News of the finance

It will be recalled that the Central Bank of Nigeria through the Executive had sent a draft Bill for the establishment of AMCON to the National Assembly for consideration and passage into law. The AMCON as a resolution vehicle is expected to soak the toxic assets of the CBN-intervened banks and provide liquidity to them as well as assist in their recapitalization..a href=/Out/2010/publications/pressRelease/GOV/Press Release on AMC Bill.pdf Click here for more./a br br br br br STRONGa href=/Out/2010/publications/pressRelease/GOV/PRESS RELEASE ON POLYMER.pdfPress Release On Extension Of The Terminal Date For The Circulation Of N5, N10 AND N50 Paper Notes/a/STRONGbr The Central Bank of Nigeria wishes to inform the general public that the terminal date for the circulation of the existing N5, N10 and N50 paper banknotes as legal tender is hereby extended indefinitely. This means that these paper notes will continue to circulate side by side with the N5, N10 and N50 polymer notes. This clarification has become necessary to allow for the seamless transition from the N5, N10 and N50 paper notes to the polymer notes and the gradual withdrawal of the existing paper notes. Indeed this is in line with the best practice.a href=/Out/2010/publications/pressRelease/GOV/PRESS RELEASE ON POLYMER.pdf Click here for more./a br br br STRONGa href=/Out/2010/publications/pressRelease/GOV/MPC_Boosts_ ReaL_Sector_02032010.pdfPress Release On MPC Boosts Real Sector: Stresses Need To Unlock the Credit Market - 2nd March 2010/a/STRONGbr br In tandem with the desire of the Central Bank of Nigeria at ensuring that the financial sector contributes to the real economy as enunciated under the four pillars of the banking reforms, the Monetary Policy Committee (MPC) has taken far reaching decisions aimed at channeling credit to the real sector. a href=/Out/2010/publications/pressRelease/GOV/MPC_Boosts_ ReaL_Sector_02032010.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/MPC_Communique_ March_1_and_2_2010-Governors Speech.pdfCentral Bank of Nigeria Communiqu#233; No. 68 of the 213th Monetary Policy Committee Meeting, March 1-2, 2010/a/STRONGbr The Monetary Policy Committee (MPC) met on 1st and 2nd March, 2010 to review domestic economic conditions for the first two months of 2010 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for the remainder of the year. a href=/Out/2010/publications/pressRelease/GOV/MPC_Communique_ March_1_and_2_2010-Governors Speech.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/CBN Restructures.pdfCBN Restructures into 25 Departments/a/STRONGbr As part of the ongoing efforts aimed at improving Accountability, Communication and Efficiency as well as Effectiveness in actualising CBNs strategic objectives (ACE), the Board of CBN has approved a new organisation structure for the Bank, effective March 1st, 2010.br a href=../documents/2010Restructuring.html TARGET=resource windowClick here for summary of structure changes /a, a href=../AboutCBN/organogram.aspClick here for the new Organisation Structure/abr a href=/Out/2010/publications/pressRelease/GOV/CBN Restructures.pdf Click here for more./a

