Central Bank of Nigeria Feed

Outcome of the Meeting of The Financial Services Regulation Coordinating Committee (FSRCC) - 16th March 2010

Fri, 5 Mar 2010 11:58:57 +0100

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. Click here for details.

Press Release On CBN Banking Reforms Get A Boost: Reps Pass AMCON Bill, Scales Second Reading at the Senate - 10th March 2010
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.... Click here for more details.

Revised Microfinance Banks' Returns Template - 8th March, 2010
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. Click here to download the new version of the Returns Template.

Press Release: Update on Establishment of Assets Management Corporation of Nigeria(AMCON)
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.. Click here for more.

Press Release On MPC Boosts Real Sector: Stresses Need To Unlock the Credit Market - 2nd March 2010
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. Click here for more.

Central Bank of Nigeria Communiqué No. 68 of the 213th Monetary Policy Committee Meeting, March 1-2, 2010
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. Click here for more.

CBN Restructures into 25 Departments
As part of the ongoing efforts aimed at improving Accountability, Communication and Efficiency as well as Effectiveness in actualising CBN's strategic objectives (ACE), the Board of CBN has approved a new organisation structure for the Bank, effective March 1st, 2010.
Click here for summary of structure changes , Click here for the new Organisation Structure
Click here for more.

Central Bank Of Nigeria Help Desk For Complaints On ATM Transactions

Wed, 3 Feb 2010 17:28:33 +0100

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. Click here for more.

Re- Alleged limit to loan approval and five percent equity holding in banks
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: CBN to ensure 5% Equity Holding in Banks-Sanusi and the second on the front page of the Vanguard Newspaper of February 1, 2010,titled: CBN limits bank MDs, boards' loan approval. Click here for more.

Re- Alleged limit to loan approval and five percent equity holding in banks

Mon, 1 Feb 2010 21:18:15 +0100

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: CBN to ensure 5% Equity Holding in Banks-Sanusi and the second on the front page of the Vanguard Newspaper of February 1, 2010,titled: CBN limits bank MDs, boards' loan approval. Click here for more.

Brief On Guidelines For Tenure Of Managing Directors Of Deposit Money Banks And Related Matters
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: Click here for more.

New Monetary Policy Committee (MPC) Members
Click here for the new members of the Monetary Policy Committee.

Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process
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. Click here for more.

Disclaimer On CBN Involvement In ATM Upgrade
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.
Click here for more.

CBN Appoints Executive Directors for Three Banks
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 CEO's of the affected banks and their replacement with new ones. Click here for more.

Brief On Guidelines For Tenure Of Managing Directors Of Deposit Money Banks And Related Matters

Tue, 19 Jan 2010 19:35:51 +0100

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: Click here for more.

New Monetary Policy Committee (MPC) Members
Click here for the new members of the Monetary Policy Committee.

Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process
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. Click here for more.

Disclaimer On CBN Involvement In ATM Upgrade
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.
Click here for more.

CBN Appoints Executive Directors for Three Banks
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 CEO's of the affected banks and their replacement with new ones. Click here for more.

Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending
Following the release of the communiqué 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.Click here for more.

New Monetary Policy Committee (MPC) Members

Thu, 14 Jan 2010 10:15:07 +0100

Click here for the new members of the Monetary Policy Committee.

Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process
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. Click here for more.

Disclaimer On CBN Involvement In ATM Upgrade

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.
Click here for more.

CBN Appoints Executive Directors for Three Banks
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 CEO's of the affected banks and their replacement with new ones. Click here for more.

Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending
Following the release of the communiqué 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.Click here for more.

Central Bank of Nigeria Communiqué No. 67 of the 212th Monetary Policy Committee Meeting, January 4-5, 2010
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.
Click here for more.

CBN Appoints Executive Directors for Three Banks

Mon, 4 Jan 2010 18:49:51 +0100

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 CEO's of the affected banks and their replacement with new ones.
Click here for more.
Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending
Following the release of the communiqué 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.
Click here for more.

Central Bank of Nigeria Communiqué No. 67 of the 212th Monetary Policy Committee Meeting, January 4-5, 2010
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.
Click here for more.

Re: Publication Of Interest Rates
In line with the CBN policy to ensure that Transparency and Accountability are entrenched in the banking sector, banks are henceforth required to submit on weekly basis to the CBN their average deposit and lending rates in line with our previous circulars numbers BSD/DIR/GEN/CIR/02/019 dated January 29, 2009 and BSD/DIR/GEN/CIR/01/023 dated October 14, 2009.
Click here for more.

Press Statement On The CBN and Disengagement of Bank's Workers
The Central Bank of Nigeria has noted with dismay, several untrue reports in the media alleging that the Central Bank of Nigeria ordered the mass sack of Deposit Money Banks' staff and rationalization of their branches.
Click here for more.

Federal High Court Grants Mareva Injunction On Akingbola's Assets Worldwide - 31st Dec. 2009

Thu, 31 Dec 2009 16:56:59 +0100

A Federal High Court sitting in Lagos, on Thursday, December 31, 2009 has granted a freezing injunction and attachment worldwide on all assets of Dr. Erastus B. O. Akingbola, former Managing Director of Intercontinental Bank PLC, for total offences amounting to the tune of N346,185,841,243.75 and GBP Sterling 1,085,515.00.Click here for more.

Press Release On Third Quarter (Q3) Results Released By Deposit Money Banks - 11th Dec. 2009

Fri, 11 Dec 2009 16:33:58 +0100

In line with the Central Bank of Nigeria's new disclosure standards which are central to the Bank's ongoing banking sector reforms, all deposit money banks (DMBs) in Nigeria have announced financial results for the third quarter 2009 in line with clearly defined and transparent reporting requirements.
Click here for more.

Press Statement On Update on Banking Reforms 13th November, 2009

Wed, 4 Nov 2009 16:53:23 +0100

In furtherance of the banking reforms exercise aimed at ensuring the stability and soundness of Nigeria's banking industry, the Central Bank of Nigeria, (CBN), has appointed advisers that will work with the ten deposit money banks - Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic International Bank Plc, Union Bank of Nigeria Plc, Bank PHB Plc Equatorial Trust Bank Limited and Spring Bank Plc - whose management were recently replaced, as well as Wema Bank Plc and Unity Bank Plc.
Click here for more.

Press Statement On Deregulation 4th November, 2009
The Central Bank of Nigeria (CBN) has noted reports in some sections of the press alleging in screaming headlines that the CBN is against the Federal Government's policy of deregulation of the downstream sector of the petroleum industry. These press reports arose from the Monetary Policy Committee, MPC briefing by the CBN Governor on Tuesday, 3 November 2009.Click here for details

Press Statement On Equatorial Trust Bank Limited 4th November, 2009
Following the Special Examination of all banks operating in the country, and the subsequent actions by the CBN, the shareholders of Equitorial Trust Bank Limited requested the permission of the Central Bank of Nigeria to be allowed to rectify lapses identified in the bank. In pursuance to that, the shareholders executed a Deed of Covenant, the specific terms and conditions of which included the following:Click here for details

Central Bank of Nigeria Communiqué No. 66 of the Monetary Policy Committee Meeting, November 03, 2009
The Monetary Policy Committee (MPC) at its meeting today reviewed the domestic and external economic and financial developments for the year so far. The international economic scene, in the Committee's view, has turned out to be better than was projected about six months ago Click here for details

Central Bank of Nigeria Communiqué No. 66 of the Monetary Policy Committee Meeting, November 03, 2009

Mon, 31 Aug 2009 14:10:51 +0100

The Monetary Policy Committee (MPC) at its meeting today reviewed the domestic and external economic and financial developments for the year so far. The international economic scene, in the Committee's view, has turned out to be better than was projected about six months ago Click here for details

Central Bank Of Nigeria Invitation For The Submission Of Quotations For The Supply Of Cybex Gym Equipment
The Central Bank of Nigeria requires the supply of Cybex Gym Equipment to the Bank under the Year 2009 Budget. Consequently, the Bank wishes to invite ONLY ACCREDITED MANUFACTURERS REPRESENTATIVES of Cybex Gym Equipment to submit quotations for the supply Click here for details

Central Bank Of Nigeria Invitation For The Pre-qualification Of Contractors For The Execution Of Capital Development Projects Under 2009 Budget
The Central Bank of Nigeria is desirous to undertake a pre-qualification exercise for the Refurbishment of the Burnt CBN Kano old Branch Building/Development of a Learning Centre (Ref No CBN/CDP2009/03). Consequently, the Bank wishes to invite reputable contractors to indicate interest to prequalify for the Project.Click here for details

Press Statement 23rd October, 2009
The Central Bank of Nigeria (CBN) has noted a story on the back cover of the Guardian Newspaper of Thursday, 22nd October 2009 alleging that the CBN has directed commercial banks "to place a lid on the loans they offer airlines in the country, which has put the airlines on the edge as they are finding it difficult to source funds to run their operations"Click here for details

Revised Microfinance Banks' Returns Template
For the benefits of all microfinance banks that attended the Workshop on Returns Rendition recently organized across three locations in the Country and those that could not attend, a revised template is now available Click here for details

