Latest news with #OlayemiCardoso
Bloomberg
3 days ago
- Business
- Bloomberg
Third of Nigeria Banks Meet Capital Requirements Before Deadline
Nigeria's central bank said about a third of lenders have met its new capital requirements threshold ahead of a March deadline. 'Eight banks have fully met the recapitalization requirements, while others are making progress towards meeting the deadline,' Governor Olayemi Cardoso said at briefing in the capital, Abuja on Tuesday, to announce the central bank's interest-rate decision. The country has 26 commercial lenders, data on the central bank's website shows.
Reuters
3 days ago
- Business
- Reuters
Nigeria's central bank pledges to keep policy tight as it holds key rate again
ABUJA, July 22 (Reuters) - Nigeria's central bank kept its monetary policy rate at 27.50% (NGCBIR=ECI), opens new tab for the third consecutive time this year, pledging on Tuesday to maintain its current stance until inflation risks recede. Consumer inflation (NGCPIY=ECI), opens new tab in the oil-producing West African nation fell for the third straight month in June to 22.22% year-on-year from 22.97% in May. Central Bank Governor Olayemi Cardoso acknowledged that inflation was easing. He said the rate-setting Monetary Policy Committee's decision was based on the need to sustain disinflation. "Maintaining the current monetary stance will continue to address the existing and emerging inflationary pressure," Cardoso said, adding the goal was to get inflation to single digits. Most economists polled by Reuters had predicted the central bank would keep the rate unchanged after hiking it six times in 2024 to fight soaring inflation, which repeatedly hit 28-year peaks last year. Price pressures have been spurred by President Bola Tinubu's reforms since coming to office in 2023, including ending costly subsidies and the devaluation of the naira currency . But inflation dropped sharply in January when the statistics agency updated the base year for its calculations and re-weighted the inflation basket, falling to 24.48% in annual terms from 34.80% in December. However, its decline has since slowed. Cardoso said the fall in inflation in June was largely driven by the moderation in energy prices and stability in the foreign exchange market. "Despite these positive developments, members (of the MPC) observed the uptick in month-on-month headline inflation, suggesting the persistence of underlying price pressures, the continued global uncertainties," he said, adding that tariff wars and geopolitical tensions could sustain price pressures. The World Bank has warned that persistently high inflation remains a challenge for Nigeria, urging it to stick to tight monetary and disciplined fiscal policies.
Bloomberg
4 days ago
- Business
- Bloomberg
Nigeria Set to Hold Rates Pending Clarity on Inflation Outlook
Policymakers at the Central Bank of Nigeria are poised to leave borrowing costs unchanged at their third meeting of the year to gauge the durability of a recent slowdown in inflation. All seven economists in a Bloomberg survey expect Governor Olayemi Cardoso to keep the key interest rate at 27.5% when he delivers the 12-member monetary policy committee's decision after 2 p.m. at a briefing in Abuja, the capital.
Business Insider
12-07-2025
- Business
- Business Insider
Nigeria reports rise in digital fraud cases as financial crimes surge by 45%
The Central Bank of Nigeria (CBN) has raised fresh concerns over the rising tide of financial crimes in the country, revealing a sharp 45% increase in fraud cases over the past year. The Central Bank of Nigeria reported a 45% increase in fraud cases within the past year, mainly involving digital platforms. Digital financial crimes have exploited regulatory gaps, encompassing schemes using cryptocurrencies and tokenized assets. Over $56 billion in cryptocurrency transactions were recorded in Nigeria, highlighting its leading role in Africa's digital economy. In a development that points to serious regulatory gaps in Nigeria's digital economy, 70% of the losses from these crimes were traced to digital platforms, many of which operate outside regulatory oversight. CBN Governor Olayemi Cardoso, represented by Deputy Governor Muhammad Sani Abdullahi, made the disclosure during a public lecture organized by the Economic and Financial Crimes Commission (EFCC) in Abuja on July 10. He cited data from the CBN's 2024 Financial Stability Report, noting that the digital finance boom while expanding financial inclusion has also introduced serious vulnerabilities into the system. According to the CBN, over $56 billion worth of cryptocurrency transactions took place in Nigeria between July 2022 and June 2023, placing the country at the forefront of digital finance on the continent. However, the rapid pace of innovation is also being exploited by criminal networks, many of which run unchecked on unregulated platforms. At least 30 fraudulent investment schemes mimicking legitimate digital assets have already been flagged by relevant agencies. CBN, SEC warn of rising scams threatening market trust While digital services have made payments and investing easier for Nigerians, they have also become a new frontier for fraud. The CBN pointed out that scammers are increasingly leveraging digital currencies and tokenized assets to lure the public into Ponzi-style operations. These schemes, often disguised as legitimate investments, not only threaten personal wealth but also put the financial system's integrity at risk. Echoing the CBN's concerns, the Director General of the Securities and Exchange Commission (SEC), Emomotiti Agama, warned that virtual asset scams are fast becoming a major obstacle to investor protection. He said that such scams do not merely result in financial loss, they chip away at public trust and create long-term damage to market stability. Officials link fraud to social values, warn of long-term harm Highlighting the broader consequences of fraud, Director General of the National Orientation Agency (NOA), Malam Lanre Issa-Onilu, warned that financial crimes are not just about economic figures, they leave lasting scars on the lives of everyday Nigerians. According to him, each stolen Naira could mean a child forced out of school, a business ruined, or a family's livelihood destroyed. Issa-Onilu revealed that the NOA is leading a national campaign to challenge the growing 'get-rich-quick' mindset, which he believes fuels susceptibility to scams. The campaign, which has been running for months, seeks to instill values of patience, hard work, and integrity particularly among young Nigerians.