Following series of complaints on the Revised Microfinance Banks returns template from the operators, a new version has been produced to ease the difficulties experienced by the institutions.a href=/Out/2010/circulars/ofisd/MFB RETURNS format v4.xls Click here to download the new version of the Returns Template./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/PRESS RELEASE ON POLYMER.pdfPress Release: Update on Establishment of Assets Management Corporation of Nigeria(AMCON)/a/STRONGbr It will be recalled that the Central Bank of Nigeria through the Executive had sent a draft Bill for the establishment of AMCON to the National Assembly for consideration and passage into law. The AMCON as a resolution vehicle is expected to soak the toxic assets of the CBN-intervened banks and provide liquidity to them as well as assist in their recapitalization..a href=/Out/2010/publications/pressRelease/GOV/Press Release on AMC Bill.pdf Click here for more./a br br STRONGa href=/Out/2010/publications/pressRelease/GOV/MPC_Boosts_ ReaL_Sector_02032010.pdfPress Release On MPC Boosts Real Sector: Stresses Need To Unlock the Credit Market - 2nd March 2010/a/STRONGbr In tandem with the desire of the Central Bank of Nigeria at ensuring that the financial sector contributes to the real economy as enunciated under the four pillars of the banking reforms, the Monetary Policy Committee (MPC) has taken far reaching decisions aimed at channeling credit to the real sector. a href=/Out/2010/publications/pressRelease/GOV/MPC_Boosts_ ReaL_Sector_02032010.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/MPC_Communique_ March_1_and_2_2010-Governors Speech.pdfCentral Bank of Nigeria Communiqu#233; No. 68 of the 213th Monetary Policy Committee Meeting, March 1-2, 2010/a/STRONGbr The Monetary Policy Committee (MPC) met on 1st and 2nd March, 2010 to review domestic economic conditions for the first two months of 2010 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for the remainder of the year. a href=/Out/2010/publications/pressRelease/GOV/MPC_Communique_ March_1_and_2_2010-Governors Speech.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/CBN Restructures.pdfCBN Restructures into 25 Departments/a/STRONGbr As part of the ongoing efforts aimed at improving Accountability, Communication and Efficiency as well as Effectiveness in actualising CBNs strategic objectives (ACE), the Board of CBN has approved a new organisation structure for the Bank, effective March 1st, 2010.br a href=../documents/2010Restructuring.html TARGET=resource windowClick here for summary of structure changes /a, a href=../AboutCBN/organogram.aspClick here for the new Organisation Structure/abr a href=/Out/2010/publications/pressRelease/GOV/CBN Restructures.pdf Click here for more./a

The on-going banking reforms have received a significant boost with two key developments in the National Assembly on Wednesday 10/3/10. The Asset Management Corporation of Nigeria (AMCON) Bill scaled the second reading at the Senate following presentation of the required financial compendium on AMCON. The Bill has thus been referred to the Senate Committee on Banking, Insurance and other Financial Institutions....a href=/Out/2010/publications/pressRelease/GOV/Banking Reforms Get Boost.pdf Click here for more details./abr br STRONGa href=/Out/2010/circulars/ofisd/MFB RETURNS format v4.xlsRevised Microfinance Banks Returns Template - 8th March, 2010/a/STRONGbr Following series of complaints on the Revised Microfinance Banks returns template from the operators, a new version has been produced to ease the difficulties experienced by the institutions.a href=/Out/2010/circulars/ofisd/MFB RETURNS format v4.xls Click here to download the new version of the Returns Template./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/Press Release on AMC Bill.pdfPress Release: Update on Establishment of Assets Management Corporation of Nigeria(AMCON)/a/STRONGbr It will be recalled that the Central Bank of Nigeria through the Executive had sent a draft Bill for the establishment of AMCON to the National Assembly for consideration and passage into law. The AMCON as a resolution vehicle is expected to soak the toxic assets of the CBN-intervened banks and provide liquidity to them as well as assist in their recapitalization..a href=/Out/2010/publications/pressRelease/GOV/Press Release on AMC Bill.pdf Click here for more./a br br STRONGa href=/Out/2010/publications/pressRelease/GOV/MPC_Boosts_ ReaL_Sector_02032010.pdfPress Release On MPC Boosts Real Sector: Stresses Need To Unlock the Credit Market - 2nd March 2010/a/STRONGbr In tandem with the desire of the Central Bank of Nigeria at ensuring that the financial sector contributes to the real economy as enunciated under the four pillars of the banking reforms, the Monetary Policy Committee (MPC) has taken far reaching decisions aimed at channeling credit to the real sector. a href=/Out/2010/publications/pressRelease/GOV/MPC_Boosts_ ReaL_Sector_02032010.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/MPC_Communique_ March_1_and_2_2010-Governors Speech.pdfCentral Bank of Nigeria Communiqu#233; No. 68 of the 213th Monetary Policy Committee Meeting, March 1-2, 2010/a/STRONGbr The Monetary Policy Committee (MPC) met on 1st and 2nd March, 2010 to review domestic economic conditions for the first two months of 2010 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for the remainder of the year. a href=/Out/2010/publications/pressRelease/GOV/MPC_Communique_ March_1_and_2_2010-Governors Speech.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/CBN Restructures.pdfCBN Restructures into 25 Departments/a/STRONGbr As part of the ongoing efforts aimed at improving Accountability, Communication and Efficiency as well as Effectiveness in actualising CBNs strategic objectives (ACE), the Board of CBN has approved a new organisation structure for the Bank, effective March 1st, 2010.br a href=../documents/2010Restructuring.html TARGET=resource windowClick here for summary of structure changes /a, a href=../AboutCBN/organogram.aspClick here for the new Organisation Structure/abr a href=/Out/2010/publications/pressRelease/GOV/CBN Restructures.pdf Click here for more./a

