Wednesday, March 3

Tag: central bank of nigeria

FG To Sell Oil In Naira To Dangote Refinery
News

FG To Sell Oil In Naira To Dangote Refinery

THE Federal Government has concluded plans to sell crude oil to the $15 billion Dangote Refinery in Naira. This is part of measures adopted to strengthen the currency and by extension the nation’s economy. The governor, Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, who visited, Saturday, to inspect the ongoing construction of the Dangote Refinery, Petrochemicals Complex Fertiliser Plant, and Subsea Gas Pipeline project at Ibeju Lekki, Lagos, said: “We have taken the decision to sell the crude to the Refinery in Naira because we want to impact the economy. “We also hope that by the time the Refinery start to refine, and sell its petroleum products in Naira, the local currency will be stronger, and by extension the nation’s economy, which is still oil-driven.” Accordin...
VP Osinbajo Speaks Against Ban On Cryptocurrency (Video)
Politics

VP Osinbajo Speaks Against Ban On Cryptocurrency (Video)

Vice President Yemi Osinbajo has called for the regulation of cryptocurrencies in the country instead of the ban placed on it by the Central Bank of Nigeria. Osinbajo made the call when he spoke at the Bankers Committee Vanguard in Lagos State today February 26. He shared a video of his speech via his Instagram handle, with the caption; "First is that there is no question that blockchain technology generally and cryptocurrencies in particular will in the coming years challenge traditional banking, including reserve banking, in ways that we cannot yet imagine so we need to be prepared for that seismic shift. Clearly the future of money and finance, especially for traditional banking, must be as exciting as it is frightening. But as we have seen in many other sectors disruption...
SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored
Business

SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored

Timi Agama, head of registration, exchanges, market infrastructure and innovation department of SEC, was speaking at a virtual lecture organised by the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja, on Sunday. The Central Bank of Nigeria (CBN) had asked commercial banks to block accounts of cryptocurrency traders in their systems. After the directive, Nigerians took to social media to condemn the decision. NAN quotes Agama as saying cryptocurrency is a $2 trillion market that cannot be ignored. He said the world cannot be moving forward while Nigeria remains static. Agama said although SEC or the capital market would not accommodate or encourage any fraudulent practices that allowed for money laundering, cryptocurrency is a market worth looking into...
Governors Agree To Compensate Victims Of Herders, Farmers Clashes
Politics

Governors Agree To Compensate Victims Of Herders, Farmers Clashes

State governors have agreed to compensate victims of herders /farmers clashes in their various states . The agreement was reached at a meeting of the National Economic Council held at the Presidential Villa , Abuja on Thursday. The meeting was presided by Vice- President Yemi Osinbajo . The council presided over by sitting Vice President has all state governors and relevant, Central Bank of Nigeria’ Governor and relevant ministers as members. The decision to pay compensation was part of the communique read by the governor of Ogun State , Dapo Abiodun, when he briefed State House Correspondents alongside his Kebbi State counterpart , Atiku Bagudu. Abiodun noted those who suffered loses in targeted attacks must be made to have a sense of compensation . He also said the council re...
Crypto Restriction Opens Nigeria To Fresh Foreign Scramble
Business

Crypto Restriction Opens Nigeria To Fresh Foreign Scramble

Foreign techies and innovators have renewed the historic scramble for the Nigerian market, following official restriction of local transactions in cryptocurrencies. The Guardian learnt that the number and intensity of online meetings with young traders on how they can circumvent the Central Bank of Nigeria’s (CBN)’s restriction on banks and other financial institutions from transacting have increased in several folds since last week. In one of the meetings in which The Guardian participated by proxy last week, Nigerian youths were invited to subscribe to a credit card launched a few months ago. The selling point of the card described as a lifestyle card is that it enables users to convert cryptocurrencies to five different benchmark currencies – dollar, pound, euro, yen and yuan....
India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets
Business

India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets

India has become the second country to outrightly ban Bitcoin and other cryptocurrencies. This is coming after the Central Bank of Nigeria instructed all financial institutions in the country to block the accounts of all individuals and entities linked to cryptocurrency transactions. There has been a lot of drama surrounding India’s cryptocurrency stance. In 2018, the Reserve Bank of India issued a ban on all cryptocurrency transactions. The ban was lifted by the country’s Supreme Court in March 2020. In December 2020, government officials hinted that they were considering taxing Bitcoin transactions by up to 18%. Barely a month later and there were rumours that the country was mulling over banning all private cryptocurrencies. Apparently, officials were serious about banning ...
Arewa Consultative Forum writes CBN governor over the Financial exclusion of the North
News

Arewa Consultative Forum writes CBN governor over the Financial exclusion of the North

