Tuesday, January 19

Tag: CBN

Onyema Denies US Fraud Allegations, Says All Money Transferred Went Through CBN
News

Onyema Denies US Fraud Allegations, Says All Money Transferred Went Through CBN

Air Peace CEO Allen Onyema, has denied all fraud allegations by the USAZ, stating that they are false and are in no way in line with his character as a person and as a business man whose only aim has been to build Nigeria and improve wellbeing. “As the press statement clearly stated, these are indictment that only contains charges. I am innocent of all charges and the US government will find no dirt on me because I have never conducted business with any illegalities. “Be rest assured that I also have my lawyers on this and these mere allegations will be refuted. I never laundered money in my life, neither have I committed bank fraud anywhere in the world. Every Kobo I transferred to the US for aircraft purchase went through the Central Bank of Nigeria LC regime and all were used fo...
CBN Crashes Treasury Bills Rates To Single Digits
News

CBN Crashes Treasury Bills Rates To Single Digits

The Central Bank of Nigeria (CBN) crashed average stop rates of treasury bills at the primary market to single-digit; to 8.93% from 10.48%, Business Post can report. As anticipated, the exercise was oversubscribed, as investors staked a total of N555.98 bn on the N125 bn T-bills brought to the market by the apex bank. CBN had offered investors N4.38 bn worth of 91-day bills, N12.92 bn of 182-day bills and N107.94 bn of 364-day bills. However, when subscriptions were analysed, the bank had N58.43 bn staked on the 3-month instrument, N57.85 bn on the 6-month and N439.70 bn on the 12-month tenor. At the end of the exercise, CBN allotted N4.38 bn of 91-day bills at 7.80%, N12.92 bn of 182-day bills at 9.00% and N107.94 bn of 364-day bills at 10.00%. When compared with previous sessio...
Police Foil Robbery Attempt At CBN In Benin
Crime

Police Foil Robbery Attempt At CBN In Benin

Police in Benin City on Tuesday evening, repelled an attempt by armed robbers to attack the Central Bank of Nigeria (CBN), Benin branch. The ugly incident, which happened at King Square (the city center), saw the attempt by the robbery gang trying to break into the bank when a bullion van carrying cash to an unknown commercial bank was about leaving the CBN premises. The hoodlums were, however, repelled by the armed police security team attached to the bank. The exchange of gunfire between the bank security and the robbers that lasted few minutes forced the robbers to retreat and escape, while people and motorists around scampered for safety. An eyewitness told DAILY POST that luck ran out of the robbers who may have been prepared for the worse. “Bros, the robbers were r...
CBN Ban On OMO Threatens N9.4 Trillion Pension Investment Returns
Uncategorized

CBN Ban On OMO Threatens N9.4 Trillion Pension Investment Returns

The exercise of the discretionary power of the Central Bank of Nigeria (CBN) to regulate the economy may soon have a negative impact on the country’s N9.4 trillion pension funds. The CBN had, in a circular signed by its Director, Financial Markets Department, Angela Sere-Ejembi, directed banks to exclude individuals and local corporates from investing in Open Market Operations (OMO) auctions with effect from October 23, this year. The development is expected to drive foreign inflows by restricting individuals and local corporates, leaving only the banks and foreign investors to participate at the auction. Before now, pension fund operators had always invested 70 per cent of the total pension fund in treasury bills, an investment window that has now been shut by the CBN. The...
Despite CBN’s BVN policy, Mompha successfully operated 51 fraudulent bank accounts- EFCC
Crime

Despite CBN’s BVN policy, Mompha successfully operated 51 fraudulent bank accounts- EFCC

EFCC has released an article detailing the alleged criminal activities of flamboyant social media big boy, Ismaila Mustapha and his accomplice, Hamza Koudeih, a Lebanese national. In the article, the antigraft agency expressed shock over how Mompha could successfully operate 51 Fraudulent bank accounts despite the Bank Verification Number (BVN), introduced by the Central Bank of Nigeria in February, 2014 which is meant to checkmate all acts of fraud in the banking sector. Read the EFCC article below He is a Lebanese, resident in Lagos and steeped in money. From his $1.3million residence in Eko Atlantic Pearl Tower to his high-end automobiles, Hamza Koudeih oozes money-all of which he made doing nothing in the country but money laundering- which the Economic and Financial Crimes Co...
We Didn’t Ask MTN To Charge For USSD – Banks
News

We Didn’t Ask MTN To Charge For USSD – Banks

Commercial banks on Monday denied instructing MTN to deduct charges for USSD. In an advertorial, the lenders, acting under the aegis of Body of Bank CEOs said its attention had been drawn to a text message sent by the telco concerning the issue. “Our attention has been drawn to SMS sent on Saturday 19th October by MTN Nigeria Communications PLC to customers of banks in Nigeria in respect of the above. The message states that the banks requested MTN to start charging customers for USSD transactions directly. It also ask customers to contact their banks for more information. We wish to state as follows: “That the banks did not ask MTN to start charging customers as contained in the text message. The decision on whether and what amount to charge a customer for accessing USSD i...
Don’t Panic; No Nigerian Bank Is Distressed – Godwin Emefiele
News