Job Opportunities At The International Monetary Fund (IMF)
The International Monetary Fund (IMF) is planning a Recruitment Mission to Nigeria on
November 10, 2009. The Mission will identify suitable candidates for mid-carrier
economist pipeline in the Economist Program for recent PhD graduates and other
specialist positions. The Federal Ministry of Finance and the Central Bank of Nigeria are
coordinating the recruitment exercise on behalf of the IMF.Click here for details

Public Statement 17th Oct. 2009
The Central Bank of Nigeria (CBN) has noted the front page story of the Champion Newspaper of Friday 16th, October 2009 with the above caption alleging that the CBN Governor, Sanusi Lamido Sanusi had told the Senate that his life was in danger. The paper also attributed to the Governor "how a business associate of one of the sacked bank Managing Directors gave out loans in two separate payments to two of his friends, (and that) the bank chief had given out the loans to a friend who said he would refund it in less than one week".
Click here for details

Public Statement 16th Oct. 2009
Further to the recent regulatory action taken by the Central Bank of Nigeria (CBN) in respect of Bank PHB Plc, Spring Bank Plc, Unity Bank Plc, Wema Bank Plc and Equitorial Trust Bank Ltd, the CBN wishes to make these clarifications:Click here for details

Public Statement on Bank Debtors
In furtherance of the effort by the Central Bank of Nigeria (CBN) to assist the banks affected by the outcome of the recent CBN/NDIC Special Examination, we publish herewith the list of non-performing loans of N100m and above for Bank PHB, Spring Bank, Unity Bank, Wema Bank and Equitorial Trust Bank as at June 30, 2009. Click here for details

Press Statement on the Outcome of Special Examination of 14 Banks

In furtherance of the Central Bank of Nigeria's statutory duty to ensure a sound financial system in the country, the Governor of the Central Bank of Nigeria (CBN) ordered the Special Examination of all the 24 banks operating in Nigeria. The result of the Special Examination of the first set of 10 banks was made known on 14 August 2009. The CBN wishes to announce that the joint CBN-NDIC examination teams have completed the Special Examination of the remaining 14 banks- and as such the books and affairs of all 24 banks in the Nigerian banking system have now been examined.
Click here for more details

Questions and Answers on The Examination of 14 Banks

FAQ on the recent CBN intervention involving 5 banks

Invitation to a Town Hall Meeting in London

Tue, 25 Aug 2009 18:41:35 +0100

The Central Bank of Nigeria is pleased to invite stakeholders to a presentation by the Governor of the Central Bank of Nigeria at Andaz hotel London, on Friday, 28 August, 2009. The presentation will address recent developments in the macroeconomic environment and banking sector in Nigeria.
Click here for more details.

Press Release - 19th August, 2009
The Central bank of Nigeria has noted claims by some individuals on the published list of debtors/defaulters that the figures posted against them are not correct and threatened to go to court. The bank has also noted some typographical errors regarding the titles of some government officials and some companies and wish to comment as follows:
Click here for more details.

CBN Advertorial On Bank Debtors - 18th August, 2009
Following the recent regulatory action of the Central Bank of Nigeria on the five (5) banks, it has become necessary to use this medium to request the following defaulting customers of the affected banks to pay without further delay their indebtedness, failing which the banks will take all appropriate legal actions to ensure repayment.
Click here for more details.

Public Statement-18th August, 2009
Following the recent regulatory action taken by the Central Bank of Nigeria in respect of Afribank, Finbank, Intercontinental, Oceanic and Union banks, it has become necessary to make the following clarifications:
Click here for details

Press Release - 19th August, 2009

Sun, 16 Aug 2009 14:23:33 +0100

The Central bank of Nigeria has noted claims by some individuals on the published list of debtors/defaulters that the figures posted against them are not correct and threatened to go to court. The bank has also noted some typographical errors regarding the titles of some government officials and some companies and wish to comment as follows:
Click here for more details.

CBN Advertorial On Bank Debtors - 18th August, 2009
Following the recent regulatory action of the Central Bank of Nigeria on the five (5) banks, it has become necessary to use this medium to request the following defaulting customers of the affected banks to pay without further delay their indebtedness, failing which the banks will take all appropriate legal actions to ensure repayment.
Click here for more details.

Public Statement-18th August, 2009
Following the recent regulatory action taken by the Central Bank of Nigeria in respect of Afribank, Finbank, Intercontinental, Oceanic and Union banks, it has become necessary to make the following clarifications:
Click here for details

Address by the Governor of the Central Bank of Nigeria, on Developments in the banking System in Nigeria
The Governor of the Central Bank of Nigeria addressed the press on recent developments in the banking sector after an emergency meeting of the Board of the Bank in Lagos, on Friday, 14th August, 2009.
Click here for more details.

CBN’s Disclosure Requirements For Banks: The Facts
Of the four-point agenda stressed by the Governor, Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, on assumption of office, the need to strengthen regulation and supervision through enhanced disclosures by financial institutions, stands out clearly...
Click here for details

210th Meeting of The Monetary Policy Committee.

Thu, 6 Aug 2009 18:26:25 +0100

The 210th meeting of the Monetary Policy Committee of the Central Bank of Nigeria is scheduled to hold on Tuesday, 1st September, 2009. The meeting will as usual review developments in the domestic and international economy since the last meeting held on 7th July, 2009.

Request For Proposal (RFP) To Deploy A Real-Time Gross Settlement (RTGS) Solution For The Payment Systems Infrastructure In Nigeria
Central Bank of Nigeria (CBN) being the apex Bank of the country occupies a central position in the economic and social development of Nigeria. In order to fulfill its statutory mandate of ensuring a stable financial system, and as part of the Payment System Vision 2020, the CBN is desirous of implementing a new Real Time Gross Settlement (RTGS) system that is of international standard.
Click here for details

Paper Presentations at the 14th Seminar for Finance Correspondents & Business Editors (15th-18th, July 2009)

Mon, 20 Jul 2009 10:07:10 +0100

Click here for details

MPC Communique No. 64 of the Monetary Policy Committee Meeting

Tue, 7 Jul 2009 17:39:26 +0100

The Monetary Policy Committee Meeting (MPC) had a meeting on July 7, 2009 and reviewed latest domestic and international developments and their implications for the Nigeria economy.
Click here for details

An Assessment Of Current Development In The Nigerian Economy And The Central Bank Of Nigeria (CBN) Policy Action
It is with great pleasure that I welcome you all to my maiden briefing on
the activities of the CBN in addressing the challenges faced by the
financial sector owing to the downturn in the global economy. I, therefore,
take this opportunity to appraise the CBN monetary actions in the recent
past and indicate the way forward in the immediate future.Click here for details

An Assessment Of Current Development In The Nigerian Economy And The Central Bank Of Nigeria (CBN) Policy Action

Tue, 7 Jul 2009 17:17:29 +0100

It is with great pleasure that I welcome you all to my maiden briefing on
the activities of the CBN in addressing the challenges faced by the
financial sector owing to the downturn in the global economy. I, therefore,
take this opportunity to appraise the CBN monetary actions in the recent
past and indicate the way forward in the immediate future.Click here for details

Monetary Policy Committee meeting

Fri, 3 Jul 2009 16:50:31 +0100

Monetary Policy Committee meeting is scheduled to hold on Tuesday, July 7, 2009. Venue is CBN Head Office, Abuja.

Forged CFA Notes
This is to inform all banks, bureau de change operators and the general public that the Central Bank of West Africa (BCEAO), has issued an alert on the circulation of fake CFA notes.
Click here for details

The Central Bank of Nigeria Currency Museum is now open

Thu, 11 Jun 2009 15:32:19 +0100

The Central Bank of Nigeria Currency Museum is
now open to the public from Monday to Friday between 9am to 4pm. Consequently, institutions and groups wishing to visit the Museum should apply to the Director, Currency and Branch Operations Department, Central Bank of Nigeria Corporate Headquarters, Central Business District, Abuja, stating the number of visitors, date and time of their visit. The Museum, however, will not open on public holidays

Sanusi Lamido Aminu Sanusi Assumes Duty at CBN

Thu, 4 Jun 2009 17:33:56 +0100

Mallam Sanusi Lamido Aminu Sanusi has formally assumed duty as Governor, Central Bank of Nigeria today, June 4, 2009 at the Bank's Corporate Head Office in Abuja following the confirmation of his nomination by the Senate of the Federal Republic of Nigeria on Wednesday, June 3, 2009.

The Governor who arrived the premises at about 1.00pm was received on arrival by the Deputy Governors and some top officials of the Bank.

The handover notes were later presented to the Governor by the Acting Governor, Mr. Ernest Ebi.

MPC Meeting

Mon, 1 Jun 2009 17:06:33 +0100

Monetary Policy Committee meeting scheduled to hold June 2, 2009 has been postponed. A new date will be announced later.