The Arewa Consultative Forum (ACF) has written to the governor of the Central Bank of Nigeria, Godwin Emefiele, stating that the Northern states are financially marginalized. In the letter signed by its National Chairman, Audu Ogbeh, the Forum said the north is “unserved and underserved” despite its status as the most populous region in the country. He observed that the Microfinance Banks that are looked upon to serve the majority of the people all over the country are not properly positioned to do this in the North. Part of the letter reads “The microfinance banks that are looked upon to serve the majority of the people all over the country are not properly positioned to do this. Only one government-owned microfinance which is fairly new in the business is being patronize...
Senate Summons CBN Governor, DG SEC Over Cryptocurrency Ban
Politics

Senate Summons CBN Governor, DG SEC Over Cryptocurrency Ban

The Senate has mandated its Committees on Banking, Insurance and Other Financial Institutions, ICT and Cybercrimes and Capital Market to invite the Governor of the Central Bank of Nigeria, Godwin Emefiele to brief it on the recent ban on cryptocurrency in the country. The Senate also invited the Director General of the Securities and Exchange Commission (SEC), Lamido Yuguda, to meet with its joint committee on the issue. It explained that the information that would emanate from the briefings from the two regulatory bodies would assist the Senate to “determine the opportunities and threats of the cryptocurrency on the nation’s economy and security.” This resolution of the upper chamber was sequel to its consideration of a motion titled: “CBN’s decision to stop Financial Institu...
Court Dismisses Case Against CBN’s Directives On Bank Charges
News

Court Dismisses Case Against CBN’s Directives On Bank Charges

The Central Bank of Nigeria on Tuesday, said the Federal High Court sitting in Abeokuta, Ogun State Capital, dismissed a suit instituted by a legal practitioner, Olumide Babalola, challenging the CBN policy on current account maintenance fee contained in the guide to the charges by banks and other financial institutions of January 2020. It disclosed this in a statement titled, ‘Court dismisses case against CBN’s directives on bank charges’. The CBN stated that, “Babalola had instituted the action in the name of his law firm, Babalola LP, in which he contended that the policy and guidelines of the CBN violated his fundamental human rights. “The CBN, through its counsel, Adeleke Agbola, of Cheakley Chambers, however challenged the suit on the ground that the plaintiff lacked the...
26 Nigerian States Record Zero Foreign Investment In 2020
Politics

26 Nigerian States Record Zero Foreign Investment In 2020

Twenty-six Nigerian states recorded zero foreign investment in the whole of 2020, figures released by the National Bureau of Statistics show. The report on capital importation into the country, compiled by the Central Bank of Nigeria, was released on Friday by the NBS. It captures the total Foreign Direct Investment (FDI), portfolio investment and other types of investments into the country in a year the global economy suffered a terrible battering as a result of the coronavirus pandemic. The total value of capital inflow for the year fell to $9.7 billion, from $24 billion in 2019, representing a decline of 59.7 per cent. It was the lowest in at least four years. More foreign capital inflows came through “other investments”, followed by FDI, and Portfolio Investment, the re...
CBN Investigates Cryptocurrency Companies’ Bank Accounts For Fraud
News

CBN Investigates Cryptocurrency Companies’ Bank Accounts For Fraud

The Central Bank of Nigeria (CBN) has opened investigations into bank accounts of companies involved in the trading of cryptocurrencies with the intention of blocking those with suspicious transactions and fraud. A top central bank official while giving THISDAY more insight into last week’s decision mandating banks to close all accounts belonging to cryptocurrency traders, also pushed back criticism of the policy, saying the bank won’t abandon its regulatory roles to critics. The bank also insisted in a statement yesterday by its Director of Communications, Mr. Osita Nwanisobi, that the restriction regime is to protect Nigerians and the financial system. The CBN, however, got allies yesterday on its ban on cryptocurrency trading through banks as the Association of Bureaux De C...
CBN directs banks to close accounts of cryptocurrency traders
News

CBN directs banks to close accounts of cryptocurrency traders

The Central Bank of Nigeria (CBN) has directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.   The apex bank gave the directive in a circular issued today February 5. The circular was addressed toall deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs).   In January 2017, the CBN had in a statement released, described bitcoin, litecoin, and others as digital currencies used largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions and that such currencies are not accepted as legal tender in Nigeria.   Also in February 2018, the apex bank warned Nigerians against trading in such digital curre...
#EndSARS Activists: Government Yet To Unfreeze Our Bank Accounts Since Oct 2020
News