Don’t Panic; No Nigerian Bank Is Distressed – Godwin Emefiele

As CBN comes hard on telcos extorting banks, customers with USSD Amaechi Ogbonna, and Juliana Taiwo Obalonye, Washington DC Governor of the Central Bank of Nigeria ( CBN), Mr Godwin Emefiele, yesterday, allayed fears over speculated distress syndrome in Nigeria’s banking industry following seven banks failures to scale its recent stress tests.Emefiele who made the clarification at a briefing to roundoff the 2019 annual meetings of the International Monetary Fund and the World Bank in Washington DC, said the Nigerian banking industry still stands on a sound footing hence the widespread speculations about insolvency should be ignored by the banking community.The governor said “First, I will reiterate that the strategic health of the Nigerian banking industry remains very strong. The ...
₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report
News

₦500, ₦1000 Denominations Most Commonly Counterfeited Banknotes- CBN Report

The Central Bank of Nigeria (CBN) on Wednesday, said that a total of 119,663 pieces of counterfeit notes with a nominal value of ₦98.82 million was recorded in 2018. The bank said this in the Currency Operations 2018 Annual Report, posted on its website. The CBN said the figure indicated a decline of 1.30 percent in volume terms and an increase of 5.77 Per cent in value terms when compared with 118,126 pieces with a nominal value of N93.43 million recorded in the corresponding period of 2017. The regulator said that the ratio of counterfeit notes to the volume of banknotes in circulation was 18 pieces per million, compared to 16 pieces per million banknotes discovered in 2017. It said that the N500 and N1000 denominations remained the most commonly counterfeited banknotes, ...
CBN Fine 12 Banks N499b For Not Giving Out Loan To Customers
News

CBN Fine 12 Banks N499b For Not Giving Out Loan To Customers

For breaching its guidelines on lending to the real sector of the economy, the Central Bank of Nigeria (CBN) has fined 12 major banks N499.1billion. According to an approved debit instruction, the affected banks and the amount they will pay are: Citibank (N100,743,055, 321); First Bank of Nigeria (N74,668,880,480); FBNQuest Merchant Bank (N2, 697,456,144); First City Monument Bank (FCMB), (N14, 371,064, 742) and Guaranty Trust Bank (N25, 147, 933, 628). Others are Jaiz Bank (N7, 525, 165,552); Keystone Bank (N4, 162, 938, 879); Rand Merchant Bank (N2, 823,177,399); Standard Chartered Bank (N30,027,137,984); SunTrust Bank (N1,703,205,427); United Bank for Africa (N99,676,181,916) and Zenith Bank (N135,629,337,625). The banks will lose the money at source from their Cash Reserve...
Payment Of New Deposit/Withdrawal Charges Optional – CBN
News

Payment Of New Deposit/Withdrawal Charges Optional – CBN

The Central Bank of Nigeria (CBN) says the newly introduced controversial charges on bank deposits was optional. The CBN also said that charges on withdrawals from banks were optional for individuals and businesses. The apex bank made the claims on its verified/official Twitter handle Sunday morning. “Under the cashless policy, please note that the payment of deposit/withdrawal charge is a choice by individuals and businesses”, it said. “CBN has provided various options to receive and and pay out money above the limits without having to pay any charge”, the statement added. The CBN, however, refused to disclose the said "option(al)" even when its followers demanded to know. The Central Bank had recently introduced a controversial 2 per cent charges on deposits and withdra...
Polaris Banks Defy Legislature, Serve Notice Of Cashless Policy Implementation
News

Polaris Banks Defy Legislature, Serve Notice Of Cashless Policy Implementation

Despite the House of Representatives directive that CBN and banks stop the implementation of the latest cashless policy initiative, some banks appear bent on going on with the move. Polaris Bank, for example, has served notice to its customers. Nigerians see the move as fleecing bank customers by financial institutions with the active connivance of the CBN. The House of Representatives responded to these misgivings by ordering the banks to shelve the plan. But banks, standing to benefit, seem determined to go on with the plan. Now it is a matter of who blinks first and whose words will hold water: the Legislature or the banks. ATTENTION PLEASE...
House Of Representatives Orders CBN To Suspend Cashless Policy
Politics

House Of Representatives Orders CBN To Suspend Cashless Policy

The House of Representatives has asked the Central Bank of Nigeria to suspend the charges imposed on cash deposits in the implementation of its cashless policy. The suspension, according to the federal parliament, should remain until the apex had made due consultations with all relevant stakeholders. Call for the suspension was contained in a motion unanimously adopted during Thursday’s plenary, which was moved by Chairman of the House Committee on Media and Public Affairs, Mr Benjamin Kalu. The motion was entitled, ‘Need to Suspend the Implementation of the Cashless Policy on Deposits by the Central Bank of Nigeria.’ Adopting the motion, the lawmakers resolved to urge the CBN to “suspend the implementation of the cashless policy on deposits which has taken effect from Wedn...
Don Jazzy reacts to CBN’s plan to charge on deposits, withdrawals above 500k
Celebs