MPC Communique No. 63 of the Monetary Policy Committee Meeting

Fri, 22 May 2009 19:29:50 +0100

The Monetary Policy Committee Meeting (MPC) had a meeting on May 21, 2009 and reviewed money and foreign exchange developments.
Click here for details

Commencement of Foreign Exchange Sale to Non-Bank Class 'A' Bureaux De Change (BDCs)
Following the restructuring of the Bureau De Change (BDC) segment of the foreign exchange market and the subsequent submission of applications by interested members of the public for Class 'A' BDC licence, the Central Bank of Nigeria (CBN) has granted approvals-in-principle (AIPs) to fifty (50) non-bank Class 'A' BDCs listed below.
Click here for details

50th Anniversary International Conference - The journey so far and the road ahead

Tue, 21 Apr 2009 10:31:55 +0100

As part of the events marking its 50th anniversary celebration, the Central Bank of Nigeria has organised an international conference holding at the Congress Hall of the Transcorp Hilton, Abuja, Nigeria.

Click here for the governor's welcome address and other papers presentations at the conference.

2008 Performance report on Agricultural Credit Guarantee Scheme Fund-Interest Drawback Programme (ACGSF-IDP)

Tue, 21 Apr 2009 10:31:55 +0100

The 2008 performance report on Agricultural Credit Guarantee Scheme Fund-Interest Drawback Programme (ACGSF-IDP) is out. It can be accessed from here.

Guidelines for Commercial Agriculture Credit Scheme (CACS).
Click here

Short listed Consultants and Contractors

Wed, 15 Apr 2009 15:18:51 +0100

Further to the invitation for expression of interest published in some Nigerian Dailies on September 1, 2008 for prequalification of service providers in respect of the execution of some Capital Development Projects, the under listed contractors and consultants have been shortlisted.

The short listed contractors and consultants are advised to report to the Director, Procurement and Support Services Department for briefing and further directives.

Click here for short listed consultants.
Click here for short listed contractors.
Click here for additional short listed contractors.

Central Bank of Nigeria Communiqué No. 62 of the Monetary Policy Committee Meeting, April 08, 2009

Thu, 9 Apr 2009 10:22:28 +0100

The Monetary Policy Committee (MPC) met April 8, 2008 to review the challenges posed to the Nigerian economy by the complex mix of external and domestic economic and financial developments.
Click here for details

Publication of Fortnightly FOREX Purchases by CBN on behalf of their Customers

Mon, 6 Apr 2009 14:43:02 +0100

Please click here for soft copy of the foreign exchange end-users of US$100,000.00 and above for the period March 16 to 27, 2009.

Banking in Nigeria at a Time of Global Financial Crisis

Mon, 30 Mar 2009 12:03:34 +0100

Presentation by Prof . Chukwuma C. Soludo, CFR, Governor, Central Bank of Nigeria at the Special Interactive Session on the Banking System,
at the Eko Hotel & Suites, Victoria Island, Lagos.
30th March, 2009
Click here for details

Press Briefing on the Developments in the Banking Sector by the Governor of the Central Bank of Nigeria, Prof. Chukwuma C. Soludo

Mon, 23 Mar 2009 17:17:31 +0100

The Bankers Committee held an emergency meeting on Saturday,
21st March, 2009, and reviewed developments in both the international and the domestic economy with special focus on the banking sector.
Click here for details

FOREX Help Desk
The Central Bank of Nigeria has set up a foreign exchange Help Desk/Complaints Desk to help collate and resolve foreign exchange related problems the general public may encounter.
Click here for details

Invitation For Prequalification
The Central Bank of Nigeria is desirous to undertake a pre-qualification exercise for capital projects under the 2009 budget.
Consequently, the Bank wishes to invite reputable contractors to indicate interest to prequalify for the under-listed projects
Project List A Project List B

Expression of Interest For Provision Of Consultancy Services For Physical Projects
EOI List A EOI List B

FOREX Help Desk

Fri, 13 Mar 2009 18:07:13 +0100

The Central Bank of Nigeria has set up a foreign exchange Help Desk/Complaints Desk to help collate and resolve foreign exchange related problems the general public may encounter.
Click here for details

Invitation For Prequalification
The Central Bank of Nigeria is desirous to undertake a pre-qualification exercise for capital projects under the 2009 budget.
Consequently, the Bank wishes to invite reputable contractors to indicate interest to prequalify for the under-listed projects
Project List A Project List B

Expression of Interest For Provision Of Consultancy Services For Physical Projects
EOI List A EOI List B

Essay Competition: List of Valid Entries
The Central Bank of Nigeria will be celebrating her 50th Anniversary in May, 2009. As part of the events to mark this milestone, the Bank is organizing an Essay Competition for Senior Secondary School Students in their final year (SSS3) in the six geopolitical zones and FCT.
Click here for details

Invitation For Prequalification

Mon, 16 Mar 2009 16:50:34 +0100

The Central Bank of Nigeria is desirous to undertake a pre-qualification exercise for the under-listed capital projects under the 2009 budget.

Consequently, the Bank wishes to invite reputable contractors to indicate interest to prequalify for the under-listed projects

Expression of Interest For Provision Of Consultancy Services For Physical Projects
Click here for details

Essay Competition: List of Valid Entries

Thu, 12 Mar 2009 10:19:55 +0100

The Central Bank of Nigeria will be celebrating her 50th Anniversary in May, 2009. As part of the events to mark this milestone, the Bank is organizing an Essay Competition for Senior Secondary School Students in their final year (SSS3) in the six geopolitical zones and FCT.
Click here for details

Update on CBN Recruitment Test
Re: Abuja Centre
All shortlisted candidates for Job code 104 (officer cadre position) who reside in FCT but whose names do not appear in the lists for Centers 1 and 2 in Abuja, should please proceed to the Women Development Center, CBA, Abuja. Accreditation starts at 8.00am.

CBN Recruitment Advert
Notice is hereby given to all Shortlisted Candidates of Central Bank recruitment test that the screening test will hold on Saturday, March 14th, 2009 at various designated centers. All applicants have been distributed to Test States/Centers based on their respective States of residence..
Click here for details

Click here for the comprehensive list of shortlisted candidates

Vacancies at the West African Institute for Financial and Economic Management (WAIFEM)

Fri, 6 Mar 2009 12:37:55 +0100

Please, click below below for vacancies announcement for positions at the West African Institute for Financial and Economic Management (WAIFEM).
Click here for details

CBN Recruitment Advert
Notice is hereby given to all Shortlisted Candidates of Central Bank recruitment test that the screening test will hold on Saturday, March 14th, 2009 at various designated centers. All applicants have been distributed to Test States/Centers based on their respective States of residence..
Click here for details

Click here for the comprehensive list of shortlisted candidates

Press Briefing on the Reforms in the Operations of the Bureaux De Change in Nigeria by the Governor of the Central Bank of Nigeria, Prof. Chukwuma C. Soludo

Wed, 25 Feb 2009 16:18:28 +0100

The Financial Sector Surveillance Committee (FSSC) met on the 23rd and 24th February, 2009, and among other things, reviewed the developments in the foreign exchange market especially the Bureaux de Change (BDC) segment of the market.
Click here for details

CBN Recruitment Advert
Notice is hereby given to all Shortlisted Candidates of Central Bank recruitment test that the screening test will hold on Saturday, March 14th, 2009 at various designated centers. All applicants have been distributed to Test States/Centers based on their respective States of residence..
Click here for details

Click here for the comprehensive list of shortlisted candidates

Expression of Interest by Prospective Trainers of Operators, Non-Executive Directors and Supervisors of Microfinace Banks (MFBs) in Nigeria

Mon, 23 Feb 2009 09:57:05 +0100

The Central Bank of Nigeria (CBN) in collaboration with the Nigeria Deposit Insurance Corporation (NDIC) is establishing a Microfinance Certification Programme for Operators, Non-Executive Directors and Supervisors of Microfinance Banks in Nigeria.
Click here for details

CBN Recruitment Advert
The CBN Recruitment Test, earlier scheduled for Saturday, January 24th 2009 will soon hold. All short-listed candidates are advised to check www.fitc-ng.com or www.cenbank.org to view the comprehensive short-list of candidates invited for the screening tests.
Click here for details

Click here for the comprehensive list

Press Statement on The Decision of the Court of Appeal in the Case of Savannah Bank of Nigeria Plc Vs Central Bank of Nigeria, Nigeria Deposit Insurance Corporation and the Inspector General of Police

Thu, 19 Feb 2009 20:02:32 +0100

On 5th February, 2009, the Court of Appeal delivered judgement in the appeal filed by Savannah Bank of Nigeria Plc (SBN). It would be recalled that SBN had, on February 18, 2002, instituted an action before the Federal High Court, Abuja against the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC) and the Inspector General of Police (IGP) to challenge the revocation of its banking licence by the CBN on February 15, 2002.
Click here for details

CBN Recruitment Advert
The CBN Recruitment Test, earlier scheduled for Saturday, January 24th 2009 will soon hold. All short-listed candidates are advised to check www.fitc-ng.com or www.cenbank.org to view the comprehensive short-list of candidates invited for the screening tests.
Click here for details

