Central Bank of Nigeria (CBN)
Nigerian state uses central bank as ‘piggy bank’ – MPC member
Central bank policies are crowding out private investment, economist argues
Nigerian recovery plan envisages new exchange rate regime
Plan calls for rationalisation of exchange rate structure and echoes many of central bank governor’s criticisms of status quo
Nigeria’s central bank rolling back forex restrictions
Allocation rules are scrapped under the new regime, while all forex dealers must open outlets at airports to aid travellers; additional forex is to be made available for tuition and medical expenses
Nigeria’s central bank is in the eye of the storm
The Central Bank of Nigeria’s flawed foreign exchange policies worsened a recession in 2016. It now needs to rebuild its credibility, argues former CBN deputy governor Kingsley Moghalu
Nigerian central bank attacks ‘unpatriotic’ critics of forex regime
Reserves under pressure due to “huge fall” in earnings, the bank admits
Central Bank of Nigeria bans banks from using digital currencies
CBN warns on AML-CFT risk to banks from dealings with “virtual currency exchangers”
Nigerian central bank details funding for farmers
Programme is latest to aim at boosting production of import substitutes
Nigerian MPC calls for state to act on stagflation crisis
Committee members warn the central bank on its supervision of banking sector; say monetary policy has a limited effect in face of the current problems
Threat of stagflation is ‘now real’, Nigerian MPC member says
Nigerian central bank publishes unusually detailed account of July rate rise decision, including personal statements by MPC members
People: Irish market supervisor quits; Emefiele appointed president of AACB
Gareth Murphy resigns as head of market supervision at the Central Bank of Ireland, Nigerian governor appointed president of African Association of Central Banks, and more
Federal Reserve Board seeks comms boost with Facebook page
Fed adopts its fifth form of social media in an effort to reach a greater audience, joining many other central banks expanding their communications in a similar direction
Nigeria tightens regulations on money transfer operators
Central bank's move will leave only three companies to deal with a remittance market worth more than $20bn annually, an analyst says
Nigerian regulator overhauls management of major local bank
Nigeria’s central bank enforced a change of management in a domestically systemically important bank due to liquidity and capital adequacy concerns; finance veterans appointed to top roles
Nigerian central bank announces forex liberalisation
Nigeria’s central bank unveiled plans to make up to $2.5 billion available to the country’s non-oil exporters; currency will float from June 20
Nigerian central bank disburses $600m to power sector in 15 months
Nigeria central bank aid to the country’s electricity sector supplied in the form of loans and grants
More ‘flexible’ Nigerian exchange rate regime met with cautious optimism
Central bank announces intention to move to more flexible regime, though exact parameters not yet announced; analysts seem hopeful about the move but lack of details is worrying
Nigerian central bank provides sugar refinery with $131m
Central Bank of Nigeria confirms it supplied $131 million to fund the construction of a sugar refinery; governor says the bank will support moves towards self-sufficiency
IMF staff raise concerns over Nigeria’s FX regime
Report voices worries about unintended consequences of FX restrictions, calling for more flexibility in exchange rate; Nigeria's authorities insist measures are temporary
Lagarde calls for ‘fundamental change’ in Nigerian policy
IMF managing director tells leaders to shore up the banking system, strengthen the external position and exercise ‘restraint’, during visit to Nigeria
Nigeria cuts rates to encourage growth in ‘bold’ decision
The central bank lowers the policy rate by 200bps as part of a package of measures aimed at supporting growth and easing credit conditions
Book notes: Banking Reform in Nigeria, by Yomi Makanjuola
A gripping read, starting with Sanusi Lamido Sanusi's leadership of the Central Bank of Nigeria in 2009
Former Nigerian governor Sanusi attacks current central bank policy
Former governor of the Central Bank of Nigeria Sanusi Lamido Sanusi challenges monetary policy stance of Nigeria’s central bank and calls for a currency devaluation
Nigeria’s efforts to support currency could unravel
Nigeria’s central bank governor is imposing strict capital controls to cope with the country’s slumping oil revenues but analysts predict naira devaluation is only a matter of time
Nigeria bans foreign currency cash deposits
Central bank move comes as part of a clampdown on ‘illicit funds’ passing through banks; follows a series of measures aimed at stabilising exchange rate