Don Jazzy reacts to CBN’s plan to charge on deposits, withdrawals above 500k

The Central Bank of Nigeria (CBN) just announced that the full implementation of the cashless policy will become effective from March 31, 2020. In the circular titled: “Re: Implementation of the Cashless Policy,” that was addressed to all banks, it announced the commencement of charges on deposits in addition to already existing charges on withdrawals. According to the circular, the charges, which take effect from today, would attract three per cent processing fees for withdrawals and two per cent processing fees for lodgements of amounts above N500,000 for individual accounts. Reacting to the proposed development, Don Jazzy wrote, 'my dear the whole thing just reeks of a desperate move to generate revenue. When they load their own stolen money in the bank, they don’t care whate...
CBN imposes additional charges on bank transactions
News

CBN imposes additional charges on bank transactions

Effective Wednesday, September 18, cash deposits and withdrawals from individual bank accounts are to attract addition charges, the Central Bank of Nigeria said on Tuesday. In a circular to all deposit money bank (DMBs), the Director, Payments System Management Department at the CBN, Sam Okojere, said henceforth 3 percent processing fees would be paid for withdrawals and 2 percent for deposits of amounts above N500,000 for individual accounts. Similarly, corporate accounts will attract 5 percent processing fees for withdrawals and 3 percent processing fee for lodgments of amounts above N3 million. The CBN said the charges would be in addition to already existing charges on withdrawals, and will be aimed at encouraging it’s cashless policy.
VP Osinbajo Inaugurates Committee To Recover N5 Trillion AMCON Debts
Politics

VP Osinbajo Inaugurates Committee To Recover N5 Trillion AMCON Debts

Vice-President Yemi Osinbajo, on Tuesday, inaugurated a Special Committee to recover the N5 trillion debts owed the Asset Management Corporation of Nigeria (AMCON). Personal Assistant to the President on New Media, Bashir Ahmad, disclosed this in a statement on his Twitter handle on Tuesday. A statement subsequently issued by Osinbajo’s Senior Special Assistant on Media and Publicity, Laolu Akande, also confirmed the development. Members of the committee include Heads and Representatives of Agencies such as AMCON; the Economic and Financial Crimes Commission (EFCC); Nigerian Financial Intelligence Unit (NFIU); the ICPC; Central Bank of Nigeria (CBN); Nigeria Deposit Insurance Corporation (NDIC); and the c. “One of the terms of reference is for the committee to prepare a rep...
CBN Offers Automatic Employment To Ebonyi First-Class Graduates Of Economics
Education

CBN Offers Automatic Employment To Ebonyi First-Class Graduates Of Economics

The Central Bank of Nigeria has undertaken to hire all first-class graduates of Economics from Ebonyi State. The state commissioner for information and orientation, Uchenna Orji, disclosed this on Thursday in Abakiliki during a joint press briefing on the outcome of the state’s weekly executive meeting. Orji who was swapped from the ministry of Human Capital Development to Information, announced that the gesture was attracted to the State as a reciprocation of the state Governor David Umahi’s effective engagement of the Centre bank in economic empowerment of her citizens. The Commissioner further said that the CBN has also signed an agreement with the State Government for an offer of N2 billion. He maintained that the fund which would attract 2 percent interest rate would b...
Shehu Sani Reacts As CBN Asks Nigerians To Return Bad Naira Notes To Banks
Politics

Shehu Sani Reacts As CBN Asks Nigerians To Return Bad Naira Notes To Banks

The former member representing Kaduna west senatorial district in the National Assembly, Shehu Sani, has said that the CBN should have first asked Nigerians if they have money instead of asking them to return their old Naira notes to new ones on Monday. Shehu Sanni made this known via his Twitter handle on Saturday, August 31st. "The CBN has been telling people to go the Bank on Monday to change their old Naira notes to new ones instead of first asking the people if they even have any Naira notes at all."
CBN Clean Note Policy: Mutilated Naira Notes May Be Useless After September 2
News

CBN Clean Note Policy: Mutilated Naira Notes May Be Useless After September 2

Earlier yesterday, Guaranty Trust Bank Plc (GTBank) sent out emails to its customers reminding them that they have until September 2nd, 2019 to deposit their mutilated naira notes at the bank. Failure to do this could warrant unwanted consequences. According to the email from GTB, this is in line with the Central Bank of Nigeria‘s effort to get rid of mutilated, defaced, and unfit naira notes from circulation. The CBN’s Clean Note Policy was announced in April this year and lauded by several stakeholders, including the Association of Bureaux De Change Operators of Nigeria, ABCON. It is expected that strict adherence to this CBN policy will help guarantee public confidence in the naira by ensuring that only high quality and clean notes are allowed to circulate in the economy. Why y...
CBN Monetary Policy Committee, Minister Of Finance Clash Over Debt
Politics