Click here for the comprehensive list

Re: CBN Bars Banks from Excessive Publicity and Advertising

Mon, 16 Feb 2009 17:02:22 +0100

From news reports making the rounds among media houses, the Central Bank of Nigeria has observed a deliberate attempt at distorting the decision taken at the last Bankers' Committee Meeting held Friday, February 13, 2009.
Click here for details

CBN Recruitment Advert
Notice is hereby given to all Shortlisted Candidates of Central Bank recruitment test that the screening test will hold on Saturday, March 14th, 2009 at various designated centers. All applicants have been distributed to Test States/Centers based on their respective States of residence..
Click here for details

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Central Bank of Nigeria Monetary Policy Communique No. 61., February 9, 2009

Tue, 10 Feb 2009 08:44:55 +0100

The Monetary Policy Committee (MPC) met February 9, 2009, and consequently decided amongst other things to leave the Monetary Policy Rate (MPR) unchanged at 9.75 per cent; and manage the exchange rate within a band of +/- 3 per cent until further notice.
Click here for details

CBN Recruitment Advert
The CBN Recruitment Test, earlier scheduled for Saturday, January 24th 2009 will soon hold. All short-listed candidates are advised to check www.fitc-ng.com or www.cenbank.org to view the comprehensive short-list of candidates invited for the screening tests.
Click here for details

Click here for the comprehensive list

CBN organises seminar on "The Challenges of Ensuring Appropriate Inflation Rate, Exchange Rate and Interest Rate Regimes in Nigeria

Thu, 5 Feb 2009 11:55:25 +0100

The Central Bank of Nigeria hosted a seminar on "The Challenges of Ensuring Appropriate Inflation Rate, Exchange Rate and Interest Rate Regime in Nigeria" on Thursday, February 5th, 2009 at the Main Auditorium, CBN Head Office, Abuja.
The Governor of the Central Bank of Nigeria, Prof. Chukwuma C. Soludo, CFR, made a background presentation.
Click here for details

CBN Recruitment Advert
The CBN Recruitment Test, earlier scheduled for Saturday, January 24th 2009 will soon hold. All short-listed candidates are advised to check www.fitc-ng.com or www.cenbank.org to view the comprehensive short-list of candidates invited for the screening tests.
Click here for details

Click here for the comprehensive list

CBN Releases Details Of Retail Dutch Auction Sales (RDAS) For 2009.

Thu, 29 Jan 2009 17:13:02 +0100

Click here for details

Notice of Meeting on Import Duty Collection Scheme (IDCS)

Wed, 28 Jan 2009 14:52:10 +0100

This is to inform all Designated Banks for Customs Revenue Collection, Destination Inspection Service Providers and the Nigeria Customs (including NCS Area Controllers and the ASYCUDA Project Leader) that, the Import Duty Collection Scheme meeting has been scheduled to hold at the Conference Hall, Central Bank of Nigeria, Abeokuta on Friday, 6th February, 2009 at 11.00 a. m. prompt.
Click here for details

Aptitude Test

Fri, 23 Jan 2009 10:01:58 +0100

In view of the unfolding logistic problems, the Management of the Central Bank of Nigeria in consultation with the FITC, has directed that the Aptitude test for recruitment into the Bank slated for Saturday, January 24, 2009, be postponed. A new date will be announced later.

Global Financial and Economic Crisis: How Vulnerable is Nigeria?

Wed, 21 Jan 2009 13:02:02 +0100

A presentation by the Governor, Prof. Chukwuma.C. Soludo to the House Committee on Banking and Currency at the National Assembly on Wednesday 21st January 2009.
Click here for details

Invitation for the Prequalification and Tender for the Provision of Courier Services

Tue, 13 Jan 2009 16:54:08 +0100

The Central Bank of Nigeria hereby invites reputable Courier Services Providers, with proven experience in handling corporate courier services and registered to do business in Nigeria to apply to pre-qualify and tender for the provision of Courier Services in Central Bank of Nigeria.
Click here for details

Central Bank of Nigeria Communique No. 60 of the Monetary Policy Committee, January 14th , 2009
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) met January 14, 2009, and reviewed the developments in the foreign exchange market vis a vis Nigeria's external reserves position and macro economic developments.
Click here for details

Central Bank of Nigeria Organizes its Annual Microfinance Conference and Microfinance/Entrepreneurship Awards: January 22 - 23, 2009

Mon, 12 Jan 2009 09:41:50 +0100

The Central Bank of Nigeria is organizing its Annual Microfinance Conference and Microfinance/ Entrepreneurship Awards from January 22 - 23, 2009. The Programme will hold at the Sheraton Hotel and Towers, Abuja, Nigeria. It will be declared open by Alhaji Umaru Musa Yar'adua (GCFR), President of the Federal Republic of Nigeria and Commander-in-Chief of the Armed Forces.
Click here for details

Deployment of Resident Examiners to Banks

Fri, 9 Jan 2009 09:15:22 +0100

The Central Bank of Nigeria will with effect from, January 5, 2009 commence the deployment of Resident Examiners to deposit money banks in Nigeria, to monitor the observance of safe and sound banking practices and compliance with banking laws, rules and regulations, guidelines/circulars issued by the Bank.
Click here for details

Central Bank of Nigeria Collaborates with Niger State Government to Organize Seminar on “Economic Empowerment through Microfinance and other Investment Opportunities” in Niger State

Mon, 15 Dec 2008 15:51:09 +0100

The Central Bank of Nigeria, as part of its efforts to promote development at the grassroots is collaborating with the Niger State Government to organize a one-day Seminar on “Economic Empowerment through Microfinance and Other Investment Opportunities”.
Click here for details

Central Bank of Nigeria's Communiqué No. 59 of the Monetary Policy Committee, December 11, 2008

Thu, 11 Dec 2008 16:32:50 +0100

The Monetary Policy Committee (MPC) held its 206th meeting today, December 11, 2008 and reviewed the economic and financial developments in the international scene and the domestic economy. The Committee noted the continued weakening of the global economy despite the coordinated response by the fiscal authorities and central banks to the global financial crisis and the ensuing economic downturn. download

Invitation To Bid For Purchase Of Demonetized Coins.

Mon, 24 Nov 2008 14:27:30 +0100

The Central Bank of Nigeria invites bids from the public, within and outside Nigeria, for the purchase of its 1991 design coins, withdrawn from circulation in 2007.
Click here for details

Banks' Interest Rates and Charges on Loans and Deposits for November 2008
Please view the Banks' interest rates and charges on Loans and Deposits for the month of November 2008.
Click here for details

Postponement Of Monetary Policy Committee Meeting

Mon, 24 Nov 2008 14:27:30 +0100

The Monetary Policy Committee (MPC) meeting, initially scheduled to hold on Tuesday, December 2, 2008, will now take place on Thursday, December 11, 2008.

Re:Pre-Shipment Inspection Of Crude Oil Exports

Mon, 17 Nov 2008 09:41:59 +0100

Further to the CBN circulars referenced TED/AD/117/2004,TED/AD/126/
2004 and TED/FEM/GEN/FPC/011/07 dated 11th October and 8th
November, 2004 and 26th January, 2007, respectively, Authorised Dealers
and the general public are hereby notified that the Federal Government of
Nigeria has ratified the appointment of Messrs Cobalt International
Services Limited for the Pre-shipment Inspection of oil exports in Nigeria
with effect from Novermber 1, 2008. Consequent upon that, the following
clarifications and amendments to the circulars under reference are made to
guide the implementation of the inspection scheme
Click here for details.

De-Marketing Of Banks By Other Banks

Wed, 22 Oct 2008 09:01:16 +0100

A Circular reference BSD/08/2006 on the above subject titled " The Unethical and Unprofessional Practice Of De-Marketing Colleagues/Other Banks in the Industry by Spreading False Rumours", dated April 12,2006. The CBN has again noted with serious concern the recent practice whereby some officers of deposit money banks engage in the de-marketting of other banks through disparaging comments and the use of negative text messages.
Click here for details.

Reform of Discount Houses in Nigeria

Fri, 10 Oct 2008 16:22:08 +0100

In view of the developments in the financial system and the need to deepen the money and capital markets, the Central Bank of Nigeria has approved the following changes with regards to the operations of discount houses in Nigeria. Click here for details. A revised operational guidelines will be issued shortly.

Invitation for the pre-qualification of Contractors for Execution of Capital Development Projects
The Central Bank of Nigeria is desirous to undertake a pre-qualification exercise for the under listed capital projects under
the 2008 budget. Consequently, the Bank wishes to invite reputable contractors to indicate interest to prequalify for the listed projects. All submissions must be received at the designated address on or before 16.00 hours on 24th October, 2008. Click Here For Details.