#EndSARS Activists: Government Yet To Unfreeze Our Bank Accounts Since Oct 2020

The CBN had in October 2020 asked banks to freeze the bank accounts of about 20 individuals involved in controlling #EndSARS funds. Activists linked to the #EndSARS protests have said the Post No Debit restriction placed on their accounts by the Central Bank of Nigeria has yet to be lifted. The CBN had in October 2020 asked banks to freeze the bank accounts of about 20 individuals involved in controlling #EndSARS funds. The affected individuals include Bolatito Racheal Oduala, Chima David Ibebunjoh, Mary Doose Kpengwa, Gatefield Nigeria Limited, Saadat Temitope Bibi, Bassey Victor Israel, Wisdom Busaosowo Obi, Nicholas Ikhalea Osazele, Ebere Idibie, Akintomide Lanre Yusuf, Uhuo Ezenwanyi Promise, Mosopefoluwa Odeseye and Adegoke Pamilerin Emmanuel. Others are Umoh Grace Ekane...
Labour backs Emefiele on CBN’s Naira valuation
Business

Labour backs Emefiele on CBN’s Naira valuation

Organized labour has commended the recent measures of the Central Bank of Nigeria (CBN) aimed at shoring up the value of the Naira. The Naira recently reversed its depreciation trend in the parallel market, recording N20 gain against the United States Dollar closing at N470 per dollar due to what observers attributed to the new rules introduced by the CBN, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, and collect the proceed in foreign currencies. Speaking at the one-day interactive session with stakeholders on the five-year policy trust of the apex bank in Kaduna, weekend, Vice President of Industriall Global Union, Comrade Issa Aremu, hailed the CBN’s Monetary Policy Committee ( MPC) for resisting the pressures to b...
CBN Denies Freezing EndSARS Promoters’ Accounts
Politics

CBN Denies Freezing EndSARS Promoters’ Accounts

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has faulted claim that his bank obtained court orders to block accounts associated with promoters of the #EndSARS protests. Emefiele’s position was stated by his lawyer, former Attorney General of the Federation and Minister of Justice, Mike Aondoakaa (SAN) while appearing before a Federal High Court in Abuja. Aondoakaa is the CBN Governor’s lawyer in the case, marked: FHC/ABJ/CS/1384/2020)of CBN v. Bolatito Rachael Oduala and 19 others in which Justice Ahmed Mohammed granted an order freezing the accounts of the defendants for 90 minutes in the first instance. The former AGF spoke while reacting to remarks by Ebun-Olu Adegboruwa (SAN), lawyer to Albert A. Ugochuwu and others, whose accounts were also frozen i...
Naira Bounces Back, Appreciates To N470/$ In Parallel Market
Business

Naira Bounces Back, Appreciates To N470/$ In Parallel Market

The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar. The naira had earlier depreciated by N30 against the dollar, as the parallel market exchange rate rose sharply to N500 per dollar on Monday November 30th from N470 per dollar on Friday November 20th 2020. But the new rules introduced by the Central Bank of Nigeria on Monday November 30th, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, to collect the proceed in foreign currency cash, halted the dwindling fortunes of the naira. As result the naira gained N10 against the dollar yesterday (Tuesday December 1st) as the parallel market exchange rate dropped to N490 per dollar from N500 per dolla...
Hoarders In Trouble As Nigerian Rice Processors Slash Price To N19,000 Per Bag
News

Hoarders In Trouble As Nigerian Rice Processors Slash Price To N19,000 Per Bag

The Rice Processors Association of Nigeria, RIPAN, has agreed to slash the price of 50kg bag of processed rice to N19,000 effective December 14, 2020. We gathered the current market price ranges from N28,000 to N30,000 per bag. The decision is coming after hike in rice prices occasioned by hoarding and closure of the nation’s land borders by the Buhari administration towards boosting self-sufficiency. Since the ban on rice import, some persons have been engaging in buying and storing the paddy, making huge profits. Worried by the rising prices, the RIPAN in collaboration with the Central Bank of Nigeria, CBN, on Tuesday set up task force headed by the Managing Director of Tiamin Rice, Aminu Ahmed, to monitor and ensure compliance with the new price regime. In an intervie...
CBN Asks Court Not To Unfreeze EndSARS Campaigners’ Accounts
News

CBN Asks Court Not To Unfreeze EndSARS Campaigners’ Accounts

THE Central Bank of Nigeria has asked Justice Ahmed Mohammed of a Federal High Court in Abuja not to unfreeze the accounts of #EndSARS campaigners because they are still under probe for terrorism financing. The CBN said this in a counter-affidavit in opposition to a motion on notice filed by Gatefield Nigeria Limited, a company that sponsored freelance journalists to cover the #EndSARS protests in October. The apex bank had through an ex parte order frozen the account of Gatefield Nigeria Limited and 19 other persons who played a role in the protests. However, Gatefield opposed the CBN’s action in court, insisting that the act was illegal because the apex bank had frozen the accounts even before the court order to do so was obtained. In a counter-affidavit filed by a lawyer...
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. ...