Zawya
01-07-2025
- Business
- Zawya
Nigeria: Backward integration in telecoms presents positive prospects for naira
Olayemi Cardoso, Governor of the CBN, speaking in Abuja during a visit by Airtel Af- rica's management team, led by Group CEO Sunil Taldar, stressed that local production would help reduce pressure on the dollar, create jobs, and boost Nigeria's economy. He said that massive production of key inputs, that are currently being imported, like SIM cards, cables, and towers is es- sential. He noted that over the past 16 months, the CBN has worked to stabilise the foreign exchange market, strengthen the naira, and attract investors. With these improvements, he urged telecom firms to embrace backward integration. He also assured Airtel and other stake- holders that the CBN would continue to create a business-friendly environment that encourages competition, innovation, and wider access to financial services. Sunil Taldar lauded the CBN's reforms and expressed support for local produc- tion, saying it would benefit telecom com- panies in the long run. He also reaffirmed Airtel's commitment to expanding finan- cial inclusion through technology. Taldar was accompanied by Airtel Ni- geria CEO, Dinesh Balsingh; Group CFO, Jaideep Paul; and Director of Corporate Communications and CSR, Femi Adeniran. Balance of payments surplus hits $6.83bn The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83bn for the 2024 financial year. Hakama Sidi-Ali, the CBN's corpo- rate communications director, said the performance marked a decisive turna- round from deficits of $3.34bn in 2023 and $3.32bn in 2022. She said the improve- ment reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor con- fidence in Nigeria's economy. The current and capital account recorded a surplus of $17.22bn in 2024, underpinned by a goods trade surplus of $13.17bn. Petroleum imports declined by 23.2% to $14.06bn, while non-oil imports fell by 12.6% to $25.74bn. On the export side, gas exports rose by 48.3% to $8.66bn and non-oil exports in- creased by 24.6% to $7.46bn. Remittance inflows remained resilient, with personal remittances rising by 8.9% to $20.93bn. International Money Transfer Opera- tor (IMTO) inflows surged by 43.5% to $4.73bn, up from $3.30bn in 2023, re- flecting stronger engagement from the Nigerian diaspora. Official development assistance also rose by 6.2% to $3.37bn. Nigeria recorded a net acquisition of financial assets totalling $12.12bn. Portfolio investment inflows more than doubled, increasing by 106.5% to $13.35bn, while resident foreign currency holdings grew by $5.41bn, indicating stronger con-fidence in domestic economic stability. Although foreign direct investment fell by 42.3% to $1.08bn, the overall financial account posted notable gains. The coun- try's external reserves increased by $6bn to $40.19bn by year-end 2024, bolstering its external buffer. 'The positive turnaround in our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability,' said the Governor of the Central Bank of Nigeria. 'This surplus marks an important step forward for Nigeria's economy, benefitting investors, businesses, and everyday Nigerians alike.' CBN seeks more export markets for Nigerian products Nigerian manufacturers can only stand a chance in the global market if their prod-ucts can compete favourably with their counterparts abroad, the Central Bank of Nigeria (CBN) has said. Aisha Olatinwo, the CBN's director of consumer protection and finance, noted that local businesses have the potential to thrive in the global market but that there are a number of constraints militat- ing against the growth of Nigerian-made goods. 'Nigerian products often lack the qual- ity and packaging standards required to compete in global markets. Locally made goods and services need better branding to increase their visibility and appeal in global markets and businesses require support to prepare for global market com- petition. 'The CBN initiative aims to support Nigerian businesses in enhancing their competitiveness through capacity building initiatives and investment in technology, encourage collaboration among financial institutions, business leaders, regulators and policymakers to identify and dis- mantle barriers to growth, and increase exports by raising standards to meet in- ternational requirements and inspiring confidence in locally produced goods,' she stressed. Bamidele Akintayo, director at Coun- tryside Manufacturing Limited, said: 'From manufacturing to fashion, to tech- nology, and to the industry, our ability to compete depends on how well we can align to embrace productivity and deliver consistent, high-quality products that command respect in global markets'. The Nigerian banking sector remains a critical industrial foundation to build Nigerian products, opportunity-building initiatives, and investment technology. Banks are well-positioned to support businesses in enhancing their competi- tive opportunities, he stressed. Nigerian manufacturers, he said, 'should ensure that the products are at- tractive and suitable for specific markets. And utilise packaging as a branding tool. Packaging can serve as a critical compo- nent of branding. Nigeria should design packaging that not only protects the prod- uct but also tells the story and resonates with the consumer.' However, Francis Meshioye, President of the Manufacturers Association of Ni- geria (MAN) lamented that the operating climate for the manufacturing subsector has been anything but friendly. According to him, manufacturers spent a whopping N1.3trn ($810m) on the cost of funds in 2024 alone, even as he lamented that the soaring interest rate which oscil- lates between 35-37%, was a disincentive to business. He would rather the CBN and the Bank- ers' Committee come up with long-term financing options for manufacturers at favourable terms that would drive and not strangle business concerns.