CBN Monetary Policy Committee, Minister Of Finance Clash Over Debt

Two days after Nigeria’s Minister of Finance, Zainab Ahmed, faulted financial experts, stating that Nigeria’s N24.9 trillion debt was not a problem, members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) have countered her claim. The members of the MPC raised a concern about the debt level of the states and the Federal Government which they said was worrisome when compared to other countries that the Minister of Finance used to defend the current debt problem. Nairametrics reported that Ahmed decried the insensitivity of experts concerning the debt situation of the country at a meeting with the management staff of the Ministry of Finance and Budget & National Planning on Monday. She said that despite the misgivings amongst experts over the rising debt...
CBN Identifies Fraudulent Loan Offer On Social Media
News

CBN Identifies Fraudulent Loan Offer On Social Media

The Central Bank of Nigeria (CBN) has warned Nigerians against fraudulent messages on social media requesting loan seekers and owners of small-scale businesses to apply for loans purportedly provided by the Federal Government. The fraudulent message requests loan seekers to access loans through an e-mail address (empowermentcbnloan@gmail.com) said to be handled by the CBN In a statement on Monday by the apex bank’s Director of Corporate Communications, Isaac Okorafor, CBN denied the existence of such loans, adding that it does not interface directly with prospective applicants. The statement said: “While the CBN, indeed, has several development finance intervention programmes from which different categories of businesses have benefitted (and still benefit), the Bank DOES NOT d...
“Why I Ordered CBN To Stop Forex For Food Import” -Buhari
Politics

“Why I Ordered CBN To Stop Forex For Food Import” -Buhari

President Muhammadu Buhari says the directive to the Central Bank of Nigeria to stop providing foreign exchange for food importation was to improve agricultural production and attain full food security. Malam Garba Shehu, the President’s spokesman in a statement, said Buhari stated this when he hosted All Progressives Congress (APC) governors to Eid-el-Kabir lunch at his country home in Daura, Katsina state on Tuesday. According to the president, the foreign reserve will be used strictly for diversification of the economy and not for encouraging more dependence on foreign food. “Don’t give a cent to anybody to import food into the country,’’ he said. The President noted that some states like Kebbi, Ogun, Lagos, Jigawa, Ebonyi and Kano had taken advantage of the Federal Gove...
Peace Mass Transit Chairman, Maduka Onyishi Returns N2.2bn Wrongly Credited To His Account
News

Peace Mass Transit Chairman, Maduka Onyishi Returns N2.2bn Wrongly Credited To His Account

In a rare display of honesty, the Managing Director of Peace Mass transit, Dr Maduka Onyishi has returned a whopping sum of N2,219,500,000 which was wrongly paid into his account to First Bank. The cheque was received on behalf of First Bank by the Business Manager, Commercial Banking, Mr Kokelu Ben and the Branch Manager, Unity Bank, Enugu Branch, Mrs Ifeoma Eleanya. Dr Onyishi who explained how he discovered the huge sum in his First Bank account said that he had requested for $3m from the Central Bank of Nigeria, CBN through Unity Bank PLC only to be paid $10m instead, which is about N3,219,500,000 representing an excess of N2,219,500,000. According to him, “The amount they paid in was N3,219,500,000 but my own money there is N1,000,000,000 so the balance is not my money. I...
CBN To Ban Forex Access To Milk Importers
News

CBN To Ban Forex Access To Milk Importers

The Central Bank of Nigeria (CBN) has said it will soon implement forex restriction on milk importation, noting that the country can be self-sufficient in milk production. CBN Governor Godwin Emefiele stated this, yesterday, while briefing journalists at the end of the July 2019 edition of the Monetary Policy Committee (MPC) meeting held in Abuja. At the meeting, the CBN held all key parameters constant with the benchmark lending rate still at 13.5 percent. Mr. Emefiele said the backward integration from the milk importers in Nigeria has become inevitable and might not only impact local production of milk but also be a panacea to the recurring herders/farmers conflicts. This is even as the CBN has promised that anyone willing to ranch cattle in Nigeria and produce milk will be ...
CBN Licences Three New Banks; Titan Trust Bank, TAJ Bank And Globus Bank
Politics

CBN Licences Three New Banks; Titan Trust Bank, TAJ Bank And Globus Bank

The Central Bank of Nigeria (CBN) has expanded the banking space in the country with the issuance of banking licenses to three new players in the industry. With the additional licenses, the numbers of banks operating in the country have increased to 23 from the previous 21, according to a report on the regulatory bank’s website. The new operators are; Titan Trust Bank Limited, TAJ Bank Limited and Globus Bank Limited.  While two of the newly licensed banks will operate as commercial lenders, the third one, TAJ Bank Limited was licensed to operate as a non-interest bank. Before the banking reform of 2005, instituted by ex-governor of the CBN, Charles Soludo, Nigeria has as many as 89 banks operating as commercial and merchant banks. With the reform, which hikes minimum capit...
Naira Gains Against The Dollar… See Latest Exchange Rate
Uncategorized

