Wednesday, December 2

Tag: central bank of nigeria

CBN Okays Withdrawals Of Dollars From Domiciliary Accounts
Business

CBN Okays Withdrawals Of Dollars From Domiciliary Accounts

The Central Bank of Nigeria (CBN) has announced the amendment of procedures for receipt of diaspora remittances in an apparent and frantic attempt to improve liquidity in the forex market and reduce the disparity between the black market and official I&E window. This disclosure was made in a circular issued by the CBN on Monday, November 30, 2020, to all authorized dealers and the general public and signed by its Director for Trade and Exchange Department, Dr O.S. Nnaji. What the CBN is saying In the new amended procedure, CBN stated that beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (US Dollars) through the designated bank of their choice. The CBN’s circular partly read...
Half Of CBN Looting: Gowon Denies Allegation Says ‘It Is Rubbish’
Politics

Half Of CBN Looting: Gowon Denies Allegation Says ‘It Is Rubbish’

Yakubu Gowon, a former military head of state, has described allegations that he looted half of the Central Bank of Nigeria as “rubbish”. Tom Tugendhat, a member of the United Kingdom parliament, had accused Gowon of looting Nigeria’s treasury when he left office. Speaking at the UK parliament committee debate on a petition on the #EndSARS crisis, Tugendhat had urged the UK to call out corruption and use its powers to stop who profit from Nigeria’s wealth and hide it in foreign countries. “Some people will remember when General Gowon left Nigeria with half of the Central Bank, so it is said, and moved to London,” he said. However, Tugendhat did not provide any evidence to support his claim. In reaction to the remark, Gowon told BBC: “I don’t know where he got that rubbish ...
Meet Tom Tugendhat, The UK MP Who Accused Gowon Of Looting Half Of Central Bank Of Nigeria
Politics

Meet Tom Tugendhat, The UK MP Who Accused Gowon Of Looting Half Of Central Bank Of Nigeria

During the #EndSARS debate by UK Parliament, a member of the UK Parliament identified as Tom Tugendhat made a controversial statement that sparked reactions in Nigeria. Tom Tugendhat accused ex Nigerian Head of State, General Yakubu Gowon of looting half of the Central Bank of Nigeria (CBN). In his words: Some people will remember when General Gowon left Nigeria with half of the Central Bank, so it is said, and moved to London. Now, Who Is Tom Tugendhat? Lt Col Thomas Georg John Tugendhat MBE VR (born 27 June 1973) is a British Conservative Party politician serving as Chairman of the Foreign Affairs Committee since 2017. He has been the Member of Parliament (MP) for Tonbridge and Malling since 2015. Before entering politics, amongst other roles, Tugendhat was a Territorial Arm...
EndSARS: Youth Members Of Lagos State Judiciary Panel Resume Sitting
News

EndSARS: Youth Members Of Lagos State Judiciary Panel Resume Sitting

The two youth members of the Lagos State Judicial Panel of Inquiry have resumed sitting on Saturday November 14, after boycotting the panel for over a week in protest against the freezing of their bank accounts and that of other #EndSARS promoters by the Central Bank of Nigeria. The two members we’re identified as Rinu Oduala and Temitope Majekodunmi. Recall that retired Justice Doris Okuwobi-led panel had adjourned its sitting till November 7 following its inability to form a quorum due to the boycott of the sitting by the two youth panel members It is expected that the Nigerian Army will return to give its testimony on Saturday November 14. Top military officers, whose statements on oath have already been submitted to the panel are the Commander of 81 Military Intelligence B...
Access Bank pleads as EndSARS protesters demand boycott, Says It Was Only Following Orders
News

Access Bank pleads as EndSARS protesters demand boycott, Says It Was Only Following Orders

Amid an online campaign for customers to boycott Access Bank Plc, the management of the bank has sympathised with #EndSARS protesters for freezing their accounts. Access Bank had frozen the accounts of at least eight persons involved in the #EndSARS campaign based on the orders of the Central Bank of Nigeria. The bank’s decision to freeze the accounts was done nearly two weeks before CBN obtained a court order to do so. The move subsequently put the bank in a bad light with hundreds of social media influencers calling on Nigerians to boycott the bank which is Nigeria’s biggest lender. They argued that Access Bank ought to have been more thorough like Stanbic IBTC, whose founder, Atedo Peterside, had openly refused to freeze the account of any person without a valid court or...
Nothing Wrong In Freezing EndSARS Protesters’ Accounts – Akeredolu
Politics