Guidelines for the Licensing, Operations and Regulation of Credit Bureaus in Nigeria

Wed, 8 Oct 2008 18:00:21 +0100

In the exercise of the powers conferred on the Central Bank of Nigeria by section 57 of the CBN Act 2007, No.7, the following guidelines are made as a guide to the licensing, operations and regulation of all credit bureaus in Nigeria.
Click here for details

Notice of Meeting on Import Duty Collection Scheme (IDCS)

Wed, 8 Oct 2008 12:17:27 +0100

This is to inform all Designated Banks for Customs Revenue Collection, Destination Inspection Service Providers and the Nigeria Customs Service (including NCS Area Controllers and the ASYCUDA Project Leader) that, the Import Duty Collection Scheme meeting has been scheduled to hold at the Conference Hall, Central Bank of Nigeria, Abeokuta on Thursday, 16th October, 2008 at 11.00 a.m. prompt. Click here for details

Rescheduling of Specific Debts

Wed, 8 Oct 2008 09:19:17 +0100

Several banks have recently indicated their desire to reschedule some of their capital market related exposures.
Click here for details

MPC Meeting Postponed

Mon, 6 Oct 2008 10:09:27 +0100

The Monetary Policy Committee (MPC) meeting scheduled to hold on Tuesday, October, 7, 2008 has been postponed. A new date will be announced later.

Rescheduling of Specific Debts

Mon, 6 Oct 2008 09:36:44 +0100

Several banks have recently indicated their desire to reschedule some of their capital market related exposures.
Click here for details

Banks' Interest Rates and Charges on Loans and Deposits for August 2008

Thu, 2 Oct 2008 10:54:22 +0100

Please view the Banks' interest rates and charges on Loans and Deposits for the month of August 2008.
Click here for details

Central Bank of Nigeria’s Communiqué No. 58 of the Monetary Policy Committee, September 18, 2008

Thu, 18 Sep 2008 15:39:31 +0100

The Monetary Policy Committee (MPC) held a special meeting on September 18, 2008, essentially to review the stance of monetary policy in the light of the evolving economic and financial developments in the domestic and international economies.
Click here for details

Postponement of the Official Launching of the CBN Entrepreneurship Development Centre (EDC), Lagos

Mon, 15 Sep 2008 13:50:19 +0100

This is to inform the general public that the official launching of the Lagos
Entrepreneurship Development Centre(EDC) which was rescheduled for 5th
September, 2008 has been further postponed to September 19, 2008 owing to some unforeseen circumstances.
Click here for details

Removal and Appointment of Directors in WEMA Bank Plc

Thu, 4 Sep 2008 19:39:56 +0100

Following the recent developments in WEMA Bank Plc, the Central Bank of Nigeria hereby announces the removal and appointment of Directors in WEMA Bank Plc as stated in the attached instrument.
Click here for details

Interim Capacity Building Programme for Operators of Microfinance Banks in Nigeria

Wed, 3 Sep 2008 17:14:18 +0100

Following the conversion of 607 Community Banks to Microfinance Banks (MFBs) and the licensing of about 90 new MFBs in Nigeria, the Central Bank of Nigeria (CBN) as part of its strategy to ensure that MFBs understand the nature of their operations, is organizing a two week capacity building programme for Operators of microfinance banks in Nigeria.
Click here for details

Postponement of the Official Launching of the CBN Entrepreneurship Development Centre (EDC), Lagos

Wed, 3 Sep 2008 13:36:13 +0100

Invitation to the Official Launching of the CBN Entrepreneurship Development Centre (EDC)

Tue, 2 Sep 2008 11:41:28 +0100

Invitation for the Prequalification of Contractors for the Execution of Capital Development Projects under 2008 Budget

Wed, 27 Aug 2008 16:03:38 +0100

The Central Bank of Nigeria is desirous to undertake a pre-qualification exercise for the under-listed capital project under the 2008 budget.
Click here for details

Expression of Interest (EOI) for Provision of Consultancy Services for Physical Projects
The Central Bank of Nigeria proposes to undertake, under its 2008 Capital Projects, the renovation of its Branch buildings at Garki-Abuja, Calabar, Jos, Ilorin, and Sokoto respectively.
Click here for details

Invitation for the Prequalification of the Contractors for the Supply of Furniture to Some Branches and Learning Centre under 2008 Budget
The Central Bank of Nigeria is desirous to undertake a pre-qualification exercise for the provision of furniture items to some of its branches and Learning Centre under the 2008 budget.
Click here for details

Requirements For New Banking Licence
Need to make a formal application for the grant of a licence to carry on the business of banking in Nigeria. Application should be addressed to the Director of Banking Supervision Department, Central Bank of Nigeria, P.M.B 0187, Garki, Abuja and submitted with the following documents
Click here for details

Invitation to the Official Launching of the CBN Entrepreneurship Development Centre (EDC)

Tue, 26 Aug 2008 15:41:52 +0100

This is to inform the general public that the official launching of the Lagos Entrepreneurship Development Centre(EDC) which was postponed from 21st August, 2008 has been rescheduled to hold on September 5, 2008.
Click here for details

Requirements For New banking Licence
Need to make a formal application for the grant of a licence to carry on the business of banking in Nigeria. Application should be addressed to the Director of Banking Supervision Department, Central Bank of Nigeria, P.M.B 0187, Garki, Abuja and submitted with the following documents ...more

Circular to All Banks and Discount Houses on Cancellation of Common Accounting Year End

Mon, 25 Aug 2008 19:09:03 +0100

The CBN vide its earlier circular ref: BSD/DIR/GEN/VOL.2/2004 of May 16, 2008 had conveyed the agreement reached at the Bankers' Committee meeting of January 2008 to adopt December 31, 2008 as common accounting year end for banks and discount houses in Nigeria.
Click here for details

A Framework for the Resolution of the Crisis in WEMA Bank Plc

Wed, 20 Aug 2008 20:34:49 +0100

Following a long and exhaustive meeting on WEMA Bank today by the CBN, NDIC, SEC, O'DUA Group Ltd, Mr. J.O. Omoyeni, and members of the Board of Directors of Wema Bank on the crisis that engulfed the bank and the way forward, the following conclusions/agreements on the road map for repositioning the bank were unanimously reached by all the parties as follows:
Click here for details

Postponement of the Official Launching of the Lagos Entrepreneurship Development Centre (EDC) Initiative of the Central Bank of Nigeria

Mon, 18 Aug 2008 16:38:34 +0100

We regret to inform the general public that the launching of the Lagos Entrepreneurship Development Center (EDC) previously scheduled for August 21, 2008 has been postponed till further notice. The new date for the launching will be communicated to the public in due course.
The inconveniences of the postponement is highly regretted.

Invitation To The Official Launching Of The CBN Entrepreneurship Development Centres (EDCs)

Tue, 12 Aug 2008 13:55:59 +0100

Central Bank of Nigeria's Communiqué No. 57 of the Monetary Policy Committee, August 5, 2008

Tue, 5 Aug 2008 17:41:02 +0100

The Monetary Policy Committee (MPC) met August 5, 2008 and reviewed extensively the major macroeconomic developments in the domestic and global economy during the first seven months of 2008. In addition, it assessed the outlook for the rest of the year. The MPC noted that key domestic macroeconomic outcomes were mixed.
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...

Click here for details

Invitation to the Official Launching of the CBN Entrepreneurship Development Centres

Tue, 5 Aug 2008 11:59:48 +0100

The Central Bank of Nigeria, as part of its efforts to build capacity for wealth creation and employment generation, as well as complement the efforts of relevant government agencies has initiated the Entrepreneurship Development Centres (EDCs) in six geo-political zones of the country.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...

Click here for details

Press Briefing By Professor Chukwuma C. Soludo, CFR, Governor Of The Central Bank Of Nigeria In Response To Recent Developments In The Banking Industry

Thu, 24 Jul 2008 08:33:24 +0100

In consideration of the recent developments and performance of the financial system, and a careful analysis of the medium term outlook, the CBN, at the end of the Financial System Surveillance Committee (FSSC) Meeting held today, July 23, 2008, has decided as follows: 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...

Click here for details

Public Sensitization On Enforcement Of The Legislation On Clean Naira Campaign Kicks-Off In Kano

Tue, 22 Jul 2008 12:32:02 +0100

The sensitization of the general public on enforcement of section 21 of the CBN Act 2007 criminalizing the "abuse" of the Naira has kicked off in Kano with an interactive session with various stakeholders from Kano State on Thursday, July 17, 2008. 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...

Click here for details

Presentation to the Press on the Outsourcing of Currency Processing and Distribution in the Central Bank of Nigeria

Wed, 16 Jul 2008 12:43:14 +0100

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...

Click here for details

Soludo Dismisses Fears Over Sliding Stock Prices

Tue, 8 Jul 2008 14:18:58 +0100

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....

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...

Click here for details

Central Bank of Nigeria takes Campaign on its Development Finance Activities to State Governments

Wed, 2 Jul 2008 09:39:11 +0100

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...

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...

Click here for details

Invitation for Bids for the Provision of Currency Processing and Distribution Services

Thu, 12 Jun 2008 14:30:34 +0100

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:...

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...

Click here for details

The CBN Policy on Foreign Banks' Participating in The Nigerian Banking System

Thu, 12 Jun 2008 14:30:34 +0100

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.
Click here for details

CBN Annual Report for the Year 2007

Wed, 28 May 2008 18:49:40 +0100

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.

