Central Bank of Nigeria (CBN) News

Nigerian stocks hit 33-month high on foreign fund buying

Nigerian stocks hit 33-month high on foreign fund buying

Nigerian stocks hit a 33-month high on Tuesday as foreign investors bought shares following improved liquidity on the currency market and a strong half-year performance by listed companies.

GT Bank, Nigeria's biggest bank by market value, has raised the maximum monthly dollar spend limit to $1,000 from

Nigeria Banks Boosting Dollar Spending as Liquidity Improves

Nigerian banks are boosting dollar-spending limits for payment cards denominated in local currency as much as tenfold because of improved foreign-exchange supply.

Joseph Nnanna, Chairman of Etisalat Nigeria & Deputy Governor, Central Bank of Nigeria

Etisalat Nigeria rebrands to 9mobile

Emerging Markets Telecommunication Services (EMTS), trading as Etisalat Nigeria, has adopted 9Mobile as a new brand identity following a meeting held on 13 July.

Etisalat Nigeria's new CEO targets profit after regulator rescue

Etisalat Nigeria's new CEO targets profit after regulator rescue

Etisalat Nigeria is focused on getting the telecoms group back on track to make a profit after it was saved from collapse, while working on the paperwork to eventually raise new capital.

Orange & Vodafone are seeking to purchase 65% of Etisalat Nigeria

Orange, Vodafone are reportedly seeking to purchase 65% of Etisalat Nigeria

Orange Telecom and Vodafone are seeking to purchase 65 percent of Etisalat Nigeria following the departure of the UAE-based Etisalat Group from its Nigerian business, reports Brandish citing unnamed sources.

Sola David-Borha, CEO, Rest of Africa, Standard Bank Group. Credit: saharaweeklyng.com

Sola David-Borha appointed Standard Bank Group Africa CEO, Yinka Sanni appointed Stanbic IBTC Holdings CEO & Demola Sogunle appointed Stanbic IBTC Bank CEO

Standard Bank Group, Africa’s largest bank by assets, has appointed Sola David-Borha as the CEO (Rest of Africa) of Standard Bank Group effective January 19th, 2017.

More Nigerians are embracing electronic payments

More Nigerians are embracing electronic payments (Infographics)

Five years after Nigeria’s Central Bank (CBN) launched its Cash-less Nigeria project to reduce the amount of physical cash circulating in the economy, it is finally catching on.

Olatorera Oniru, CEO, Dress Me Outlet. Credit: konnectafrica.net

From Wall Street to e-commerce in Nigeria

“To scale through the start-up phase is very difficult. It requires a lot of tenacity and, like I always say, it requires experience.” So says Nigerian Olatorera Oniru.

Godwin Emefiele, Governor, Central Bank of Nigeria

Nigerian Banks in Distress? Not Exactly

Nigeria’s economy has spent much of 2016 in recession for the first time in over two decades. Unsurprisingly there has been speculation about the strength of its banking system.

Novare Lekki Mall (Illustration)

Nigerian property crash attracts brave investors betting for the long-term

A property market crash in Nigeria offers opportunities for brave investors betting that Africa’s most populous nation will deliver high returns when it climbs out of recession.

Diane Radley, Old Mutual Investment Group

Why Old Mutual is investing millions in Nigeria's property and agriculture markets

This month, South African financial services firm Old Mutual Investment Group announced a partnership with Nigeria’s sovereign wealth fund for the investment of US$700m in real estate and agriculture.

South Africa Leapfrogs Nigeria: Back to No. 1 spot in Africa on currency fluctuations. Credit: Bloomberg/IMF

South Africa's economy regains rank as Africa's biggest on rand appreciation (Infographic)

South Africa’s economy regained the position of Africa’s largest in dollar terms more than two years after losing it to Nigeria as the value of the nations’ currencies moved in opposite directions.

Aliko Dangote (Left), Kola Karim, Temitope Balogun (TB) Joshua & Ade Ayeyemi

How Nigeria's top tycoons made their fortunes

Between the politicians and the rich, there is considerable overlap. Running a political campaign is extraordinarily expensive in Nigeria, and many a senator is heard complaining, in private, about how much money is needed to buy a seat.