Nothing Wrong In Freezing EndSARS Protesters’ Accounts – Akeredolu

Ondo State governor, Rotimi Akeredolu has defended the freezing of bank accounts belonging to some #EndSARS campaigners by Central Bank of Nigeria (CBN). “Speaking very honestly, I don’t see anything wrong in it,” Akeredolu said in an interview on Channels Television’s Sunrise Daily. “If for instance, my account was frozen, what would I do? All I would do is go back to court to explain.” The Central Bank of Nigeria (CBN) in October froze the account of 20 persons alleged to have funded the two-week-long protest against harassment, extortion and extra-judicial killings by police personnel in the country. Some of the accounts frozen by the apex bank were in Guaranty Trust Bank, Access Bank, Zenith Bank and other financial institutions. The CBN argues that the accounts were...
CBN Accuses EndSARS Campaigners Of Terrorism
News

CBN Accuses EndSARS Campaigners Of Terrorism

The Federal Government was able to freeze the accounts of 20 #EndSARS campaigners after telling a Federal High Court in Abuja that the funds in their accounts might have been linked to terrorist activities. This is according to a written address in support of a motion ex parte filed by the Central Bank of Nigeria. The CBN had in the second week of October frozen 20 accounts and thereafter approached the court to seek an ex parte order to freeze the accounts. In the case with suit number FHC/ABJ/CS/1384/2020, filed before Justice A. R. Mohammed, the CBN, however, made no mention of the fact that the 20 accounts were owned by persons involved in the #EndSARS protests, but told the court that the funds might have emanated from terrorist activities. The written address read in ...
#EndSARS: Fresh Protest Threat For Freezing Of Protesters Accounts
News

#EndSARS: Fresh Protest Threat For Freezing Of Protesters Accounts

Controversies have trailed the ex parte order obtained by the Central Bank of Nigeria (CBN) to freeze the accounts of 20 individuals and an organisation linked to the #EndSARS campaign. Many Nigerians especially youths have taken to social media to condemn the move by the apex bank. Also, youth representatives at the Lagos judicial panel, who had expressed outrage decided to boycott their participation at the sitting on Saturday. Rinu Oduala, a member of the panel is said to have been affected. The Lagos Judicial Panel adjourned its sitting till November 14th because members could not form a quorum. The Nation had earlier reported that a Federal High Court sitting in Abuja authorised the Central Bank of Nigeria (CBN) to freeze the accounts of 20 #EndSARS promoters with imme...
EndSARS: Rinu, Pamilerin, Gatefield’s Bank Accounts Frozen By CBN
News

EndSARS: Rinu, Pamilerin, Gatefield’s Bank Accounts Frozen By CBN

The Central Bank of Nigeria obtained a federal court order to freeze 20 bank accounts linked to supporters of the #EndSARS campaign last month, court document obtained by Peoples Gazette showed. Governor Godwin Emefiele filed an ex-parte court application to freeze the account on October 20, which was promptly granted by Justice Ahmed Mohammed of the Abuja Division of the Federal High Court. Former attorney-general Michael Aondoakaa argued the case for the freezing of the accounts on behalf of CBN, documents showed. The bank accounts blocked included those run by Gatefield, a public interest think-tank, and Bassey Israel, a pharmacist. Gatefield has already filed a lawsuit challenging the freezing of its account. The banks that were ordered to freeze bank accounts of the #End...
Rising Debt Servicing Cost Can Impede Growth – CBN
News

Rising Debt Servicing Cost Can Impede Growth – CBN

The Central Bank of Nigeria has expressed concern over the rising cost of debt service being incurred by the Federal Government. The CBN, in its half-year 2020 economic report, said the trajectory of Federal Government’s debt further constrained fiscal policy during the period, as interest payment obligations amounted to N1.15tn in the first half of 2020. “This suggested that, despite the subsisting revenue challenge, which was exacerbated by COVID-19, the larger proportion of FGN revenue was devoted to debt service,” it said.It said at 19.2 per cent, the debt-to-GDP ratio indicated a solvency position of the government. “However, the rising cost of debt service underscores a precarious liquidity position that could impair the government’s fiscal space, as well as its growth o...
We Rejected Governors Emefiele’s Moves To Stop EndSARS Protests – Aisha Yesufu
Politics

We Rejected Governors Emefiele’s Moves To Stop EndSARS Protests – Aisha Yesufu

An attempt by state governors and the Governor of the Central Bank of Nigeria, Godwin Emefiele, to stop the #EndSARS protests met a brick wall on Monday as protesters insisted that they would continue. Activist, Aisha Yesufu, said this in a series of tweets while responding to reports that she and other protesters met with the business community. While admitting that she had a Zoom meeting with the business leaders, Yesufu said she told them that they should speak with the President instead. Yesufu said she was lured into the meeting, adding that she would not have attended it in the first place if she knew the agenda. The activist added, “A brother called me and said would I join a meeting on the #EndSARS issue? I just said yes expecting to enter a meeting with the protest...
Senate Directs Investigation Into Excessive Bank Charges
Politics