Central Bank Of Nigeria's Communique No 56 Of The Monetary Policy Committee, June 2, 2008
Click here for details

Clearing at the New CBN Currency Centres

Fri, 16 May 2008 15:35:18 +0100

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

Harmonisation of Clearing Cycles to Three Working Days.

Wed, 7 May 2008 09:27:32 +0100

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

Decision of the Federal High Court in the Case of Stockland Nig. Ltd. & 2 Others VS CBN & 5 Others

Tue, 8 Apr 2008 12:37:44 +0100

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

MPC Meets: Moves To Tackle Inflation

Wed, 2 Apr 2008 10:30:43 +0100

The Monetary Policy Committee met on Tuesday, April 1, 2008 and expressed concern over the current rate of inflation. The committee therefore, resolved to raise the monetary policy rate (MPR) by 50 basis point from 9.5 to 10.0 per cent in order to check the inflationary trend. click for more

CBN Currency Centre Lokoja Commence Operations

Wed, 12 Mar 2008 11:12:38 +0100

In his address at the occassion, the CBN Governor, Prof. Chukwuma C. Soludo, CFR, justified the decision of the CBN Board about two years ago to establish the presence of Central Banks Branches in all the 36 states of the federation within the shortest possible time. The Central Bank of Nigeria Currency Centre in Lokoja has commenced full banking operations and services following the opening ceremony on Monday, March 10, 2008... click for details

President Umaru Musa Yar'Adua launches
N50 Billion Micro Credit Development Fund

Tue, 12 Feb 2008 17:30:06 +0100

His Excellency, Alhaji Umaru Musa Yar'Adua, President, Commander in Chief of the Armed Forces, Federal Republic of Nigeria launched the N50.0 Billion Micro Credit Development Fund at the National Seminar on "Banks and the Nigerian Economy" held at the Sheraton Hotel and Towers, Abuja on the 12th of February 2008. The Governor, Central Bank of Nigeria Prof. Chukwuma C. Soludo, CFR presented a paper on "Banks and the National Economy: Progress, Challenges and the Road Ahead" ..click for his speech

MPC Meets - focuses attention on the challenges for 2008

Tue, 5 Feb 2008 16:19:48 +0100

The Monetary Policy Committee met on Tuesday, February 5, 2008 to review the major macroeconomic developments in the domestic and international environments since the last meeting which took place on December 4, 2007. The implementation of the fiscal, monetary and exchange rate policies as well as the challenges were also reviewed. Read more

CBN hosts International Conference on Inflation Targeting

Thu, 31 Jan 2008 14:55:59 +0100

Towards migrating to Inflation Targeting as a framework for the conduct of Monetary Policy in Nigeria come 2009, the Bank took a giant stride when it held an international conference at the CBN Main Auditorium on 19 January 2008. Nine papers were delivered during the conference by resource persons from the United States of America, United Kingdom, Israel, South Africa and the International Monetary Fund as well as the African Economic Research Consortium. Download all the papers here.

CBN Refunds Excess Paris Club Debt Deductions To States.

Tue, 22 Jan 2008 18:49:38 +0100

Following the discovery of excess deductions from the statutory allocations of some states in the course of offsetting the Paris Club debt stock, the Central Bank of Nigeria has concluded arrangements to refund such excess deductions to the affected states. The bulk of such deductions were from the excess crude and the Petroleum Profit Tax (PPT) accounts. Foreign Operations Circular details modalities for effecting the refunds. Meanwhile, the Development Finance Department has posted speeches and papers presented at the 2nd International Conference on Microfinance and Microentrepreural Award Ceremony which took place on January 17 & 18 January, 2008 in Abuja.

List of Community Banks That Have Sucessfully Converted to Microfinance Banks as at December 31, 2007

Mon, 14 Jan 2008 11:23:22 +0100

Following the expiration of December 31, 2007 deadline for all existing community banks to re-capitalize to a minimum of N20 million shareholders' fund, unimpaired by losses, and consequently convert to microfinance banks (MFB), it is imperative to publish the outcome of the conversion exercise for the guidance of the general public. Accordingly, the attached list represents 607 erstwhile community banks that have successfully converted to microfinance banks with either final licence or provisional approval. This list does not, however, include new investors that have been granted Final Licences or Approvals-In-Principle to operate as microfinance banks since the launch of Microfinance Policy on December 15, 2005

CBN Classifies FGN Bonds as Liquid Assets

Wed, 2 Jan 2008 12:02:37 +0100

To help deepen the financial market and enhance the information content of the yield curve for effective price discovery as well as bench-mark international best practices, the Deposit Money Banks and Discount Houses are hereby informed that all Federal Government of Nigeria bonds actively traded on the secondary market would henceforth qualify as liquid assets. See Circular for details

Monetary Policy Communiqué NO. 53, December 4th, 2007

Tue, 4 Dec 2007 21:16:56 +0100

The Monetary Policy Committee (MPC) raised the monetary policy rate by 50 basis points from 9.0 per cent to 9.5 per cent. The committee noted with satisfaction the decline on Year on Year (Headline) Inflation from 6.4 per cent in June 2007 to 4.1 per cent in September 2007. However, in October, the year on Year Inflation rose slightly to 4.6 per cent, reflecting increases in the prices of utilities, transport, hotel, tourism and education. Details in Central Bank of Nigeria Communiqué No. 53 of the Monetary Policy Committee, December 4, 2007.

201st MPC Meeting to hold in Abuja.

Thu, 29 Nov 2007 12:43:46 +0100

The regular meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria is scheduled to hold on Tuesday, December 4, 2007 at the Bank's Headquarters in Abuja. The Committee will review developments in major indicators of economic performance such as output, prices, including interest and exchange rates, balance of payments since the meeting of Wednesday, October 3, 2007. It is also expected to examine the outlook for the first quarter of 2008. The implications of the development will be reviewed and the committee will decide whether to raise, reduce or leave the monetary policy rate unchanged.

Economic Report for the Third Quarter of 2007 Released

Tue, 27 Nov 2007 17:16:06 +0100

Aggregate output growth measured by the gross domestic product (GDP) was estimated at 6.05 per cent during the 3rd quarter of 2007. Available data indicate growth in monetary aggregate during the review period. Broad money supply (M2) and narrow money supply (M1) increased by 9.3 and 17.5 per cent relative to the preceding quarter details can be found in the Economic Report for the Third Quarter of 2007.

CBN Economic Report for the First Half of 2007

Fri, 17 Aug 2007 15:47:27 +0100

During the first half of 2007, the CBN pursued its primary mandate of maintaining monetary and price stability through monetary targeting. The Bank's monetary operations relied on the lending and deposit facilities anchored on the monetary policy rate (MPR) with a rate corridor. This was complemented with the open market operations (OMO), the sale of foreign exchange through the Wholesale Dutch Auction System (WDAS), reserve requirement and auction of treasury securities in the primary market. For details see the Economic Report for the 1st Half of 2007 - Part 1, Part 2, Part 3, Part 4 & Tables

CBN, Circulars to Banks and other financial institutions operating in Nigeria

Fri, 17 Aug 2007 15:47:27 +0100

All banks and other financial institutions operating in Nigeria are reminded of the need to ensure full compliance with customer identification requirements in line with Section 3 of Money Laundering Prohibition Act, 2004, CBN KYC Directive, 2001 and KYC Manual, 2003. While The deployment of the Data Submission System (DSS) of the electronic Financial Analysis and Surveillance System (e-FASS) in all banks and discount houses, has led to the automation of data extraction for the purpose of returns rendition thus, requiring less effort by banks and discount houses to submit their statutory returns.

CBN, NDIC Committed to Banking System

Fri, 17 Aug 2007 15:47:27 +0100

The Governor, Prof. Chukwuma C. Soludo assure Nigerians and the world that the CBN and NDIC are committed to ensuring that the Nigerian banking system remains the safest and fastest growing among the emerging markets. This was part of a special briefing to clarify some pertinent issues regarding the state of Springbank. Furthermore, the technical Committee on Nigerian Export Supervision Scheme (NESS) is organinsing a one day seminar to sensitize exporters and other stockholders on their operations.

CBN Reaffirms Commitment to Nation Building

Fri, 17 Aug 2007 15:47:27 +0100

The Governor, Prof. Chukwuma C. Soludo CFR, on Monday 27th August 2007, addressed staff on the development arising from the four-point "Strategic Agenda for the Naira". The Governor assured the staff of the commitment of Bank towards building a virile economy. Click here for the press statement

Governor Briefs Labour Leaders

Fri, 17 Aug 2007 15:47:27 +0100

The Governor, Professor Chukwuma Soludo held a meeting with the executives of the Nigeria Labour Congress today, Friday August 17, 2007. During the meeting, the Governor explained the rationale for the "Strategic Agenda for the Naira" launched earlier in the week as well as allayed the concerns raised by the labour leaders.

Read Frequently Asked Questions on the New Naira Policy

Prof. Soludo Unfolds the Strategic Agenda for the Naira

Tue, 7 Aug 2007 16:10:04 +0100

The Governor, Central Bank of Nigeria (CBN), Prof. Chukwuma C. Soludo, has announced the Strategic Agenda for the Naira. This, according to him is to complement the 13-point agenda initiated in 2004. The strategic agenda is anchored on the issues of realignment of currency redenomination, ensuring its stability and global integration. Click here for the Governor's address.

