ADVERTISEMENT
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Thursday, October 30, 2025
NewsOnline Nigeria
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
NewsOnline Nigeria
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
ADVERTISEMENT
Home Economy And Business

CBN Announces Plan To Set Up Central Gateway Bank For Correspondent Banking

Cardoso said the move will enhance the overall management of Nigeria’s international financial transactions.

by NewsOnline Nigeria
February 6, 2024
in Economy And Business, Top Stories
0
CBN

Central Bank of Nigeria

CBN has announced a plan to set up Central Gateway Bank For Correspondent Banking.

 

 

NewsOnline Nigeria reports that the Central Bank of Nigeria(CBN) has announced a plan to introduce a singular foreign currency, FCY gateway bank, to centralize all correspondent banking activities and ease the FX crisis.

 

This Nigeria news platform understands that the CBN governor, Olayemi Cardoso, disclosed this recently during an interview with Arise Television.

 

ALSO: Rema Becomes First African Artist To Win Chinese Music Award

 

He said the gateway bank will be a medium-term strategy to address lingering foreign exchange challenges.

 

Cardoso said the move will enhance the overall management of Nigeria’s international financial transactions.

 

According to him, the FCY gateway bank will accompany a broader scheme of reforms, which the CBN has articulated as part of its overarching plan to improve the nation’s forex inflows and stabilize the Naira.

 

He said Correspondent banking, which facilitates international trade and economic activities by enabling domestic banks to conduct business and provide services to their clients across borders, is presently under the dominion of two major banks within the Nigerian banking landscape.

 

“Introducing a single FCY gateway bank to centralize all correspondent banking activities, currently dominated by two major banks in the corresponding banking space”, he said.

Previous Post

Aisha Yesufu Accuses Tinubu of Making Nigeria, Africa Laughing Stock

Next Post

Japa Syndrome and the Fear of Drug Trafficking

Next Post
Japa Syndrome

Japa Syndrome and the Fear of Drug Trafficking

Trending Stories

No Content Available

Latest Stories

Lagos Fashion Week

Google Trends Reveal Nigeria’s Bold Fashion Revival Ahead of Lagos Fashion Week

Army Chief Waidi Shaibu

BREAKING: Army Chief Waidi Shaibu Approves Major Shake-Up Amid Failed Coup Plot

Jiji

Jiji Unveils “Deals Na Water” Black Friday, Promising Nigerians Up to 85% Discounts

APC Candidate Ukachukwu

APC Candidate Ukachukwu Sparks Outrage With Controversial Comment on Baby Factories in Anambra

Identities of 16 Senior Officers Arrested Over Alleged Coup Plot Against Tinubu Exposed

Identities of 16 Senior Officers Arrested Over Alleged Coup Plot Against Tinubu Exposed

Sterling Financial Holdings

Sterling Financial Holdings Records 141% Surge in Pre-Tax Profit, Hits ₦70.9bn in 9 Months of 2025

Caleb University Female Student Leaked Sextape Goes Viral, Sparks Social Media Frenzy (Watch Here)

15% Import Duty on Petrol

Tinubu Approves 15% Import Duty on Petrol, Diesel as NNPCL Begins Refinery Review

GenCo, Gas Debts

FG Moves to End Power Shortage, Approves N4 Trillion Bond to Clear GenCo, Gas Debts

President Tinubu

BREAKING: President Tinubu Decorates Newly Appointed Service Chiefs at Aso Villa

NEWSONLINE NIGERIA

Get the Latest Naija News, Breaking News, Top Stories, World News, Business, Politics & Entertainment from NewsOnline Nigeria.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

ALERT US

Important Press Releases, Special Investigations: [email protected]

OFFICE ADDRESS

13 Poland Street, London, United Kingdom (UK)

Copyright © 2025 NewsOnline Nigeria

No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports

Copyright © 2023 Newsonline Nigeria