Why African Entrepreneurship Is Booming

Why African Entrepreneurship Is Booming: Ndubuisi Ekekwe, Founder, African Institution of Technology

Last month, I visited my village of Ovim in Southeastern Nigeria. I met a painter who also manufactures the paint he uses for his work.

Nigeria's naira is tumbling after a currency float, but that's a good thing

Nigeria's naira is tumbling after a currency float, but that's a good thing

After the first day of trading following a currency float, the value of Nigeria’s naira dipped by 31%, selling at 288.85 naira as markets closed on Monday (June 20).

Olatorera Oniru, CEO, Dress Me Outlet

Meet the Nigerian woman who is building the fashion Amazon of Africa

Olatorera Oniru is one of Nigeria’s most assiduous and ambitious young entrepreneurs. The 29 year-old lady is the founder of Dressmeoutlet.com, a Lagos-based e-commerce startup that retails fashion products sourced from across the globe.

Aliko Dangote, Chairman, Dangote Group

Africa's richest man Dangote opens Nigeria tomato factory to vie with Chinese imports

Dangote Group, owned by Africa’s richest man Aliko Dangote, opened a tomato-processing factory near Nigeria’s northern city of Kano aimed at vying for the local market with imports from China.

Kennedy Uzoka, incoming Managing Director of UBA Group

Nigeria's UBA Group appoints Kennedy Uzoka as Managing Director, Victor Osadolor as Deputy MD

Lagos-based UBA Group has appointed Kennedy Uzoka as Group Managing Director, with effect August 1st, 2016 and contingent on the approval of Nigeria’s Central Bank.

Skyscrapers stand on the city skyline looking west from the Carlton Center in Johannesburg, South Africa, Photographer: Dean Hutton/Bloomberg

Private equity firms builds war chest to invest in Africa (Infographic)

Private-equity companies amassed a $4.3 billion war chest for investment opportunities in Africa last year as the global commodity rout and weakening local currencies cut prices of potential target companies.

Sanusi Lamido Sanusi (Muhammadu Sanusi II), Emir of Kano and former Governor of Nigeria's Central Bank

Nigeria's former Central Bank Governor Lamido Sanusi criticizes President Buhari's currency policy

Respected former head of Nigeria’s Central Bank Lamido Sanusi has said the government should end its policy of trying to maintain the value of the currency, the naira.

Lagos, Nigeria

Economists share their 2016 outlook for Nigeria, Kenya and South Africa

These are the global economic realities that will continue to shape African markets in 2016. Strong US dollar. Low oil and commodity prices. Slowing Chinese growth.

Godwin Emefiele, Governor, Central Bank of Nigeria

Nigeria Central Bank Cuts Flow of Dollars to Money Changers

Nigeria’s central bank stopped selling foreign exchange to money-changers as it struggles to stabilize the naira amid a plunge in oil prices that have hit government finances.

A money changer counts Nigerian Naira at a bureau de change (AP Photo/Sunday Alamba)

Nigeria: 'The Boom Isn't Over, It's Still To Come'

Muhammadu Buhari’s honeymoon period as Nigerian president is well and truly over.

Herbert Wigwe, CEO, Access Bank

Mobile telephony enables Nigerian banks to fine tune services

Uzoma Dozie can remember when really effective marketing by banks took a different form.

Compelling investment markets in Africa. Credit: sc.com

Nigeria offers investors a unique opportunity for strong long-term growth: Global X MSCI Nigeria ETF (Infographics)

Nigeria is currently offering investors a unique long-term growth opportunity at a great value through the Global X MSCI Nigeria ETF (NGE).

Jumia workers examine products for delivery in Lagos, Nigeria. AFP Photo/Pius Utomi Ekpei

Nigeria's developing e-pay economy

Nigeria has historically set the example for other African nations in terms of mobile adoption, internet infrastructure proliferation, and e-commerce.

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN)

Nigerian central bank offers some relief to country's banking sector

The Nigerian banking sector finally has some breathing space after the country’s central bank lowered capital reserve requirements (CRR) for banks from 31% to 25%. 