Senate Directs Investigation Into Excessive Bank Charges

The Senate on Wednesday at plenary directed its Committee on Banking, Insurance and other Financial Institutions to investigate complaints of Nigerians on illicit and excessive bank charges by commercial banks on customers’ accounts. It also directed the Central Bank of Nigeria, CBN, to look into the complaints of Nigerians and review the charges on their bank accounts. The resolutions of Senate, were sequel to a motion by Sen. Abba Moro (PDP-Benue South) on urgent need to investigate and review illicit and excessive charges by Nigerian banks on customers’ accounts. Moro, while presenting the motion, said there have been several complaints from Nigerians over illicit and excessive charges by commercial banks on their accounts. He said that such charges and deductions ranged...
CBN Okays ₦200 Billion Housing Loan For Low Income Earners
News

CBN Okays ₦200 Billion Housing Loan For Low Income Earners

THE Central Bank of Nigeria (CBN) has announced N200 billion mortgage finance loan to Family Homes Fund (FHF). The fund is for the building of 300,000 homes in the 36 states of the federation and the Federal Capital Territory. It is also expected to help create up to 1.5 million jobs in five years. The CBN framework for the implementation of the Family Homes Financing Scheme released yesterday indicates that the fund would be released to FMF on project basis, subject to the cumulative maximum limit of N200 billion. According to the framework, the three-year term loan will enable FHF finance the construction of social housing units for people on low income at an interest rate not more than five per cent per annum (all inclusive). The apex bank said it introduced the financin...
Food prices in Nigeria are coming down- Garba Shehu
News

Food prices in Nigeria are coming down- Garba Shehu

Garba Shehu, the Special Assistant on President Buhari on Media and Publicity, says contrary to public opinion, the prices of foodstuff across the country are coming down.   Garba said this when he appeared on Channels TV on Friday September 11, to discuss the recent directive President Buhari issued to the Central Bank of Nigeria to henceforth stop the release of forex for food and fertilizer importation.   A senior lecturer in the Department of Economics, University of Abuja, Dr Ahmed Adamu, faulted the directive of the President. According to him, it was a bad time to issue such a directive given that there is high inflation already in the economy. “It is also a wrong time because we have not built the right infrastructure and not supplied the right agriculture fa...
Buhari, Family Under Fire For Breaching CBN Act, NCDC Guideline At Hanan Wedding
Politics

Buhari, Family Under Fire For Breaching CBN Act, NCDC Guideline At Hanan Wedding

Many Nigerians have called out the first family for violating part of the Central Bank of Nigeria (CBN) Act at the wedding ceremony of Hanan Buhari, one of the daughters of President Muhammadu Buhari. Many also condemned the safety guidelines issued by the Nigeria Centre for Disease Control (NCDC) with regards to overcrowding and social distancing to help curb the spread of the COVID-19 pandemic. Hanan and Turad, son of a former lawmaker, Mahmud Sani Sha’aban, got married at the Aso Rock villa on Friday – a ceremony which was graced by top government officials, members of the diplomatic community and politicians. Pictures and videos from the wedding, including those shared on Instagram by the first lady, Aisha Buhari, went viral and trended throughout the weekend. One video cir...
CBN Freeze Adebutu Kessington’s Bank Accounts For “Tax Fraud”
Business

CBN Freeze Adebutu Kessington’s Bank Accounts For “Tax Fraud”

The move by the apex bank comes months after the Economic and Financial Crimes Commission launched an investigation into the activities of Adebutu for alleged tax fraud and economic sabotage. The Central Bank of Nigeria has frozen the bank accounts of 38 Nigerian companies. This is as scarcity of dollars at the parallel market during the week forced the naira down to N465 against a United States dollar. Nigeria is presently facing one of its biggest dollar crunch in recent years with the impact hurting critical sectors of the economy. In a circular dated September 4, Bello Hassan, CBN’s Director of Banking Supervision, asked banks to place the accounts of the 38 companies on Post-No-Debit (PND) order “You are hereby required to place the under listed accounts on Post-No-Debi...
NBC To Sanction Nigeria Info Over Mailafia Interview
News

