Business

CBN: Manufacturing PMI falls to 46.9 in Sept

Nigeria’s manufacturing Purchasing Managers’ Index (PMI) fell to 46.9 in September from 48.5 recorded in August, the Central Bank of Nigeria (CBN) has said. The apex bank, which stated this in its latest PMI survey report, posted on its website yesterday, also said that the PMI for the non-manufacturing sector dropped to 41.9 in September […]

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CBN targets 2.5m jobs with housing fund

The Central Bank of Nigeria (CBN) has introduced a family homes financing initiative, which, according to the apex bank, is aimed at creating 2.5million direct and indirect jobs. The apex bank, which stated this in the guidelines for the implementation of the initiative it released yesterday, said that the construction finance facility was introduced to […]

Business

Regulation: Ghanaian consultant rates CBN high

A Ghanaian banking consultant, Dr Richmond Attuahene, has noted that a strong banking sector is not just about reducing the minimum capital requirement to make it possible for more banks to spring up. He said it was a sector that needs strict supervision by the regulator to ensure that the players comply with all the […]

Business

CBN: Rallying banks to support all sectors

The devastation afflicted on key businesses by COVID-19 leaves majority of them gasping for breath. In its usual intervention, CBN is rallying support of chief executives of banks for life line to revamp the key sectors of the economy in order to avert job losses, ABDULWAHAB ISA reports No sector of the economy escaped the […]

Business

CBN to issue N918.5bn treasury bills in Q4’20

The Central Bank of Nigeria (CBN) is to issue a total of N918.5billion worth of Treasury Bills (T-Bills) in the fourth quarter of 2020, N96.7billion more than the N821.8 billion it planned to raise in Q3’20. The apex bank stated this in its fourth quarter 2020 Nigerian Treasury Bills issuance programme calendar released yesterday. A […]

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CBN: Dollar sales to BDCs resume August 31

The Central Bank of Nigeria (CBN) has announced that it will resume what it describes as “gradual” sales of dollars to Bureau De Change (BDC) operators on Monday, August 31, 2020. In two circulars to BDC operators, authorised dealers and service providers seen by New Telegraph yesterday, the apex bank said it will sell dollars […]

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CBN: FG spends N1.3trn on power post-privatisation

A total of N1.3 trillion has been injected into the power sector as intervention funds since the pri-vatisation of the power sector in 2014 to date. The House of Representatives has insisted that all agencies that benefited from the N1.3 trillion intervention fund must account for every dime. Governor of the Central Bank of Nigeria […]

Business

Leveraging non-interest institutions to boost financial inclusion

The Central Bank of Nigeria (CBN)’s recent release of a list of intervention schemes that would cater for non-interest financial institutions, bolster small and medium enterprises (SMEs) and promote financial inclusion in the country, writes TONY CHUKWUNYEM Although the Central Bank of Nigeria (CBN) did not introduce noninterest banking for only adherents of Islam, financial […]

Business

CBN PMI: Manufacturing contraction eases in July

The Central Bank of Nigeria’s (CBN) latest Purchasing Managers’ Index survey report shows that the country’s manufacturing sector contracted at a slower pace in July due to the uptick in economic activity, occasioned by the partial lifting of coronavirus lockdown restrictions. The report, which was posted on the apex bank’s website yesterday, shows that the […]

Business

BOFIA review: X-raying CBN’s stance

Given that the Central Bank of Nigeria (CBN) is the apex financial sector regulator, it is imperative that members of the Senate Committee on Banking, Insurance, and other Financial Institutions give a lot of thought to the submissions that the bank made last week at the public hearing on the Bill seeking to repeal and […]