CBN/Commercial Banking

Forex Reserves Rise To $33.2 Billion Amid Optimism On Oil Earnings Nigeria’s foreign exchange (forex) reserves have risen to $33.25 billion amid optimism that the country may surpass its crude oil earnings’ projections. The nation’s forex reserves rose by $140 million to close weekend at $33.25 billion, sustaining a build-up that had raised expectations of a stronger outlook among analysts. The reserves, which had closed 2023 at $32.91 billion, closed penultimate week at $33.11 billion. Brent crude oil price inched higher by 1.6 per cent to $78.48/bbl at the weekend as escalating tensions in the Middle East and disruptions in…

CBN Assures Nigerians Of Funds Safety In Banks The Central Bank of Nigeria has officially reassured the public about the security of funds held in Nigerian banks, underscoring the robust stability of the nation’s banking sector. This was made known in a statement issued by the acting, Director, Corporate Communications, Sidi-Ali Hakama via its X handle on Wednesday, December 27. The statement reads: “The Central Bank of Nigeria (CBN) has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions. “For the avoidance of doubt, Nigerian banks remain safe and…

99.9% Households Yet To Receive FG’s Cash Transfer –The World Bank has reported that approximately 99.9% of targeted poor and vulnerable households are yet to receive the Federal Government’s recently announced N25,000 per month cash handout. According to The Times, data from the World Bank’s Lead Economist for Nigeria, Alex Sienaert, was presented last week in Abuja during the Nigeria Development Update, December 2023 edition. The Federal Government intends to provide cash transfers to low-income households, paying N25,000 per month for three months, according to his presentation material. President Bola Tinubu introduced the Conditional Cash Transfer Program on October 17,…