NBC To Sanction Nigeria Info Over Mailafia Interview

The National Broadcasting Commission has begun moves to penalise a radio station, Nigeria Info, over a recent comment made by a former Deputy Governor of the Central Bank of Nigeria, Dr. Obadiah Mailaifa. It was gathered that the NBC could term Mailaifa’s statement as hate speech and sanction the station. The PUNCH had earlier reported that the Commission recently unveiled its Reviewed Broadcasting Code in Lagos and raised the fine for hate speech from N500,000 to 5 million naira. Mailaifa was interviewed on a Monday during one of the station’s programmes, Morning CrossFire. He had talked on the killings in Southern Kaduna, one of the parts of the North-West region worst hit by banditry. The interviewer had asked Mailaifa if the government was unwilling to protect the peop...
Stamp Duty War: NIPOST Tackles FIRS Again
News

Stamp Duty War: NIPOST Tackles FIRS Again

The Nigeria Postal Service (NIPOST) has said the Federal Inland Revenue Service (FIRS) lied about NIPOST’s stamp duty account with the Central Bank of Nigeria (CBN). NIPOST’s General Manager Corporate Communications, Franklin Alao, said in a statement on Sunday that the NIPOST’s account with the CBN was duly opened for the purpose of stamp duty and was not illegal. “Nigerian Postal Service (NIPOST) attention has been drawn to a publication by the Federal Inland Revenue Service (FIRS) that NIPOST operated an illegal stamp duty account. According to the publication, the Director of Communication and Liaison of FIRS made the statement in a series of tweets. “We hereby state categorically that the statement is false and was made to misinform and mislead members of the public,” Al...
Senate Confirms Yuguda’s Appointment as SEC DG
News

Senate Confirms Yuguda’s Appointment as SEC DG

The appointment of a former director of the central bank of Nigeria, Lamido Yuguda as the director-general of the Securities and Exchange Commission (SEC) has been confirmed by the Nigerian senate. Appointments of Reginald Karausa, Ibrahim Boyi, and Obi Joseph as full-time commissioners of the agency were also confirmed by the lawmakers following a report presented by the chairman of Senate capital market committee, Ibikunle Amosun (APC, Ogun). Before Yuguda's confirmation, senators from Akwa Ibom state had filed a petition requestiing that Mary Uduk who had been acting as SEC DG since Mounir Gwarzo was suspended two years ago, be confirmed as the substantive head.
Senate Panel Uncovers Missing $3.3bn In Foreign Tax
Politics

Senate Panel Uncovers Missing $3.3bn In Foreign Tax

The Senate Committee on Public Accounts on Wednesday said it had uncovered how $3.3 billion was missing from taxes collected by the Federal Inland Revenue Services and remitted to the Central Bank of Nigeria in 2015. The committee is probing the federation accounts from 2015 to 2018. CBN officials, led by Deputy Governor Edward Adamu, appeared before the committee to respond to queries by the Auditor-General of the Federation. Briefing newsmen after a closed door session with CBN officials, the committee chairman, Senator Mathew Uroghide, said the FIRS record showed that $21.3bn taxes was collected in 2015. The CBN, however, recorded $18bn, a difference of $3.3bn, he added. When asked about the differences in the amount, Uroghide said the apex bank hinged its argument on excha...
CBN revises timelines for dispense errors, refund complaints
News

CBN revises timelines for dispense errors, refund complaints

The Central Bank of Nigeria (CBN) has revised timelines for reversals and/or resolution of refund complaints on electronic channels. The revised timelines will take effect from June 8 as follows: According to the CBN, in a statement in Abuja on Sunday, the bank stated that with regards to failed. “On-Us” ATM transactions (when customers use their cards on their bank’s ATMs) shall be instantly reversed from the current timeline of three (3) days. Also “where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours,” the CBN said. The CBN has ruled: “refunds for failed “Not-on-Us” ATM transactions (where customers use their cards on other banks’ ATMs) shall not exceed 48 hours from the current 3-5 days.”...
Go Back To Your Labs, Develop Nigerian Vaccine, We Will Fund It, CBN Tells
News

Go Back To Your Labs, Develop Nigerian Vaccine, We Will Fund It, CBN Tells

The Central Bank of Nigeria has called on Nigerians to head to the laboratories in order to research a vaccine for the novel coronavirus with a promise to assist with funding. CBN governor, Godwin Emefiele disclosed this at the unveiling of the THISDAY Dome Testing, Tracing & Treatment Centre in Abuja, on Tuesday stating that the CBN was developing a framework that would provide grants and long term facilities for researchers to develop the Nigerian Vaccine. Emiefiele said, “Our objective is to improve the capacity of our health system to address emerging public health challenges.” “Needless to state that if we are to wait for foreign countries to develop their own vaccines, we will be the last in the queue to receive curative remedies for our teeming population”. H...
We Have Enough FOREX, CBN Tells Investors
Business