The Financial Services Regulation Coordinating Committee (FSRCC) held its 40th meeting on Monday March 15, 2010 where it adopted policy directives for promoting a safe, sound and stable financial system. a href=/Out/2010/pressrelease/gov/PRESS RELEASE 40th meeting of the FSRCC__.pdfClick here for details./a br br a href=/Out/2010/publications/pressRelease/GOV/Banking Reforms Get Boost.pdfPress Release On CBN Banking Reforms Get A Boost: Reps Pass AMCON Bill, Scales Second Reading at the Senate - 10th March 2010/abr The on-going banking reforms have received a significant boost with two key developments in the National Assembly on Wednesday 10/3/10. The Asset Management Corporation of Nigeria (AMCON) Bill scaled the second reading at the Senate following presentation of the required financial compendium on AMCON. The Bill has thus been referred to the Senate Committee on Banking, Insurance and other Financial Institutions....a href=/Out/2010/publications/pressRelease/GOV/Banking Reforms Get Boost.pdf Click here for more details./abr br STRONGa href=/Out/2010/circulars/ofisd/MFB RETURNS format v4.xlsRevised Microfinance Banks Returns Template - 8th March, 2010/a/STRONGbr Following series of complaints on the Revised Microfinance Banks returns template from the operators, a new version has been produced to ease the difficulties experienced by the institutions.a href=/Out/2010/circulars/ofisd/MFB RETURNS format v4.xls Click here to download the new version of the Returns Template./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/Press Release on AMC Bill.pdfPress Release: Update on Establishment of Assets Management Corporation of Nigeria(AMCON)/a/STRONGbr It will be recalled that the Central Bank of Nigeria through the Executive had sent a draft Bill for the establishment of AMCON to the National Assembly for consideration and passage into law. The AMCON as a resolution vehicle is expected to soak the toxic assets of the CBN-intervened banks and provide liquidity to them as well as assist in their recapitalization..a href=/Out/2010/publications/pressRelease/GOV/Press Release on AMC Bill.pdf Click here for more./a br br STRONGa href=/Out/2010/publications/pressRelease/GOV/MPC_Boosts_ ReaL_Sector_02032010.pdfPress Release On MPC Boosts Real Sector: Stresses Need To Unlock the Credit Market - 2nd March 2010/a/STRONGbr In tandem with the desire of the Central Bank of Nigeria at ensuring that the financial sector contributes to the real economy as enunciated under the four pillars of the banking reforms, the Monetary Policy Committee (MPC) has taken far reaching decisions aimed at channeling credit to the real sector. a href=/Out/2010/publications/pressRelease/GOV/MPC_Boosts_ ReaL_Sector_02032010.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/MPC_Communique_ March_1_and_2_2010-Governors Speech.pdfCentral Bank of Nigeria Communiqu#233; No. 68 of the 213th Monetary Policy Committee Meeting, March 1-2, 2010/a/STRONGbr The Monetary Policy Committee (MPC) met on 1st and 2nd March, 2010 to review domestic economic conditions for the first two months of 2010 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for the remainder of the year. a href=/Out/2010/publications/pressRelease/GOV/MPC_Communique_ March_1_and_2_2010-Governors Speech.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/CBN Restructures.pdfCBN Restructures into 25 Departments/a/STRONGbr As part of the ongoing efforts aimed at improving Accountability, Communication and Efficiency as well as Effectiveness in actualising CBNs strategic objectives (ACE), the Board of CBN has approved a new organisation structure for the Bank, effective March 1st, 2010.br a href=../documents/2010Restructuring.html TARGET=resource windowClick here for summary of structure changes /a, a href=../AboutCBN/organogram.aspClick here for the new Organisation Structure/abr a href=/Out/2010/publications/pressRelease/GOV/CBN Restructures.pdf Click here for more./a