Godwin Emefiele, Governor, Central Bank of Nigeria (CBN). Credit: theyesng.com

Nigeria's Central Bank Governor Emefiele to reconsider FX controls as demand drops

Nigeria’s central bank Governor Godwin Emefiele said he will consider easing restrictions on currency trading in Africa’s biggest oil producer if demand for foreign exchange drops further.

Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria

Replace Nigeria's patrimony of oil with the politics of hope: Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria

For too long, Nigerian leaders have acted as though the only decisions they had to make concerned who should get what.

Godwin Emefiele, Governor, Central Bank of Nigeria (CBN)

Is #Nigeria's central bank governor Godwin #Emefiele being made a scape goat? Are low oil prices good for #Nigeria? #ABCView

Yes, Nigeria’s central bank governor, Godwin Emefiele, is in fact being made a scape goat for the country’s economic challenges.

Godwin Emefiele, Governor of the Central Bank of Nigeria

Full transcript: FT interview with Nigeria's central bank governor Godwin Emefiele

Godwin Emefiele, governor of the Central Bank of Nigeria, defends his approach to stabilising the naira as Africa’s biggest economy reels from the low world price of oil.

Nigeria's ban of foreign currency deposits 'good for economy and Naira'

Nigeria's ban of foreign currency deposits 'good for economy and Naira'

The Central Bank of Nigeria (CBN) has welcomed a decision by national banks not to accept foreign currency cash deposits in a bid to bolster the country’s currency.

A textile shop at the Oshodi market in Lagos. Photographer: Pius Utomi Ekopei/AFP/Getty Images

No Dollar Access Imperils Nigerian Retailers, Spurs Prices

Mojeed Jamiu is cutting jobs and raising prices to prevent his furniture and clothing store in Lagos from closing after Central Bank of Nigeria Governor Godwin Emefiele restricted foreign currency supply for some imports.

Nigeria's Biggest Miller Targets Acquisitions for Growth

Nigeria's Biggest Miller Targets Acquisitions for Growth

Flour Mills of Nigeria Plc, the country’s biggest miller by market value, will seek expansion opportunities in Africa after streamlining its domestic business to focus on food in the continent’s biggest economy.

Muhammadu Buhari, President of Nigeria

Lessons Nigeria's Buhari can learn from Obama about managing a tough economy

It is atypical for an American president to invite a nascent African head of state to the White House, especially less than two months after the latter’s inauguration.

The falling oil price has put pressure on the Nigerian currency, the naira.

Nigeria tightens controls on foreign exchange

The Nigerian central bank has imposed new foreign exchange controls to try to stem the flow of dollars out of the country.

Nigeria’s new president Muhammadu Buhari

A new Nigerian government increases opportunities for the private sector

The swearing in of Nigeria’s new president Muhammadu Buhari last week has led to renewed optimism regarding economic progress in the country and new opportunities for the private sector, particularly in infrastructure development, consumer and financial services sectors.

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN)

Nigeria's central bank orders banks to disclose bad debtors

Nigeria has ordered banks to publish lists of individuals and companies with non-performing loans to curb a rise in bad debt as the industry stumbles amid low oil prices.

Tayo Oviosu, CEO, Paga

21 Nigerian tech CEOs at the top of their game

Here are 21 of the country’s tech entrepreneurs who are at the top of their game and are making serious waves in the tech space.

Nigeria’s President-elect Muhammadu Buhari

Buhari will release full audit on Nigerian National Petroleum Corporation (NNPC)

Nigerian President-elect Muhammadu Buhari’s administration will publish the full audit of the state oil company and expects it will need to repay the government more than previously recommended, his party’s policy director said.

Mark Mobius, Executive Chairman, Templeton Emerging Markets Group

A new way forward for Nigeria: Mark Mobius, Executive Chairman, Templeton Emerging Markets Group

A couple of years ago, many investors were optimistic about Nigeria and the stock market was booming, buoyed by strong economic growth and government reforms to improve the country.

Central Bank of Nigeria sees pressure on Naira easing after vote

Central Bank of Nigeria sees pressure on Naira easing after vote

Portfolio inflows to Nigeria jumped since last month’s presidential elections, easing pressure on the currency of Africa’s biggest oil producer, according to the central bank.