We Have Enough FOREX, CBN Tells Investors

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has told investors not to panic, saying the CBN has enough foreign exchange to meet repatriation. He also assured them of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally. A statement on Sunday from the CBN quoted Emefiele as saying that “investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.” He said the CBN had put in place policies to ensure an orderly exit for those that might be interested in doing so. He, however, urged investors to be patient as such repatriations were processed owing to the CBN’s policy of orderly exit of investments. Recalling a si...
PDP Not Happy Because They Won’t Share Abacha’s Loot As Usual – Issa-Onilu
Politics

PDP Not Happy Because They Won’t Share Abacha’s Loot As Usual – Issa-Onilu

The All Progressives Congress (APC) says the opposition, Peoples Democratic Party’s is sad that $311 million Abacha loot wasn’t returned when they were in power. According to APC, PDP is unable to stamp out corruption from its DNA, adding that until the party has the courage to burn its corruption handbook to ashes, it would be difficult for it not to hallucinate over public funds. Lanre Issa-Onilu, APC National Publicity Secretary, said this in a statement on Wednesday, He noted that PDP personifies corruption in deeds and preferred sharing public funds amongst the ruling class. “For the avoidance of doubt, the Federal Government on Monday confirmed the receipt of some $311million, stolen from Nigeria during the military regime of Gen. Sani Abacha and repatriated from the ...
IMF Credits CBN’s Account With $3.4bn Emergency Loan
News

IMF Credits CBN’s Account With $3.4bn Emergency Loan

Nigeria has received the $3.4 billion emergency loan from the International Monetary Fund (IMF). IMF Managing Director, Ms Kristalina Georgieva, confirmed to CNBC Africa in an interview that the $3.4 billion loan had been credited to the account of the Central Bank of Nigeria (CBN). The funds had been approved under the Rapid Financing Instrument by the Executive Board of the IMF on April 28, ‎to address challenges arising from the economic impact of the COVID -19 pandemic the country. Ms Georgieva also called on the Federal Government of Nigeria to be transparent and account for every single kobo of the fund. ‎The federal government had assured that it will publicise all disbursements from the funds, adding that there are plans to conduct an independent audit of all emerge...
Access Bank Denies Sacking 75% Of Workforce, Closing Branches
Business, News

Access Bank Denies Sacking 75% Of Workforce, Closing Branches

Access Bank Plc on Monday debunked reports that it plans to sack 75 per cent of its workforce and as well close more than 300 branches. The bank in a statement signed by the Company Secretary, Mr Sunday Ekwochi, obtained from the Nigerian Stock Exchange website described the news as malicious and a distraction from the genuine and compassionate plan to protect its workers and help keep jobs in the unfolding macroeconomic environment. It said the closure of a bank branch was an action that required the approval of the Central Bank of Nigeria. According to the bank, it has neither applied for this nor obtained the approval of the CBN for the closure of its branches as widely speculated. “The bank has only suspended operations in some branches following the directive by the CB...
CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday
News

CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday

Barring any last-minute change in plans, the disbursement of the first tranche of the Central Bank of Nigeria N50bn targeted credit facility would begin on Thursday. The fund, which is being managed by the NIRSAL Microfinance Bank, has received over 80,000 applications. The Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure, confirmed the development in a telephone interview with our correspondent. Kure, who did not provide the amount to be disbursed in the first tranche, said that those whose applications were successful would start receiving their fund on Thursday. He said, “But we are hopeful that towards Thursday or Friday, the disbursement of the fund would commence.” The CBN had introduced the N50bn Targeted Credit Facility as a stimulus package to suppo...
Femi Otedola Calls Out Individuals Who Are Yet To Fulfill Their Pledges To The COVID-19 Relief Fund
News

Femi Otedola Calls Out Individuals Who Are Yet To Fulfill Their Pledges To The COVID-19 Relief Fund

Femi Otedola, one of Nigeria’s billionaire businessmen, has called out Nigerians yet to fulfill their pledges to the COVID-19 relief fund. Recall that immediately after the outbreak of Coronavirus in Nigeria, many wealthy Nigerians came out to publicly make donations towards the fight of the pandemic. The account was set up at the Central Bank of Nigeria under the Private Sector Coalition Against COVID-19. A list of the Nigerians who have fullfilled their pledges has been released. Posting the list on his IG page, Otedola who last year made a whooping N5 billion donation to the Save The Children Fund, called on others who are yet to redeem their pledges to do so. He wrote: Matching words with action is the hallmark of Integrity, hence my fufillment of my 1 Billion Nair...
‘Let’s Make Sure The Government Puts These Funds To Good Use’ – Davido Reacts To The N19 Billion Donation Made To Combat Coronavirus In Nigeria
Celebs

