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

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

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

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

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

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

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

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

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

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

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

Greece says lender talks 'tough'

Greece holds further talks with its international lenders, as the debate on more austerity measures continues.

China in EU carbon scheme 'ban'

China tells its airlines not to pay charges to the EU's Emissions Trading Scheme, aimed at cutting carbon emissions.

Gas price rises as freeze bites

The price of gas increases sharply around Europe as below-freezing temperatures lead to a surge in demand.

Brazil sells control of airports

The Brazilian government privatises operations at three airports as part of moves to upgrade transport links ahead of the World Cup.

HTC profits up but outlook poor

Taiwan smartphone maker HTC reports a 57% jump in annual profits, but it predicts a downbeat start to trading this year.

Euro crisis 'could damage China'

A eurozone recession could almost halve Chinese growth this year, according to a report by the International Monetary Fund.

India telecom ruling 'harms' firm

Telecoms firm Uninor says it has been "unfairly harmed" by an Indian court ruling cancelling licences issued in 2008.

Qantas CEO warns on airline laws

The chief executive of Qantas says the airline would be forced to cut services and jobs should pro-Australia airline bills be passed.

Romania spy chief 'to be new PM'

Romania's intelligence service chief Mihai Razvan Ungureanu is nominated as prime minister after Emil Bloc resigns amid widespread austerity protests.

Mitsubishi to close Europe plant

Japanese car maker Mitsubishi Motors says it is to end production at its only plant in Western Europe.

Stocks close lower amid Greece jitters

U.S. stocks hovered below the breakeven line throughout the trading day Monday, as investors anxiously awaited a Greek government decision on budget cuts that are key to securing a second bailout and avoiding default.

This is NOT a tech bubble

The Nasdaq is at its highest level since the end of 2000. Highly speculative companies like Netflix and Zynga are soaring, and investors are salivating about possibly paying 100 times earnings for Facebook when it goes public.

Greece on the brink

Officials in Greece were under pressure Monday to agree on the terms of a new bailout package, as the threat of a default hangs over the country.

Citi wins OK for Chinese credit card

Citibank won approval to issue its own credit card in China, making it the first non-Asian bank to enter that market.

Kiss QE3 hopes goodbye. And good riddance!

The strong January jobs report may finally put a nail in the QE3 coffin.

Facebook IPO shrinks private trading market

Facebook has played a big role in the private trading markets that allow eligible investors the chance to snap up shares of hot Internet companies years before they go public.

Auto stocks gain on jobs report. GM up 7%

Shares of General Motors and Ford surged on Friday following strong data on the U.S. job market.

Facebook's ripple effect: Zynga spikes 17%

Now that Facebook has finally filed for its much anticipated initial public offering, the enthusiasm for other social media investments has spread like wildfire.

The risks that killed MF Global

It's been three months since MF Global became the eighth-largest bankruptcy in U.S. history. Did anyone see this coming? Well, a few people had some idea, and a Congressional subcommittee will hear from them on Capitol Hill Thursday.

Facebook is great. But $100 billion great?

Facebook is a great company. It proved that in its IPO filing. A billion dollar annual profit and $3.9 billion in cash for something that didn't even exist 10 years ago? That's impressive.

Greece, Troika still under negotiations

The arduous negotiations involving the Troika and Greece are still inconclusive as of late Monday night in Europe, ignoring yet another deadline given by European officials earlier on the day. The market, nonethless, still expects a deal can be struck that will secure a fresh 130 BLN EUR bailout to Greece. The latest so-called "make or break" deadlines have so far failed to create the urgency needed. Greek political parties will meet with the PM again Tuesday morning Athens time to try and

GBP opens stronger against AUD and NZD

Australian Dollar Retails Sales in Australia posted their weakest annual growth in 27 years with Annual Sales growing by a mere 2.4 percent in a report released by the ABS yesterday. In the crucial month of December Sales posted a surprise fall of 0.1 percent which saw the Australian Dollar sold for much of the intraday session trading to a 24-hour low of 1.0682 against its US Counterpart. Despite the weak reading the RBA is due meet  today where its widely expected they will reduce the

Nothing is agreed until everything is agreed

Headlines No deal to bailout or save Greece over the weekend. Euro sold from the very open European credit and debt markets show easing concerns over Greek disaster Higher nonfarm payrolls and lower unemployment confirm growing US economy Summary Nothing is agreed until everything is agreed. It’s as if the market itself has agreed that Greece is certainly heading for a default. European measures of market health have ceased tracking the negative headlines from Athens. Spanish bonds yields are

Daily Video Briefing

We feel the Greek situation is awful

Outlook: Payrolls has come and gone but what remains is that the numbers seemed to confirm the cock-eyed optimism manifest in equity markets of late, not to mention VIX at or near lows. To a certain extent, it doesn’t matter whether the numbers are correct as long as some folks think they are. One of the important parties with a dog in this fight is Mr. Bernanke, who has to address the Senate tomorrow and defend QE3 in the face of what seems to be “no need.” Well, he can always fall back on

Curr€ncie$ Watch - American Session

Adam Rosen , CEO at 4xLounge Curr€ncie$ Watch: Daily short videos presented by forex experts who analyze the market at the opening of the trading sessions.

Today's Live Show: AUD Outlook ahead of the RBA Decision

Forex traders, join the daily All Things Forex broadcast- a live one hour program covering Forex and major economic events, trend developments,research, analysis, ideas, education, live traders forum, interviews with some of the most respected names in the trading world, and much more.. In the broadcast today: AUD Outlook ahead of the RBA Decision. Ahead of the Reserve Bank of Australia interest rate announcement, we focus on the AUD and explore the outlook for the higher-yielding currency

Troika presses for a quick deal on new Greek bailout terms

Pressure mounts on Greek party leaders which are supposed to reach an agreement on further austerity measures required by the Troika in exchange for releasing the second bailout package. Without being able to pay for the 14.5 billion euro bond redemption on March 20 the country faces a disorderly default. The leaders of the parties supporting PM Lucas Papademos's coalition government held a five hour meeting on Sunday during which they discussed the recapitalization of domestic banks and

CNB left the rates unchanged and worsened its prognosis

Weekly Highlights: Third steepest rise in Poland’s PMI history CNB left the rates unchanged and worsened its prognosis NBP meeting in focus as inflation expectations drift upwards Chart of the Week:

Euro slides before response from Greek political leaders to international lenders' austerity proposal

The euro slipped against majors before deadline set by international lenders for Greek political party leaders to respond to the austerity proposal needed to grant Greece a second bailout worth 130 billion euros. Greece remains under the spot on concerns political leaders may not reach consensus regarding further spending cuts needed to receive the aid, thus tumbling into default as early as March as the government has to repay 14.5 billion euros of debt maturing. Greek Prime Minister Lucas