Naira Gains Against The Dollar… See Latest Exchange Rate

The Naira on Monday gained 50 Kobo to trade at N358.5 to the dollar at the parallel market in Lagos, slightly stronger than N359 traded on Friday. The Pound Sterling and the Euro closed at N458 and N403 respectively. The naira traded at N360 to the dollar at the Bureau De Change (BDC) segment, while the Pound Sterling and the Euro exchanged at N458 and N403, respectively. Trading at the investors window saw the naira closing at N361.48 to the dollar as market turnover stood at 231.92 million dollars. The News Agency of Nigeria (NAN) reports that the naira had been relatively stable at the parallel market due largely to the interventions of the CBN. Activities at the market, however, remained slow on Monday as traders await the outcome of the Monetary Policy Committee (MPC) m...
Eight Persons Arrested Over Sale Of Naira Notes, N2.4m Recovered
Uncategorized

Eight Persons Arrested Over Sale Of Naira Notes, N2.4m Recovered

Eight persons were arrested weekend, over illegal sales of the naira notes, in Ikeja area of Lagos, with the recovery of N2.4 million ‘mint’. The suspects, four men and four women as gathered, were arrested during a raid of markets and party venues around Ikeja and its environs, last Friday and Saturday, by police operatives, those from sister security agencies and officials of the Central Bank of Nigeria, CBN. The suspects are: Adetoro Adijat, 37; Mahmoud Ayoola, 42; Eze Madu, 27; Olorunfunmi Shakirat, 38; Akonji Julius, 40; Olalekan Kadri ,23; Akinsonya Abiodun, 34 and Adeniyi Yetunde, 30. Confirming the arrest, the Lagos State Police Command image maker, DSP Elkana Bala, said, “ A cash sum of N2,440,550.00 ‘naira mint’ of different denominations, used in the illicit trade and othe...
It Is A Criminal Act To Deface Naira – CBN Warns Nigerians
News

It Is A Criminal Act To Deface Naira – CBN Warns Nigerians

The Central Bank of Nigeria has warned Nigerians to restrain from defacing the Naira, describing such act as criminal and an affront on national pride. According to the apex bank, the Naira, like the National flag remains a symbol of Nigeria’s nationhood and sovereignty, hence the need to respect and preserve it. The bank disclosed this on Thursday in Osogbo, the Osun State capital during a programme tagged ” CBN Fair” with the theme : Promoting Financial and Economic Stability ” which was specifically organised to sanitise the residents on some of CBN policies and programmes. Speaking at the event, the Director, Corporate Communications Department of the bank, Mr Isaac Okorafor, who was represented by the Assistant Director in the department, Mr Samuel Okogbue said spraying o...
Oil Marketers Get $3.6bn To Import Fuel – NNPC
News

Oil Marketers Get $3.6bn To Import Fuel – NNPC

The Nigerian National Petroleum Corporation (NNPC) said the Central Bank of Nigeria (CBN) provided about $3.6 billion foreign exchange (FX) to oil marketers to import petroleum products into the country contrary to claims by the marketers that they had no access to FX for imports. The Chief Operating Officer, Downstream of the NNPC, Mr. Henry Ikem-Obih, said this yesterday at a panel session at the Nigerian Oil and Gas Conference and Exhibition in Abuja. He said the claims by the marketers that their inability to import petroleum product was due to problems related to access to foreign exchange was not true. Although he did not mention the period the FX interventions were made, Obih said, “The truth is that the forex intervention scheme which was rolled out by CBN and co-managed by ...
CBN Establish Monthly Target For MFB To Improve Financial Inclusion
News

CBN Establish Monthly Target For MFB To Improve Financial Inclusion

As part of attempts to reach its financial inclusion target, the Central Bank of Nigeria (CBN) had anchored a goal of 64 new customers per branch every month for microfinance banks (MFBs) in the country. In a report to all MFBs that was endorsed by the CBN Director, Other Financial Institutions Department, Mrs Tokunbo Martins, posted on the central bank’s website, each branch of MFBs in the country was required to gather 774 new accounts annually. It stated that in a bid to mobilise stakeholders on the Revised National Financial Inclusion Strategy (NFIS 2.0) and accelerate progress towards the achievement of the target, the CBN had held a stakeholders‘ forum for all financial service providers in the six geopolitical zones in the first and second quarters of 20l9 which was attend...
CBN Asks Banks To Return All Mutilated Notes Between June 3 & September
News

CBN Asks Banks To Return All Mutilated Notes Between June 3 & September

The Central Bank of Nigeria (CBN) has said banks now have between June 3 and September 2, to collect and sort all mutilated notes in their possession for reissuing. The central bank’s Director of Corporate Communications, Mr Isaac Okorafor, made the disclosure while engaging with leaders of organised labour in Lagos at the weekend. In April, the bank had introduced a Clean Note Policy to put an end to the circulation of mutilated naira notes. Meanwhile, at the engagement activity, which was part of CBN’s communication efforts to dialogue with key stakeholders in the economy, an Executive Member of the Nigeria Labour Congress, Issa Aremu, described CBN’s “creative intervention” in the Nigerian economy as “highly commendable.” “CBN is working today because we have a competent h...
CBN Disburses N30 Billion To Oil Palm Producers
News