‘Let’s Make Sure The Government Puts These Funds To Good Use’ – Davido Reacts To The N19 Billion Donation Made To Combat Coronavirus In Nigeria

  Davido has reacted to the donations that have been made to combat Coronavirus in Nigeria, saying the government must put the funds to good use. On Friday, contributions to the Private Sector Coalition Against COVID-19 (CACOVID) set up by the Central Bank of Nigeria (CBN) to raise funds to combat Coronavirus hit N19.488 billion up from the N15.325 billion earlier collected. A breakdown of the contributions showed that the Central Bank of Nigeria and Aliko Dangote donated N2billion each, while Abdul Samad Rabiu (Bua Sugar Refinery); Segun Agbaje (GTB); Tony Elumelu (UBA); Oba Otudeko (First Bank); Jim Ovia (Zenith Bank); Herbert Wigwe (Access Bank) and Femi Otedola of Amperion Power Distribution donated N1 Billion each to the relief fund. Other donors include Pacific...
Public Announcement From The Central Bank Of Nigeria To All Bank Customers And Stakeholders
News

Public Announcement From The Central Bank Of Nigeria To All Bank Customers And Stakeholders

Following the closing down of exercises in the nation because of the spread of Corona-infection the Central Bank of Nigeria has given a notification to the overall population of her arrangement to stay in well-trained as the infection last. The CBN made the declaration on her Facebook and Twitter accounts which read consequently: Following the present effect of the Corona Virus (COVID-19) on the worldwide economy combined with endeavors by the Nigerian Government, remembering incomplete lockdown for certain States and at the Federal level, to check the spread of the infection in Nigeria, the Central Bank of Nigeria (CBN) wishes to advise partners and individuals regarding the Nigerian open that the Bank will stay just getting started during this period. As a mindful open found...
Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens
Business

Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens

Following the uncertainty in the foreign exchange market, the Naira depreciated at the parallel market on Friday evening. Nigeria’s currency depreciated to N410 per one dollar at the parallel market, popularly known as the black market on Friday evening according to Aboki Fx. This development followed the suspension of sales of foreign exchange by the Central Bank of Nigeria (CBN) to the Bureau De Change operators (BDCs). With the current rate of N410, the naira has depreciated by N20 from N390 per dollar traded on Wednesday. Recall that earlier this afternoon, Nairametrics had reported that the dollar sold for N395 in the parallel market. The dramatic change in price attests to the volatility in the market. The raging coronavirus and the crash in oil prices are having a huge e...
CBN Bars Banks From Sacking More Than 5 Staff Without Approval
News

CBN Bars Banks From Sacking More Than 5 Staff Without Approval

Central Bank of Nigeria (CBN) has given a stern warning to all banks to seek its approval before sacking more than five staff. The bank gave the warning in a communique released through the Bankers Committee after its meeting on Friday. The committee, in a circular signed by Director, Financial Markets Department, CBN, Angela Sere-Ejembi, emphasized that all banks should send sample of Contract Letter issued to outsourced staff + SLA with the company being used to run outsourced staff. It stated, “Banks should note and be guided by the CBN circular in respect of laying off staff that is more than five. This requires apex bank’s notification and approval going forward.” The Bankers’ Committee had said the mass sacking in banks would be reduced in the shortest time possible. ...
CBN Returns Excess Bank Charges To Customers
News

CBN Returns Excess Bank Charges To Customers

The Central Bank of Nigeria (CBN) on Thursday said it has so far recovered over N60 billion from erring banks as excessive charges imposed on customers. The CBN Director of Corporate Communications, Mr. Isaac Okoroafor who attended a two-day customer sensitisation forum in Owerri said the recovery of the excess bank charges was made possible through the bank’s Consumer Protection Department. According to him, the amount was recovered following complaints by 13,000 customers over excess and illegal charges on their accounts by banks. Okoroafor, who also disclosed that the erring banks were meted with various penalties by the CBN, stated that the Apex Bank was determined to ensure that no bank customer was cheated with excessive charges from their banks. He added that the CBN...
CBN Restricts Milk Importation To Six Companies
Business

CBN Restricts Milk Importation To Six Companies

The Central Bank of Nigeria (CBN) has added milk and dairy products to the list of items not eligible for forex. However, the bank exempted six companies from the restriction. “As part of efforts to increase local production of milk, its derivatives and dairy products, the Central Bank of Nigeria has engaged with some companies in the industry who have keyed into the bank’s backward integration program to enhance their capacity and improve local milk production,” a notice published on the bank’s website on Tuesday read. “Accordingly, all authorized dealers are to note that all Forms ‘M’ for the importation of milk and its derivatives shall only be allowed for the following companies: 1. Friesland Campina WAMCO Nigeria 2. Chi Limited 3. TG Arla Dairy Products Limited 4. Proma...
Senate Confirms Kingsley Obiora As CBN Deputy Governor
Politics