Annual Report & Statement of Accounts for year 2006 Released

Tue, 7 Aug 2007 16:10:04 +0100

Central Bank of Nigeria Annual Report & Statement of Accounts for year ended 31st December, 2006. This report provides an overview of the operations of the Central Bank of Nigeria (CBN) and the major economic outcomes in 2006. It is structured in four parts. Part I reports the activities of the CBN in 2006, the Economic Report is presented in Part II followed by the Appendices (Part III) and Tables (Part IV).

We Are Now Recruiting

Tue, 10 Jul 2007 17:38:43 +0100

We are seeking qualified, skilled, and energetic individuals to fill the vacant positions of Director, Statistics Department and Director, Monetary Policy Department, both in the Economic Policy Directorate. The individuals must be Nigerian nationals and must possess strong quantitative, analytical and writing skills, with an established track record in monetary economics, macroeconomics, statistics, econometrics and financial economics/statistics and a sound knowledge of the Nigerian economy. The individuals must also have strong research focus on central bank tasks and functions. Click here to apply

Invitation to Bid for The Sale of The CBN Houses Extended by Two Weeks

Tue, 10 Jul 2007 17:38:43 +0100

This is to inform the general public (including political office holders and career officers who are not currently bonafide occupants of government houses) and incorporated entities that the invitation to bid for the sale of the CBN houses in twenty (20) locations across the Country placed on The Guardian; This Day; Daily Trust; The Punch; The Champion; The New Nigerian; and The Leadership Newspapers dated 13th June, 2007, has been extended by two weeks to enable members of the public submit their bids. details. The application form can be downloaded here.

Highlights of the New Central Bank of Nigeria (CBN) Act, 2007

Wed, 30 May 2007 09:15:26 +0100

The CBN proposed a number of measures for strengthening the CBN Acts. The Bill was deliberated upon by the Federal Executive Council and following their approval was forwarded to the National Assembly (NASS).The Act was thereafter assented to by the immediate past President. click here for more

Africa Finance Corporation Starts Operations

Thu, 28 Jun 2007 13:01:18 +0100

The Africa Finance Corporation (AFC) has commenced operations with the appointment of Mr. Austine Ometaruwa as the pioneer President/Chief Executive Officer. This, among others, was disclosed at a press briefing addressed by the MD/CEO, IBTC-Chartered Bank, Mr. Peterside Atedo, in company of Ladi Balogun, MD, First City Monumental Bank (FCMB), Falalu Bello MD, Unity Bank Plc, Mr. Ignatius Imala Director, Banking Supervision Department, CBN and Mr. Festus Odoko, Head Corporate Affairs, CBN, after the Bankers' Committee Meeting held at the Central Bank of Nigeria (CBN) Lagos, Tuesday June 26, 2007. See details here.

CBN Clarifies Pertinent Issues Concerning Spring Bank PLC

Wed, 13 Jun 2007 15:41:57 +0100

The Governor, Central Bank of Nigeria, Prof. Chukwuma C. Soludo has clarified pertinent issues concerning the state of affairs of the Spring Bank PLC and the general situation of the banking sector.

President Yar' Adua Monday June 18, 2007, declares the International Conference on the Financial System Strategy 2020 (FSS2020) open, reiterating that building a strong and virile economy remains the priority of his administration. Click here for documents presented at the event.

The Int'l Conference on the Financial System Strategy 2020

Sun, 10 Jun 2007 13:29:04 +0100

The International Conference on the Financial System Strategy 2020 (FSS2020) is scheduled to hold from June 18 to 20, 2007, at the Trancorp Hilton, Abuja. The Conference which will be attended by experts from various parts of the world is expected to share experiences of other International Financial Centres from both the developed and emerging markets. Strategies for an integrated and sound financial system that will ensure that Nigeria joins the league of top 20 largest economies in the world by the year 2020 will also be explored at the conference.

CBN Governor Launched Security Dealing Room

Wed, 30 May 2007 09:15:26 +0100

The Governor of the Central Bank of Nigeria, Prof Chukwuma C. Soludo, CFR, on the 24th of May 2007 launched the Security Dealing Room in Lagos,Nigeria. He presented the Operational Procedures for Money Market Dealers and the Guidelines for Dealership in Money Market Instruments.

Soludo Speaks on Obasanjo Legacy and the Challenge Ahead.

Tue, 17 Oct 2006 12:43:25 +0100

The Governor of the Central Bank of Nigeria, Prof Chukwuma C. Soludo, CFR, on the 10th of May 2007 spoke on the Obasanjo Legacy and the Challenge ahead at the Nigeria Development Forum. His paper titled "From a Pariah, Failed State to an Emerging Market Economy: The Obasanjo Legacy and the Challenge Ahead"

Invitation to Bid for Sale of Houses

Wed, 4 Apr 2007 18:22:16 +0100

In continuation of its implementation of the Monetization Policy and in accordance with the approved Federal Government Guidelines on the Sale of Houses, the Central bank of Nigeria hereby invites the general public (including political office holders and career officers who are not currently bonafide occupants of government houses) and incorporated entities to bid for the sale of residential CBN houses in Nineteen (19) locations across the Country. Click here for details.

CBN Issues New Currency Notes & Coins

Wed, 31 Jan 2007 08:42:19 +0100

The Central Bank of Nigeria (CBN) issues new notes and coins on February 28, 2007. The new currency includes N5, N10, N20, and N50 notes which are issued in regular paper notes except the N20 that is in polymer form, while the new 50k, N1, and N2 coins are light weight. Click here for details of the new notes or here for the additional information. Download and print the flyer.

We Are Recruiting

Wed, 31 Jan 2007 08:42:19 +0100

The Central Bank of Nigeria (CBN) is in the process of recruiting candidates to fill vacant positions in its Information Technology Department (ITD). In order to realize the above objective, applications are invited from suitably qualified candidates to fill the following positions. Note: It is advised that, where possible, all applications be made online through the online form provided on the website. Applications will not be accepted after 9th March, 2007.

CBN Governor Bags Commander of the Federal Republic of Nigeria Award.

Fri, 22 Dec 2006 13:44:47 +0100

President Olusegun Obasanjo on Thursday, December 21, 2006 at the International Conference Centre, Abuja conferred the National Honour of Commander of the Federal Republic, CFR on the Governor, Professor Chukwuma Soludo. Professor Soludo was among the list of 272 distinguished Nigerians so honoured by President Obasanjo.

2006 NTA Annual Lecture

Wed, 13 Dec 2006 21:48:48 +0100

The Governor, Professor Chukwuma C. Soludo on Tuesday, December 12, 2006 delivered the 2nd Nigerian Television Authority (NTA) National Public Lecture. The theme of the lecture which took place at the Nigeria Institute of International Affairs,Lagos was: Financial System Strategy 2020 - The Next Development Frontier Click Here For His Speech

Nigeria As Africa's China.

Thu, 30 Nov 2006 12:43:25 +0100

The occasion of the Founders Day of the University of Benin presented an opportunity for deeper reflection on the dreams and aspirations of the founders of the institution, The University was established to, among other things, help to think Nigeria out of its underdevelopment. Focusing on the journey so far, Prof. Soludo chose China as a metaphor to frame the issue of Nigeria's challenges ahead. Click Here For His Speech

New Framework for Monetary Policy Implementation In Nigeria

Fri, 8 Dec 2006 11:09:57 +0100

The Governor,Professor Chukwuma C. Soludo last Monday, December 4,2006 unveiled the new Monetary Policy Framework at a briefing attended by the Chief Executives of deposit money banks and Media Practictitioners. Click Here For His Speech

Prudent Oil Revenue Management: Soludo Calls for Constitutional Amendment

Thu, 30 Nov 2006 12:43:25 +0100

The Governor, Central Bank of Nigeria (CBN), Prof. Chukwuma C. Soludo called for Constitutional amendment relating to sections dealing with the distribution of oil revenue, if proceeds derived from oil and other natural resources are to be prudently managed. Click Here For More

CBN Hosts International Conference / Annual Micro Entrepreneurship Promotion Awards.

Tue, 28 Nov 2006 10:01:50 +0100

The Central Bank of Nigeria (CBN) in collaboration with the National Organizing Committee (NOC) on the International Year of Micro Credit will hold an International Microfinance Conference from 14th to 15th December, 2006. The theme of the Conference is "The Challenges of Microfinance Intermediation in an Emerging Economy" Click here for more on the conference.

Soludo Speaks on Nigeria, Africa at Pennsylvania Varsity

Tue, 17 Oct 2006 12:43:25 +0100

The Governor of the Central Bank of Nigeria, Professor Charles Soludo, will, beginning from 9th November 2006, continue his campaign across the world on Nigeria's economic reform as he addresses conferences in Nairobi, Kenya, and the University of Pennsylvania, Philadelphia, United States, where he will be the keynote speaker at the 2006 Wharton African Business Forum of the University. Click here for more.