As part of the ongoing efforts aimed at improving Accountability, Communication and Efficiency as well as Effectiveness in actualising CBNs strategic objectives (ACE), the Board of CBN has approved a new organisation structure for the Bank, effective March 1st, 2010.bra href=/Out/2010/publications/pressRelease/GOV/CBN Restructures.pdf Click here for more./a

In tandem with the desire of the Central Bank of Nigeria at ensuring that the financial sector contributes to the real economy as enunciated under the four pillars of the banking reforms, the Monetary Policy Committee (MPC) has taken far reaching decisions aimed at channeling credit to the real sector. a href=/Out/2010/publications/pressRelease/GOV/MPC_Boosts_ ReaL_Sector_02032010.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/MPC_Communique_ March_1_and_2_2010-Governors Speech.pdfCentral Bank of Nigeria Communiqu#233; No. 68 of the 213th Monetary Policy Committee Meeting, March 1-2, 2010/a/STRONGbr The Monetary Policy Committee (MPC) met on 1st and 2nd March, 2010 to review domestic economic conditions for the first two months of 2010 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for the remainder of the year. a href=/Out/2010/publications/pressRelease/GOV/MPC_Communique_ March_1_and_2_2010-Governors Speech.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/CBN Restructures.pdfCBN Restructures into 25 Departments/a/STRONGbr As part of the ongoing efforts aimed at improving Accountability, Communication and Efficiency as well as Effectiveness in actualising CBNs strategic objectives (ACE), the Board of CBN has approved a new organisation structure for the Bank, effective March 1st, 2010.br a href=../documents/2010Restructuring.html TARGET=resource windowClick here for summary of structure changes /a, a href=../AboutCBN/organogram.aspClick here for the new Organisation Structure/abr a href=/Out/2010/publications/pressRelease/GOV/CBN Restructures.pdf Click here for more./a

The Central Bank of Nigeria (CBN) has noted with serious concern the growing complaints by the customers and the general public on ATM transactions and the inability of banks to resolve them within a reasonable time frame. In order to sustain public confidence in the Nigerian Payment System, the CBN has directed that henceforth all complaints on card transactions should be treated and responded to within 72 hours of receipt of the complaints by banks.a href=/Out/2010/publications/pressRelease/GOV/ATM ADVERT03022010.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/Press Release - CBN limits Bank MDs Boards loan approval.pdfRe- Alleged limit to loan approval and five percent equity holding in banks/a/STRONGbr The attention of the Central Bank of Nigeria has been drawn to two publications, the first in the Vanguard Newspaper of January 28, 2010 titled:i CBN to ensure 5% Equity Holding in Banks-Sanusi/i and the second on the front page of the Vanguard Newspaper of February 1, 2010,titled: iCBN limits bank MDs, boards loan approval/i.a href=/Out/2010/publications/pressRelease/GOV/Press Release - CBN limits Bank MDs Boards loan approval.pdf Click here for more./a