CBN Disburses N30 Billion To Oil Palm Producers

The Central Bank of Nigeria (CBN) on Friday said it has disbursed the sum of N30 billion to oil palm producers across the country. The CBN says the initiative is aimed at ensuring massive production of the oil palms in the country. Governor of Central Bank, Godwin Emefiele, disclosed this at a meeting with stakeholders in the Oil Palm industry, in Abuja. Emefiele also disclosed that the CBN had commenced investigations into the accounts of suspected palm oil smugglers, vowing to sanction culprits. According to him, he was under a strict presidential directive that palm oil importation must stop and that his team at the CBN were determined to assist its producers to produce enough for local consumption and even export.
CBN Signals End To Official Rate Regime For Naira
News

CBN Signals End To Official Rate Regime For Naira

The Central Bank of Nigeria (CBN) may soon allow the naira to freely find its value, with a possible depreciation on the official rate, usually pegged at about N305/$, an update on its website has indicated. The development is signaling an end to the most criticised foreign exchange rate window, which has been used mostly for government’s critical businesses that affect the public, particularly the importation of petroleum products. If the move sees light of day, it will mean that the value of the naira at the official window is depreciated with its concomitant closure of the peg. Yesterday, the apex bank, as opposed to the usual publication of the fixed exchange rate, opted to publish that “the rate will be market-determined.” According to a report, the President of Shippers...
“Why Nigeria’s Economy Cannot Grow” – Dangote
News

“Why Nigeria’s Economy Cannot Grow” – Dangote

Dangote urged government to promote import substitution for foreign exchange accumulation through proceeds from exports. President of Dangote Group, Aliko Dangote, has said the poor performance of the country’s power sector was hindering growth of the economy. Dangote spoke at a consultative roundtable session for public and private sector stakeholders organised by the Central Bank of Nigeria, CBN, in Lagos, weekend. According to Dangote, Nigeria had been struggling to increase its electricity output for the past 18 years without success. He urged the Federal Government to improve the sector, saying no business would thrive with business owners generating their own power. He said:- “How do you have economic growth without power? So, no power, no growth because without power...
Emefiele Begins Second Tenure As CBN Governor
News

Emefiele Begins Second Tenure As CBN Governor

Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), on Monday began his second tenure, following the confirmation of his re-appointment by the Senate on May 16. According to a statement by the Director Corporate Communications, Mr. Isaac Okoroafor, Emefiele was sworn in by the Bank’s Secretary and Director, Corporate Secretariat Department, Mrs. Alice Karau. Emefiele after taking the oath, expressed gratitude to God, President Muhammadu Buhari for nominating him and the Senate for confirming his appointment. He also thanked the management and staff as well as the media for all their support during his first term in office. Emefiele disclosed that he will unfold a new roadmap for the Bank and the economy, in the days ahead, after a series of consultations with ...
No Monies Missing Or Stolen In CBN – Central Bank Of Nigeria
News

No Monies Missing Or Stolen In CBN – Central Bank Of Nigeria

The Management of the Central Bank of Nigeria (CBN) has been notified of a purported audio recording of selective conversations amongst the Governor, Deputy Governor and some Senior Officials. Contrary to the headline-grabbing narrative that the discussion was about a fraudulent transaction, this conversation - the beginnings of which was omitted to create a different impression - was simply to proffer solutions to a misunderstanding that affected the Bank’s balance sheet. As publicly known the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council (NEC), chaired by the Vice President, to assist State Governments with Conditional Budget Support, in the aftermath of the significant nose-dive in global oil prices and associated FAAC alloc...
“Sanusi Persecuted Me As He Thought I Wanted His Job At CBN” – Cecilia Ibru
News

“Sanusi Persecuted Me As He Thought I Wanted His Job At CBN” – Cecilia Ibru

Cecilia Ibru, the former Managing Director of the defunct Oceanic Bank has for the first opened up on her ordeal in court and she disclosed that the Emir of Kano and former Central Bank Governor, Sanusi Lamido Sanusi persecuted her badly because he thought she wanted his job at the CBN. The economic guru who disclosed that she got married before 20 and also had her son in January before her 20th birthday, revealed that her travails in court got her really depressed. Recounting her ordeal, Cecilia Ibru who stated that Sanusi persecuted her because he thought she wanted his job at the CBN said; I won’t say betrayal, including (Lamido) Sanusi (the then Governor of the Central Bank) himself, but people that I thought would come and help me did not do so. However, God raised other peo...
Buhari Appoints Emefiele For 2nd Term As CBN Governor
News

