News of the finance

The Central Bank of Nigeria (CBN), as part of its restructuring and re-engineering programme aimed at refocusing the organization to its mandate, wishes to outsource its non-core functions of currency processing and distribution to the private sector, in line with best practice. In view of this the Director Currency and Branch Operations, Mr Ben Chii Onyido held a press Conference to sensitize Journalists. "Click here for details


CBN is recruiting
The Central Bank of Nigeria (CBN), Nigeria's Apex Financial institution is in the process of recruiting various cadres of staff...

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The Governor, Central Bank of Nigeria (CBN) Prof. Chukwuma C. Soludo allayed investors' fear over the sliding stock prices in the Nigerian capital market. Speaking at stakeholders' forum held on Friday, July 5, 2008 in Lagos to shore up investors' confidence, the Governor pointed out that volatility in stock market is a usual phenomenon in other jurisdictions all over the world....

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CBN is recruiting
The Central Bank of Nigeria (CBN), Nigeria's Apex Financial institution is in the process of recruiting various cadres of staff...

Click here for details

In an on-going programme to sensitize State Governments on the development finance initiatives of the Central Bank of Nigeria, the Development Finance Department undertook visits to Lagos and Ondo States in the week of 23rd to 27th June, 2008. During the visits, the Department made presentations to the State Governors and the Executive Councils of the states on the Agricultural Credit Guarantee Scheme...

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CBN is recruiting
The Central Bank of Nigeria (CBN), Nigeria's Apex Financial institution is in the process of recruiting various cadres of staff...

Click here for details

The attention of the Central Bank of Nigeria has been drawn to news report in the media insinuating that the Bank barred foreign banks from investing in the Nigerian banking industry. Nothing can be further from the truth.
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The Central Bank of Nigeria (CBN), as part of its restructuring and re-engineering programme aimed at refocusing the organization to its mandate, wishes to outsource its non-core functions of currency processing and distribution to the private sector, in line with best practice. The highlights of the Currency Processing and Distribution services are:...

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CBN is recruiting
The Central Bank of Nigeria (CBN), Nigeria's Apex Financial institution is in the process of recruiting candidates to fill the vacant management positions of Director in some departments.

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A draft of the Central Bank of Nigeria Annual Report and Statement of Accounts for the Year Ended 31st December, 2007 have been completed by the Bank. The report detailed the corporate activities and operations of the CBN in 2007. It also contained the economic report of various sectoral developments in 2007 as well as tables on various economic, social, fiscal and international trade statistics.
Click for details Part 1, Part 2, Part 3, Part 4, Part 5, Part 6, Part 7.

Recall that on July 2, 2007, the Central Bank of Nigeria, in collaboration
with the Bankers Committee, reduced the clearing cycle for up-country
payment instruments from six (T+5) to four (T+3) working days. In order to
build on the success of that initiative, the deposit money banks were
informed in a letter that the two clearing cycles would be collapsed into
one. As a follow-up to that letter, a meeting with the banks and other
stakeholders was held on Tuesday April 22, 2008 at which it was agreed
that the up-country clearing cycle should be merged with the local clearing
cycle of three working days. Click here for details

As you are aware, the Central Bank of Nigeria had recently opened four new branches at Awka, Lokoja, Umuahia and Asaba. Two additional branches have also been opened at Osogbo and Gombe. Enhancing the efficiency of the payments system is a key consideration in the drive to embark on the expansion of the branch network of the Bank. Click here for details

The Management of the Central Bank of Nigeria has approved the harmonisation of the clearing cycle for upcountry and local payment instruments to three working days with effect from 5th May 2008. Click here for details

The Federal High Court on 2nd April 2008 delivered judgment in the above case which was instituted by the Plaintiffs to challenge the revocation of the banking licence of SGBN by the CBN in 2006 owing to the erosion of its capital and its poor financial condition. The court had ruled that while it is the prerogative of CBN, as the regulatory body for banks in Nigeria, to revoke a banking licence in deserving situations, SGBN should have been given ample time to meet the condition attached to the forbearance of a considerable portion of its huge indebtedness to CBN. click here for details