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CBE governor hosts Nigerian counterpart, showcases new banknote production facility
CBE governor hosts Nigerian counterpart, showcases new banknote production facility

Daily News Egypt

time5 hours ago

  • Business
  • Daily News Egypt

CBE governor hosts Nigerian counterpart, showcases new banknote production facility

Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), hosted Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), and his delegation for a series of strategic discussions aimed at expanding bilateral cooperation between the two central banks. The meeting, which took place at the CBE's headquarters, focused on enhancing collaboration in key areas of banking and finance. Following the discussions, Abdalla escorted Cardoso on a tour of the New Administrative Capital's Printing House, where the Nigerian delegation was introduced to the full process of banknote production—from design to final delivery. The tour showcased the facility's advanced technology, anti-counterfeiting security measures, and quality control protocols, ensuring precision at every stage of banknote production. In addition to the tour, the visit provided an opportunity for the CBE and CBN delegations to exchange technical expertise on a variety of subjects. The Egyptian side shared insights into its progress in fields such as Supervisory Regulations, Basel Frameworks, Monetary Policy, and Macroprudential Policy, in addition to its work in IT, FinTech, cybersecurity, and data science. The meeting also included a session with the Egyptian Banking Institute (EBI), the CBE's training arm, to explore its capacity-building programs for banking sector professionals. On the occasion, Abdalla reaffirmed Egypt's commitment to strengthening relations with African countries and praised Nigeria's growing role in regional economic and financial affairs. He also congratulated Cardoso on Nigeria's successful hosting of the African Export-Import Bank (Afreximbank) meetings the previous month, thanking Nigeria for its hospitality. In his remarks, Olayemi Cardoso highlighted the importance of the visit as an opportunity to deepen financial cooperation between Egypt and Nigeria. He expressed admiration for the Printing House's advanced technologies and robust security measures, noting that the CBN looks forward to leveraging Egypt's expertise in the banking sector. This visit follows Abdalla's official trip to Nigeria at the end of last month, where he participated in the 32nd Annual Meetings of Afreximbank under the theme 'Building the Future on Decades of Resilience,' attended by African leaders and heads of state.

Third of Nigeria Banks Meet Capital Requirements Before Deadline
Third of Nigeria Banks Meet Capital Requirements Before Deadline

Bloomberg

time22-07-2025

  • 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.

Nigeria's central bank pledges to keep policy tight as it holds key rate again
Nigeria's central bank pledges to keep policy tight as it holds key rate again

Reuters

time22-07-2025

  • 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.

Nigeria Set to Hold Rates Pending Clarity on Inflation Outlook
Nigeria Set to Hold Rates Pending Clarity on Inflation Outlook

Bloomberg

time22-07-2025

  • 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.

Nigeria reports rise in digital fraud cases as financial crimes surge by 45%
Nigeria reports rise in digital fraud cases as financial crimes surge by 45%

Business Insider

time12-07-2025

  • 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.

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