Buhari Appoints Emefiele For 2nd Term As CBN Governor

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been nominated for a second term by President Muhammadu Buhari. Senate President Bukola Saraki read a letter from the president reappointing Emefiele for a second term during plenary on Thursday, May 9, 2019. While speaking at the Association of Assets Custodians of Nigeria (AACN) conference in London on Thursday, Emefiele confirmed that he’ll be making a return as the head of the apex bank. The 57-year-old was first appointed by former president, Goodluck Jonathan, in 2014 and will become the first governor to be reappointed for a second term since Nigeria returned to a democratic system in 1999. Before his 2014 appointment, Emefiele spent most of his over two decades of banking years with Zenith Bank Plc ...
Gov Yari Under Fire Over Recession Comment
News

Gov Yari Under Fire Over Recession Comment

The Buhari Media Organisation (BMO) has reacted to a statement credited to the Abdulaziz Yari, Governor of Zamfara State, at a meeting of the Nigeria Governors’ Forum. Yari had advised that governors should brace up for another economic recession. BMO, in a statement at the weekend by its chairman, Niyi Akinsiju and secretary, Cassidy Madueke, recalled that the CBN had assured Nigerians that there were no indicators suggesting an oncoming recession, and that the alarm raised by Yari “is patently wrong and misguided.” The statement reads: “Nigerians should dismiss the false alarm raised by Governor Yari because the Buhari administration runs the Nigerian economy on an economic template of Economic Recovery and Growth Plan (ERGP) with a robust roadmap towards...
Emir Sanusi Gets New Appointment
News

Emir Sanusi Gets New Appointment

MTN Group has appointed Sanusi Lamido Sanusi, the Emir of Kano and former governor of the Central Bank of Nigeria, CBN, as a non-Executive Director. In a statement released on Friday, the Johannesburg-based telecommunications company also announced the appointment of Mcebisi Jonas, South Africa’s former deputy finance minister, as chairman. Jonas will replace Phuthuma Nhleko, its present chairman, who is scheduled to step down in December. “In recent years MTN Group has experienced challenging regulatory environments and highly competitive trading conditions,” the company said. “The board is of the view that MTN Group has entered a more stable and settled phase, enabling it to now affect the evolution of the board.” The company has announc...
CBN To Withdraw N7.9tr Dirty, Mutilated Notes
News

CBN To Withdraw N7.9tr Dirty, Mutilated Notes

LARGE proportion of the N7.9 trillion pieces of naira notes in circulation are dirty, mutilated, unfit for Automated Teller Machines (ATMs) and over-the-counter payments, the Central Bank of Nigeria (CBN) has said. A statement by CBN’s Deputy Governor, Operations Folashodun Shonubi and Director, Currency Operations Department Mrs. Pricilla Eleje spoke of plans to withdraw such notes from circulation. The officials said the bank had the obligation of providing adequate supply of clean banknotes to facilitate seamless payment and settlement of transactions by the public, government and banks. CBN Governor Godwin Emefiele is “due in Lagos tomorrow to launch “The clean note policy and banknote fitness guidelines”. The CBN described the measure as the first step in its bid to ad...
Naira Climbs To N360.55/$ As CBN Injects $210 Million
News

Naira Climbs To N360.55/$ As CBN Injects $210 Million

The naira yesterday appreciated to N360.55 per dollar in the Investors and Exporters (I&E) window even as the Central Bank of Nigeria (CBN) injected N210 million into the inter-bank foreign exchange market. Figures obtained from the CBN yesterday showed that authorized dealers in the wholesale segment of the market received $100 million, while the Small and Medium Enterprises (SMEs) segment and customers requiring foreign exchange for invisibles were allocated $55 million each. A statement by the apex bank’s spokesman, Mr. Isaac Okorafor reiterated the CBN’s commitment to continue to boost interbank foreign exchange market to ensure liquidity and stability in the market. Data from FMDQ showed that the indicative exchange rate for the I&E window dropped to N360.55 per doll...
Smugglers threaten CBN’s rice intervention, say processors
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Smugglers threaten CBN’s rice intervention, say processors

Rice processors in Nigeria have raised the alarm that the Federal Government’s financing policy through the Central Bank of Nigeria (CBN) is under treat of failing from the activities of rice smugglers. Addressing reporters on the threat in Abuja over the weekend, Chairman of Rice Processors Association of Nigeria (RIPAN) Alhaji Muhammed Abubakar lamented that over 1 million metric tons of rice (about 20,000,000 bags of 50kg or 34,000 trucks of rice) have been smuggled into the country in the last three months. Abubakar said: “Nigeria currently loses huge revenues, foreign exchange and jobs to this menace of smuggling while Nigeria rice processing companies are shutting down because of their inability to gain market access and more painfully millions of small-holder farmers are stuck...
FG’s Plan To Cut Salaries Scares NNPC, CBN, FIRS Workers
Politics

FG’s Plan To Cut Salaries Scares NNPC, CBN, FIRS Workers

There are strong indications that as President Muhammadu Buhari appears ready to assent to a new national minimum wage, following its recent passage by the National Assembly, he may be compelled to prune down the bogus salaries earned by some classes of civil servants in the country, particularly those in the employ of the Central Bank of Nigeria (CBN), Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service (FIRS), among other agencies. This much became glaring when the president received the report of the Presidential Technical Advisory Committee on Implementation of National Minimum Wage, which was headed by Bismarck Rewane, at the Presidential Villa, on Monday. Although the National Assembly was yet to transmit the new wage bill it passed to the pre...
CBN Bans Sale of Forex to Importers of Textiles
News