Regulators & External Auditors of Financial Institutions Brainstorm

Tue, 17 Oct 2006 12:43:25 +0100

The Governor, Central Bank of Nigeria, Professor Charles C. Soludo said that given the recent banking sector consolidation and the attendant size of the new banks, corporate governance has become a big issue among operators in the Nigerian financial system. The Governor who was represented by the Deputy Governor (Operations), Dr. Shamsuddeen Usman stated this while declaring open the 3rd Conference of Regulators and External Auditors of Financial Institutions in Nigeria.

CBN Refocuses on Price Stability as its Pre-eminent Mandate

Tue, 17 Oct 2006 12:43:25 +0100

The Governor, Central Bank of Nigeria (CBN), Prof. Charles C. Soludo has once more reiterated the need to refocus on price stability as the pre-eminent function of the CBN, more so given the recent massive consolidation of the
banking sector. The Governor made this known at the 11th Monetary Policy Forum, which took place at the Corporate Headquarters, Abuja. According to him, the era when the CBN was overwhelmed by regulatory and supervisory functions
was over, noting that such roles are only tangential. Prof. Soludo explained that low and stable inflation, in addition to a robust financial system are essential ingredients for the conduct effective monetary policy. He noted that in an economy where more that 70% of the loan able funds with deposit money banks are made up of short term fund ranging
tenor from 30 to 90 days tenure; banks will be unwilling to fund long term investment. For more on the Forum, see past event

Reserve Bank of Zimbabwe Officials on a Study Visit to CBN

Tue, 17 Oct 2006 12:43:25 +0100

Some top management staff of Reserve Bank of Zimbabwe(RBZ) led by its Deputy Governor, Licencing, Supervision and Surveillance Division, Dr. Charity L. Dhilwayo are on a study visit to the CBN between 9-30/10/2006 to learn from our experience in the areas of banking consolidation, Supervision and failed banks management. The picture (inset) shows Mr. Tunde Lemo, the CBN DG (FSS), Mr. O. I. Imala, the DBS and other staff of the Banking Supervision Dept, and the visiting DG and her Management team from the RBZ.

President Obasanjo Commends CBN for Taking Services Closer To The People

Tue, 17 Oct 2006 12:43:25 +0100

The President, Chief Olusegun Obasanjo has commended the Governor, Board and Management of the Central Bank of Nigeria (CBN), for taking the services of Central Banking closer to economic agents in all parts of the Federation. President Obasanjo stated this over the weekend while performing the foundation laying ceremony of the CBN branch building at Awka, Anambra State. He further expressed joy that with the establishment of Awka Branch of CBN, services such as Agricultural Credit Guarantee Scheme (ACGS) and Microfinance services will be of immense benefits to a mercantile State like Anambra with high concentration of small and medium enterprises. This development, according to President Obasanjo would go along way to provide employment and promote economic growth, thereby reducing poverty among the citizens.

CBN Awards Mandates for External Asset Management

Wed, 4 Oct 2006 16:34:53 +0100

The Investment Committee of the Central Bank of Nigeria (CBN) at its meeting of 3rd October, 2006 appointed external fund managers for our foreign reserves in order to allow for professional management, diversification of investment and to leverage on the expertise of the foreign banks to transform Nigerian banks into global financial institutions. See Details

Press Statement Re: INEC'S N20 Billion Trapped In The Central Bank of Nigeria

Tue, 3 Oct 2006 17:48:29 +0100

The attention of the Central bank of Nigeria has been drawn to news reports in most newspapers credited to the chairman of the Independent National Electoral Commission (INEC). Prof. Maurice Iwu, to the effect that INEC's N20 billion was trapped in the CBN. For avoidance of doubt, the CBN does not have such a mandate for N20 billion as alleged by the INEC chairman. Read More

Appointment of Primary Dealers in Money Market Instruments: Request for Expression of Interest

Thu, 31 Aug 2006 09:49:13 +0100

The Central bank of Nigeria, in its effort to deepen and improve the efficiency of the Money Market for effective liquidity management, is in the process of appointing Primary Dealers in Money Market Instruments. Primary Dealers will be selected in accordance with the procedures set out in the CBN Guidelines for Primary Dealership in Money Market Instruments.

Guidelines for Developing Risk Management Framework For Individual Risk Elements In Banks

Mon, 28 Aug 2006 09:47:55 +0100

Further to our circular dated 15th September, 2005 on the Development of Risk Management Systems in Nigerian Banks, the CBN/NDIC Executive Committee on Supervision has prepared the guidelines to assist banks in developing their risk management framework for individual risk elements. As a draft guideline, we invite your inputs to further enrich the document. In this regard, please submit your suggestions to the undersigned not later than 11th September, 2006.

Macroeconomy: Progress Report on Monetary and Exchange Rate Policy and the Financial System

Fri, 25 Aug 2006 19:33:22 +0100

Professor Charles Soludo, in his presentation of progress report on Monetary and Exchange Rate Policy focused on the core mandates of Central Bank of Nigeria which focuses on macroeconomics management...Key prices(interest rate, exchange rate, inflation) , credit and payment system to ensure non-inflationary economic growth and efficient payment systems. Tangentially on institutional reforms, including Banking system reforms. He outline the objective, context and achievements in issuance of Legal Tender (currency management), management of external reserves, price and money stability exchange rate and forex management.

CBN release Guideline for the operation of the Agricultural Credit Support Scheme (ACSS)

Fri, 25 Aug 2006 19:08:27 +0100

An Agricultural Credit Support Scheme (ACSS), has been established through the initiative of the Federal Government and Central Bank of Nigeria with the support of and participation of the Bankers committee. The shall have a fund of N50.0 billion from the contributions of the key participants. The purpose of ACSS is to develop the agricultural sector of the Nigerian economy by providing credit facilities to farmers at a single digit interest rate. According to the guidelines, the ACSS shall be managed by a 21 member committee central implementation committee (CIC) headed by a chairman.

Re: Presidency Lied Over $34b Reserves, Says, Senator

Fri, 25 Aug 2006 19:24:53 +0100

The attention of Central Bank of Nigeria has been to an erroneous front page publication of Monday June 5, 2006 edition of a national Newspaper to the effect that the presidency lied, claiming that Nigeria has only US$9.09 billion in foreign reserves. This Press Release statement was released on June 6, 2006 by the head, Corporate Affairs.

Diaspora Collaborative Research Program (DCRP)

Fri, 25 Aug 2006 19:11:50 +0100

The Central Bank of Nigeria welcomes applications from Nigerian's in diaspora and non-nationals who are leading economists in academia, banking, international research financial institutions and top research institutions to participate in Central Bank of Nigeria Diaspora Collaborative Research Program (DCRP) and Visiting Research Scholars Program(VRSP). The DCRP/VRSP will be awarded to annually commencing from 2006. Successful candidates will be required to carry out a short-term research assignment ranging from four(4) weeks to twelve(12).

Economic Report for the First Quarter of 2006

Fri, 25 Aug 2006 19:28:40 +0100

The Central Bank of Nigeria Quarterly Report is defined for dissemination of financial information of the Nigerian economy on current basis. The report analyses developments in the financial, fiscal, real and external sectors of the economy as well as international economic issues of interest.

Code of Corporate Governance for Banks in Nigeria Post Consolidation.

Fri, 25 Aug 2006 19:28:40 +0100

Financial scandals around the world and the recent collapse of major corporate institutions in the USA had brought to the fore, once again, the need for the practice of good corporate governance, which is a system of managing the affairs of corporations with view to increasing shareholder value and meeting the expectations of the other stakeholders.

CBN Restructures Currency Notes

Fri, 25 Aug 2006 19:28:40 +0100

Central Bank of Nigeria, has announced the restructuring of the nation's currencies as part of the payments systems reforms. At a media interactive session held April 11th, 2006, Prof. Soludo disclosed that N5, N10, N20 and N50 notes would be redesigned and re-issued before the end of the year. The Bank would introduce N2 coins into the system. A bill has been proposed to make mutilation of notes a punishable offense.

CBN Launches Cheque Standards Scheme

Fri, 25 Aug 2006 19:28:40 +0100

February 21st 2006, Prof. Soludo at the end of the Bankers Committee meeting in Lagos, launched the Nigeria Cheque Standard and Cheque Printers Accreditation Scheme. During his speech, the Governor reiterated the need for Banks and other financial institutions to adopt the standards to ensure that Nigerian cheques maintain international standards.

CBN Introduces N1000 Note

Fri, 25 Aug 2006 19:28:40 +0100

The Central Bank of Nigeria has introduced N1000 (One thousand naira currency note) into circulation on October 12th, 2005. The new note has the portraits of Alhaji Aliyu Mai Bornu & Dr. Clement Isong. Click here for security features of the new note.

Bank Consolidation: 13 point agenda

Fri, 25 Aug 2006 19:28:40 +0100

The Central bank of Nigeria has introduced a 13 point agenda on July 6, 2004 to address the perennial problem of systematic distress in the banking industry. This is aimed at recapitalization and consolidating banking industry for efficient delivery. See Consolidation Recourses and Frequently Asked Questions (FAQs)