Senate Confirms Kingsley Obiora As CBN Deputy Governor

The Nigerian Senate has confirmed the nomination of Dr. Kingsley Obiora for appointment as the Deputy Governor of Central Bank of Nigeria. The confirmation followed the consideration of the report of Senator Uba Sani-led Senate Committee on Financial Institutions by the Senate. In a similar development, the Upper Chamber also confirmed the nomination of Zirullah Hassan for appointment as Chairman National Hajji Commission of Nigeria and Seventeen other as members. This was sequel to the consideration of the report of the Senate Committee on Foreign Affairs Chaired by Senator Emmanuel Bwacha.
Stop Calling Us NEPA, It Shows You Don’t Want Electricity – Discos Spokesperson
News

Stop Calling Us NEPA, It Shows You Don’t Want Electricity – Discos Spokesperson

The Spokesperson of the Discos responsible for the distribution of electricity across Nigeria, Sunday Oduntan has asked Nigerians to stop calling them NEPA. Oduntan who appeared on TVC's 'Your View', debunked claims of a 78% increase in electricity tariff as he pointed out that the Nigerian Electricity Regulatory Commission (NERC) is the independent regulatory body in charge of regulating the power sector just like the Central Bank of Nigeria (CBN) regulates banks. He further revealed that more than 95% of what is used in Nigeria's power sector are imported which is why there is a proposed increase in electricity tariff. Oduntan added that if the exchange rate is okay and there is reduced importation in the electricity sector, there will also be reduced electricity tariff. The...
President Buhari Nominates Kingsley Obiorah As CBN Deputy Governor
Politics

President Buhari Nominates Kingsley Obiorah As CBN Deputy Governor

President Muhammadu Buhari has sent the name of Dr Kingsley Isitua Obiora to the Senate for confirmation as Deputy Governor of the Central Bank of Nigeria. In a letter to President of the Senate, Ahmad Ibrahim Lawan, President Buhari said the nomination was in accordance with the provision of Section 8(1) (2) of the Central Bank of Nigeria (Establishment) Act 2007. Dr Obiora, upon confirmation by the Senate, replaces Dr Joseph Nnanna, who retires on February 2, 2020. Dr Obiora holds a Bachelor’s degree in Economics and Statistics from the University of Benin, a Masters in Economics from the University of Ibadan, and a Doctorate in Monetary and International Economics, also from the University of Ibadan. He is currently an Alternate Executive Director in the International Mone...
Nigeria, Sierra Leone Plan Currency Swap
Politics

Nigeria, Sierra Leone Plan Currency Swap

The Chairman, Economic Community of West African States (ECOWAS) Committee of Governors of Central Banks, Prof. Kelfala Kallon, has disclosed a plan for currency swap between Nigeria and Sierra Leone. Kallon, who is presently the Governor, Bank of Sierra Leone, also decried the increasing dollarisation of West African economies and subsequent depreciation of national currencies in the region. Recall that the Central Bank of Nigeria (CBN), and Peoples Bank of China (PBoC), had in 2018, agreed on a currency swap worth $2.5 billion to reduce their reliance on the U.S. dollar in bilateral trade. The agreement is aimed at providing sufficient local currency liquidity for Nigerian and Chinese industrialists and other businesses and to reduce difficulties as they search for a third curre...
Nobody should pay N50 charges on POS transactions – Central Bank Of Nigeria
News

Nobody should pay N50 charges on POS transactions – Central Bank Of Nigeria

The Central Bank of Nigeria (CBN) has clarified the issue of payments of N50 charges by merchants who use Point of Sale (POS) machines for cashless transactions, insisting that nobody should pay extra on goods and services. The CBN explained that the N50 stamp duty is a fee regulated by an act that directs merchants to pay all necessary taxes as regulated by government agencies. Speaking on Channels Television’s Business Morning programme, the CBN Director of Payment System Management, Musa Jimoh, said the apex bank issued a circular and merchants have misinterpreted the directive. “Stamp duty has been misinterpreted, our circular that talks about merchants paying stamp duties according to the law do not say that the stamp duty should be paid by the consumer; that is a misrepr...
IPPIS: Ten Reasons Why Lecturers Did Not Register On The IPPIS Platform
Education