The attention of the Central Bank of Nigeria has been drawn to two publications, the first in the Vanguard Newspaper of January 28, 2010 titled:i CBN to ensure 5% Equity Holding in Banks-Sanusi/i and a second on the front page of the Vanguard Newspaper of February 1, 2010,titled: iCBN limits bank MDs, boards loan approval/i.a href=/Out/2010/publications/pressRelease/GOV/Press Release - CBN limits Bank MDs Boards loan approval.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/Tenure_Guideline19012010.pdfBrief On Guidelines For Tenure Of Managing Directors Of Deposit Money Banks And Related Matters/a/STRONG In furtherance of the on-going banking reforms, the Central Bank of Nigeria pursuant to the powers conferred on it by Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, (LFN), 2004 has issued the following guidelines to address some corporate governance issues in the deposit money banks:a href=/Out/2010/publications/pressRelease/GOV/Tenure_Guideline19012010.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/New_MPC_Members.pdfNew Monetary Policy Committee (MPC) Members/STRONG/abr a href=/Out/2010/publications/pressRelease/GOV/New_MPC_Members.pdfClick here/a for the new members of the Monetary Policy Committee.br br STRONGa href=/Out/2010/publications/pressRelease/GOV/Press Release on Interactive Meeting with Board of Banks.pdfStakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process/STRONG/abr The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. a href=/Out/2010/publications/pressRelease/GOV/Press Release on Interactive Meeting with Board of Banks.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/Central Bank of Nigeria Disclaimer.pdfDisclaimer On CBN Involvement In ATM Upgrade/STRONG/abr This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers pin code/password.br a href=/Out/2010/publications/pressRelease/GOV/Central Bank of Nigeria Disclaimer.pdfClick here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/PRESS STATEMENT APPOINTMENT OF EDs.pdfCBN Appoints Executive Directors for Three Banks/STRONG/abr The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEOs of the affected banks and their replacement with new ones. a href=/Out/2010/publications/pressRelease/GOV/PRESS STATEMENT APPOINTMENT OF EDs.pdfClick here for more./abr br

In furtherance of the on-going banking reforms, the Central Bank of Nigeria pursuant to the powers conferred on it by Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, (LFN), 2004 has issued the following guidelines to address some corporate governance issues in the deposit money banks:a href=/Out/2010/publications/pressRelease/GOV/Tenure_Guideline19012010.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/New_MPC_Members.pdfNew Monetary Policy Committee (MPC) Members/STRONG/abr a href=/Out/2010/publications/pressRelease/GOV/New_MPC_Members.pdfClick here/a for the new members of the Monetary Policy Committee.br br STRONGa href=/Out/2010/publications/pressRelease/GOV/Press Release on Interactive Meeting with Board of Banks.pdfStakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process/STRONG/abr The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. a href=/Out/2010/publications/pressRelease/GOV/Press Release on Interactive Meeting with Board of Banks.pdf Click here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/Central Bank of Nigeria Disclaimer.pdfDisclaimer On CBN Involvement In ATM Upgrade/STRONG/abr This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers pin code/password.br a href=/Out/2010/publications/pressRelease/GOV/Central Bank of Nigeria Disclaimer.pdfClick here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/PRESS STATEMENT APPOINTMENT OF EDs.pdfCBN Appoints Executive Directors for Three Banks/STRONG/abr The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEOs of the affected banks and their replacement with new ones. a href=/Out/2010/publications/pressRelease/GOV/PRESS STATEMENT APPOINTMENT OF EDs.pdfClick here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/Credit Facility.pdfRe: Central Bank Guarantee Of Foreign Credits and Interbank Lending/STRONG/abr Following the release of the communiqu#233; of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.a href=/Out/2010/publications/pressRelease/GOV/Credit Facility.pdfClick here for more./abr br

This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers pin code/password.br a href=/Out/2010/publications/pressRelease/GOV/Central Bank of Nigeria Disclaimer.pdfClick here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/PRESS STATEMENT APPOINTMENT OF EDs.pdfCBN Appoints Executive Directors for Three Banks/STRONG/abr The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEOs of the affected banks and their replacement with new ones. a href=/Out/2010/publications/pressRelease/GOV/PRESS STATEMENT APPOINTMENT OF EDs.pdfClick here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/Credit Facility.pdfRe: Central Bank Guarantee Of Foreign Credits and Interbank Lending/STRONG/abr Following the release of the communiqu#233; of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.a href=/Out/2010/publications/pressRelease/GOV/Credit Facility.pdfClick here for more./abr br STRONGa href=/Out/2010/publications/pressRelease/GOV/MPC_Communique_January_4_and_5_2010.pdfCentral Bank of Nigeria Communiqu#233; No. 67 of the 212th Monetary Policy Committee Meeting, January 4-5, 2010/STRONG/abr The Monetary Policy Committee (MPC) met on 4th and 5th January, 2010 to review domestic economic conditions in 2009 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for 2010.br a href=/Out/2010/publications/pressRelease/GOV/MPC_Communique_January_4_and_5_2010.pdfClick here for more./a