Polaris Bank gets new board, management after sale by CBN

Posted by - October 25, 2022

Polaris Bank has named a new board and management a day after the Central Bank of Nigeria announced the sale of the lender to Strategic Capital Investment Limited. The new board will be led by the existing chairman M K Ahmad, who will be joined on the board by six non-executive directors and three executive

CBN Aims at $4bn Non-Oil Exports Revenue in 2020

Posted by - December 2, 2019

The Central Bank of Nigeria, CBN, is set  to intensify policy measures to achieve $4 billion in non-oil exports revenue in 2020. This represents 100 percent growth when compared with $2 billion non-oil exports revenue achieved in 2019. The CBN Governor, Mr. Godwin Emefiele, revealed this in Lagos while unfolding policy priorities of the apex

CBN Reports $11.69bn forex inflow in Q3

Posted by - November 20, 2019

The Central Bank of Nigeria has recorded a total of $11.69bn foreign exchange inflow in the Q3 of 2019. It stated that the amount showed a decline of 6.7 per cent over what it recorded in the previous quarter. In the statement, it was mentioned that, “Aggregate foreign exchange inflow into the CBN amounted to

CBN Approves OPay for International Money Transfer Services

Posted by - November 19, 2019

The provider of payment, a ride-hailing company, food delivery and loan services firm, OPay, has been granted an approval by the Central Bank of Nigeria (CBN) to commence international money transfer services in Nigeria. In response to this approval, OPay will start facilitating remittance business to business, business to person and person to person remittance

CBN Engages Fintechs to Drive Financial Inclusion

Posted by - October 30, 2019

The Deputy Governor, Financial System Stability, Central Bank of Nigeria, Mrs. Aishah Ahmad, recently, has charged financial technology companies (fintechs) to contribute in the drive to enhance financial inclusion in the country. The Managing Director, Ecobank Nigeria Limited, Mr. Patrick Akinwuntan, also disclosed that the bank has scrapped the USSD charges for its customers. According

CBN flags off Electronic Form to Facilitate Easy Access for Authorised Dealers

Posted by - October 30, 2019

The Central Bank of Nigeria (CBN) has introduced electronic forms for commercial exports (e-Form NXP) to replace the hard copy form that was in use previously. According to a notification to all authorised dealers, the Nigeria Customs Service, pre-shipment inspection agents and the general public, signed by Dr. O.S. Nnaji, on behalf of the Director,

CBN Grants ITEX Licence to Operate as Super-Agent

Posted by - September 19, 2019

A financial technology (fintech) company that deploys secure solutions to diverse customers, Itex Integrated Services Limited has been approved by the Central Bank of Nigeria (CBN) to operate as a commercial Super- Agent in the nation’s financial services. It was mentioned that, the super-agent licence is part of CBN’s efforts to deepen financial inclusion in

CBN injects $210 million in interbank forex market, issues licences to three new banks

Posted by - July 26, 2019

The Nigerian Inter-bank foreign exchange market received another boost of 210 million dollars from the Central Bank of Nigeria (CBN) after transactions. Isaac Okorafor, the CBN Director, Corporate Communications Department, said this in a statement in Abuja. Mr Okorafor said that the authorised dealers in the wholesale sector of the market received 100 million dollars,

Credit to Private Sector Rises to N24 Trillion

Posted by - June 6, 2019

Banking sector credit to the private sector rose by 6.4 per cent to N24.163.4 trillion at the end of February 2019, compared with the increase of 1.9 per cent and 0.9 per cent at end of December 2018 and the corresponding period of 2018, respectively. The CBN revealed this in its economic report for the

CBN injects 268.6m, CNY 29.2m on retail SMIS

Posted by - May 17, 2019

The Central Bank of Nigeria (CBN), in its determination to achieve economic growth,, made an intervention of $268.6million in the retail Secondary Market Intervention Sales (SMIS) and CNY 29.2million in the spot and short tenure forwards segment of the inter-bank foreign market. According to the Director, Corporate Communications Department, Isaac Okorafor, who made the disclosure