IPPIS: Ten Reasons Why Lecturers Did Not Register On The IPPIS Platform

The media has been inundated with speculations on imminent strike by the Academic Staff Union of Universities (ASUU) over the face-off between members of the union and the Federal Government for their refusal to register on Integrated Payroll and Personnel Information System (IPPIS), the new platform for the payment of Federal civil servants’ salaries. *Very much like the Nigerian Armed Forces, Judiciary, National Assembly, Central Bank of Nigeria (CBN), Nigerian Deposit Insurance Corporation (NDIC), Federal Inland Revenue Service (FIRS), among others, Nigerian university lecturers are not federal civil servants in the strict sense of the word.* ASUU National president, Professor Biodun Ogunyemi, recently declared the outright rejection of the IPPIS platform by members of the union a...
Senate To Probe CBN, NIBSS Over N20 Trillion Unremitted Stamp Duties
Politics

Senate To Probe CBN, NIBSS Over N20 Trillion Unremitted Stamp Duties

The Senate on Tuesday resolved to probe the Central Bank of Nigeria (CBN) and its subsidiary, the Nigeria Inter-Bank Settlement System (NIBSS) over an allegedly failure to remit N20 trillion revenue to the Federation Account. CBN reportedly collected the amount as stamp duty from banks and financial institutions in the country. The resolution follows a motion by Senator representing Ondo central, Ayo Akinyelure. “The Central Bank of Nigeria and NIBBS have technically refused to comply with the presidential directives for the recovery of over N20 trillion revenue into the coffers of government,” “The CBN and NIBSS deliberately failed to cooperate and comply with the directives of Mr President for the realisation of over N20 trillion revenue due from stamp duties collected fo...
News

Why CBN, NNPC Are Not On Our Platform – IPPIS

The Integrated Personnel Payroll Integrated System says the Central Bank of Nigeria, Nigerian National Petroleum Corporation, Federal Inland Revenue Service and a few other agencies are not on their platform because they are revenue-generating entities. IPPIS further stated that these agencies do not draw their funding from the consolidated revenue account but may be enrolled in the platform later. The Director of IPPIS, Olufehinti Olusegun, said this on Channels Television’s Sunrise Daily programme on Wednesday. Olusegun said this while reacting to complaints by the Academic Staff Union of Universities that the Federal Government was partial in its implementation of the IPPIS initiative by exempting the CBN, NNPC and other government agencies. ASUU, which has rejected the initia...
IPPIS: ASUU Asks FG Why Staff Of CBN, NDIC, FIRS Are Not On The Payment System
Politics

IPPIS: ASUU Asks FG Why Staff Of CBN, NDIC, FIRS Are Not On The Payment System

Academic Staff Union of Universities (ASUU) has posed some tough questions to the Federal Government, asking why some federal agencies such as the Federal Inland Revenue Services, Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation are not captured on the Integrated Payroll and Personnel Information System(IPPIS). ASUU Chairman, University of Abuja branch, Dr. Kassim Umaru, raised the query while puncturing the insistence of the Federal Government that its members must enrol on the platform. In a statement on Saturday, Umaru dismissed the payment system as a scam and said ASUU members will not join it. The Office of Accountant-General of the Federation said that data of university workers and colleges of education be captured on the system between Monday November 25 an...
POS Stamp Duty: FG Reviews 50 Naira To Transactions Above 10 Thousand Naira
News

POS Stamp Duty: FG Reviews 50 Naira To Transactions Above 10 Thousand Naira

The Nigerian government has reviewed its policy on stamp duty charges, levied on electronic payments. According to Punch, the new proposed finance bill disclosed that the N50 stamp duty charge would now be levied on electronic payments above N10,000 as against payment above N1,000. The finance bill is a plan by the Federal Government to revamp tax administration in the country by introducing various tax increment However, the new bill exempts bank transfers between two accounts owned by the same person or organization from stamp duty charges. The bill repeals a provision of the Stamp Duty Act 2014 which holds the threshold for receipts chargeable with stamp duty as N4 and above. PoS agents, operators kick against N50 charge, seek policy reversal, Bank’s agent loses N160,000 to...
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...
Unions To Shut Down Banks Nationwide From January 2, 2020
News

Unions To Shut Down Banks Nationwide From January 2, 2020

Bearing last minutes intervention by the Federal Government, workers in the nation’s banking sector at the weekend threatened to ground all banking operations nationwide begining from January 2, 2020. The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) and its counterpart, the National Union of Banks Insurance and Financial Institutions (NUBIFIE) told newmen at the weekend that workers in the sector would embark on an indefinite strike over failure of their employers to review the Collective Bargaining Agreement in line with extant law. Speaking at the ASSBIFI 10th Triennial National Delegates Conference held at the NAF Conference Centre, Abuja, the President of the union, Oyinkansola Olasanoye said there has been a deliberate disrespect of Human...
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...