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CBN
After his inauguration, Tinubu made certain economic moves in an effort to revamp the economic situation of the largest economy in Africa.
In the month of May, credit to key sectors of the economy and consumers declined by 0.6% and 0.9% respectively.
CBN has assigned responsibility to the four new deputy governors confirmed by the Senate recently.
On the international front, the BRICS bloc made up of Brazil, Russia, India, China and South Africa alongside six other countries including Iran, Saudi Arabia, the UAE, Egypt, Argentina and Ethiopia are pushing the agenda to de-dollarizing their respective economies.
Market operators believe that urgent attention is needed to save the economy from degenerating into another bubble.
Eric Umeofia has alleged that bank officials demand a compromise payment of N50 or N70 to a dollar from importers or manufacturers.
The Nigerian Government disclosed that the President Bola Tinubu administration appointed a new management team for the Central Bank of Nigeria (CBN) because its reputation was “badly battered” and needed rescue.
Nigeria's leading commercial banks suffered loan losses estimated at a combined $1 billion in the first half of 2023.
The Federal Government has urged the CBN to reduce the number of BDC operating in the country from over 5,000 to about 200.
Olayemi Cardoso, the recently appointed Governor of the CBN, has expressed his commitment to addressing the apex bank's outstanding foreign exchange obligations.
Dr. Olayemi Cardoso, the recently appointed governor of the CBN, has stated emphatically that no politician will take control of the apex bank during his tenure.
Mr. Yemi Cardoso has outlined how the CBN plans to stabilize the foreign exchange market in the short term.