustling economic center, and Dubai, Emirates’ central hub. This news comes after a suspension in November 2022, when Emirates halted flights due to challenges repatriating US$85 million revenue generated in Nigeria. The airline expressed enthusiasm about reconnecting Nigerian travellers with Dubai and their vast global...

Forex Crisis: SEC Promises To Cooperate With EFCC

The Securities and Exchange Commission has promised to cooperate with the Economic and Financial Crimes Commission (EFCC) to ensure that trading manipulations are reduced in the virtual space. Dr. Emomotimi Agama, Acting Director General of SEC disclosed this on Tuesday when he received a team from the EFCC led by the Executive Chairman Mr. Ola Olukoyede in Abuja. Agama stated that as apex regulator of the capital market, the SEC is ready to co-operate with...

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