CBN Bans Sale of Forex to Importers of Textiles

Citing the whopping $4 billion spent annually on importation of textile materials into the country, the Central Bank of Nigeria (CBN) yesterday added all forms of textile materials to the list of items that are not eligible for foreign exchange from the official windows with immediate effect. The apex bank has, however, promised a financial intervention to textile manufacturers with the provision of funds at single digits rate, to refit, retool and upgrade their factories to enable them produce high quality textile materials for the local and export market. Speaking yesterday at a meeting with stakeholders in the textile industry in Abuja, the CBN Governor, Mr. Godwin Emefiele, said the decision was critical towards reviving the moribund sector and creating jobs for Nigerians. He ...
One Dollar Is Not N184 As Google Suggests
News

One Dollar Is Not N184 As Google Suggests

Google Currency is currently showing that one dollar is going for N184, but this is just a glitch in its software, TheCable can report. The Central Bank of Nigeria sold the greenback to bureau de change (BDC) operators at N357 per dollar on Friday. Musa Ibrahim, a BDC operator, who spoke to TheCable from Lagos Island, said he bought $20,000 from the CBN at 357 per dollar. “We collected from CBN today at the rate of N357, and each BDC operator is entitled to $20, 000,” he said. Two members of staff at Google, who spoke off the record, confirmed to TheCable that this was just a bug, that is currently being fixed by the search giant. According to Bloomberg currency rate, the dollar is currently trading at N361.8, with the local currency gaining N1.75 against the greenback. ...
Lawmaker’s Brother Invades CBN With Assault Rifle
News

Lawmaker’s Brother Invades CBN With Assault Rifle

The younger brother of Chief Peter Okagbare Uviejitobor, who is a lawmaker, has been arraigned for invading the CBN with an assault rifle. Peter Okagbare Uviejitobor is representing Udu Constituency in the Delta State House of Assembly and candidate of PDP. The suspect Akpevwe, had attempted to break into the Asaba branch of the Central Bank of Nigeria (CBN) with firearms and cart away sensitive electoral materials belonging to INEC. The Police, on Wednesday arraigned him before a Chief Magistrate Court in Asaba,, alongside two other suspects identified as Alfred Joseph and David Ukiri, for illegal possession of firearms. Akpevwe had allegedly made a confessional statement to the Police that his lawmaker brother gave him the gun and Sienna vehicle carrying the official number p...
CBN Injects $210m Into Foreign Exchange Market
Uncategorized

CBN Injects $210m Into Foreign Exchange Market

The Central Bank of Nigeria (CBN) has injected 210 million dollars into the various segments of the market to sustain its intervention in the Inter-Bank Foreign Exchange Market. The CBN Director, Corporate Communications, Mr Isaac Okorafor made this known in a statement on Tuesday in Abuja. Mr Okorafor revealed that the apex bank offered 100 million dollars as wholesale interventions and allocated 55 million dollars to Small and Medium Enterprises (SMEs). He further said that another 55 million dollars was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees. The director explained that the Tuesday’s interventions were in continuation of the bank’s resolve to sustain the high level of stability in the foreign exchange ...
CBN Warns Public Against Fake Entrepreneurship Development Institutions
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CBN Warns Public Against Fake Entrepreneurship Development Institutions

Nigeria’s apex bank,CBN,, yesterday warned the public against ongoing exploitation of Nigerians by fake Entrepreneurship Development Institutions (EDIs). The institutions, the apex bank said in a statement, are claiming to be CBN-accredited EDIs for Agri- Business Small and Medium Enterprises Investment Scheme (AGSMEIS). It said the unaccredited bodies have continued to defraud and exploit members of the public by advertising for courses and charging training fees ranging on the pretext that the training is endorsed by the CBN and therefore would guarantee easy access to AGSMEIS loans. “For the avoidance of doubt, the CBN has neither appointed nor accredited any organization to conduct any training on its behalf for the purpose of applying for AGSMEIS loans,” it said. The p...
UBA Approves Financial Accounts, Set for Dividend Declaration
News

UBA Approves Financial Accounts, Set for Dividend Declaration

Shareholders of United Bank for Africa (UBA) Plc are expecting the announcement of a final dividend for the 2018 financial year. This followed the approval of the bank’s financial statements for the year ended December 31, 2018. In a notification to the Nigerian Stock Exchange (NSE), UBA said its Board of Directors last Monday approved its financial statements and payment of dividend to shareholders, subject to the approval of the Central Bank of Nigeria (CBN). “We shall provide the details of the results and dividend payments as well as related corporate actions to the Exchange upon the approval of the accounts by the CBN,” the bank said in the notification signed by Group Company Secretary, Mr. Bili Odum. Market operators and shareholders are highly optimistic that UBA will ...