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Nigeria’s reserves rise to $50.45bn as net FX hits $34.80bn

Maureen Ikpeama7 months ago7 months ago05 mins

Governor of the Central Bank of Nigeria, Olayemi Cardoso, says Nigeria’s reserves has risen to $50.45bn as net FX hits $34.80bn, the highest in 13 years. Cardoso described it as a major improvement in Nigeria’s foreign reserve position, adding that it is a clear evidence of stronger external sector fundamentals and sustained economic reforms. Speaking…

16 banks meet new capital requirements as CBN retains 27% interest benchmark

Maureen Ikpeama10 months ago10 months ago05 mins

Central Bank of Nigeria (CBN) has confirmed that 16 banks have fully met its new capital requirements, while the Monetary Policy Committee (MPC) voted to retain the benchmark interest rate at 27 per cent. CBN Governor Olayemi Cardoso announced both outcomes , Tuesday, during a press briefing at the end of the committee’s 303rd meeting…