Tuesday , 28 June 2016


Tag Archives: central bank of nigeria

I Lost N50b To CBN’s New FOREX Policy – Dangote

Aliko Dangote and Godwin Emefiele

The world’s richest black man and President of the Dangote Group, Aliko Dangote, has revealed that his company lost N50billion as a result of the flexible foreign exchange policy of the Central Bank of Nigeria. Dangote made the disclosure in a chat with newsmen weekend when Vice President Yemi Osinbajo …

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CBN Floats Naira With New FOREX Policy

Godwin Emefiele

Has Nigeria finally accepted to devalue its currency – the naira – in spite of its initial hard stance against devaluation? This appears to be the case especially after the Central Bank of Nigeria, CBN, yesterday formally unveiled the much-awaited flexible foreign exchange policy. The policy eliminates the official exchange …

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Senators To Debate State Of Economy Wednesday

Rowdy-Senate-session

The downward decline of the Nigerian economy will dominate debate when senators resume plenary on Wednesday. The decision to debate the state of the economy was sequel to the adoption of a motion urgent national importance moved by Senator Bassey Albert Akpan (PDP/Akwa Ibom North East). According to Senator Akpan, …

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N4b Campaign Cash: EFCC Freezes Fani-Kayode’s Account

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The Economic and Financial Crimes Commission (EFCC) has frozen an account operated by former Minister of Aviation and Peoples Democratic Party chieftain, Femi Fani-Kayode. The account was frozen by the anti-graft agency, which is presently investigating the alleged N4 billion campaign cash splashed by ex-President Goodluck Jonathan in the build-up …

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N230b Revenue Shortfall: Customs Blames CBN’s Policies

Hameed-Ali-Customs-meeting

Comptroller-General, Nigeria Customs Service (NCS), retired Col. Hameed Ali, has said that the service had a revenue shortfall of N230 billion in the last quarter of 2015. Ali made the disclosure during a Consultative Forum between Customs and the Manufacturers Association of Nigeria (MAN) held at the Customs Training School, …

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CBN: PDP’s Allegations Of Forex Sale To Mrs. Buhari, Others “Laughable Fabrications”

CBN123

The Central Bank of Nigeria, CBN, has described as “laughable fabrications”, allegations that it sold foreign exchange to the wife of the president, Hajiya Aisha Buhari and other high ranking Presidency officials at the rate of N185 to a dollar. The Peoples Democratic Party, PDP, which made the weighty allegations …

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Why Funds Recovered From Looters Cannot Be Made Public For Now – Presidency

PMB

The Presidency on Sunday said funds recovered from those who looted the nation’s treasury cannot be made public now until they are used as evidence against those the funds were recovered from. A member representing Ihiala Federal Constituency of Anambra State on the platform of Peoples Democratic Party, PDP, Rep …

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Mrs. Buhari Reacts To PDP’s Allegations, Says ‘I’m Not A Dealer Of Forex, Never Been Involved In Illegal Dealings’

Aisha-Buhari

The wife of the President, Hajiya Aisha Buhari, has denied allegations that she collected $22 million in foreign exchange from the Central Bank of Nigeria, CBN, at the official exchange rate of N185 and sold same at N362 per dollar, making huge profit. The Peoples Democratic Party, PDP, which made …

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N3.1b Probe: Panic In Jonathan’s Camp As Ex-President Tells Beneficiaries To Face EFCC

Former-President-Goodluck-Jonathan

Confusion has reportedly hit the camp of ex-President Goodluck Jonathan over fresh discovery that N3.1 billion was allegedly shared by six chieftains of the Peoples Democratic Party (PDP). While the Economic and Financial Crimes Commission (EFCC) is making frantic efforts to recover the cash from the beneficiaries, The Nation reports …

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CBN Denies Any Wrongdoing In Alleged Recruitment Scam

cbn

Following the public outcry that greeted reports that it “secretly” recruited 909 staff between June 2014 and February 2015, in violation of due process and federal character, the Central Bank of Nigeria has denied any wrongdoing. Two newspapers had this week published reports that the apex bank dubiously and secretly …

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CBN Gas Cylinder Explosion: Three Dead, 10 In Critical Condition – Police

Central Bank-Calabar

The Cross River State Police Command has confirmed three persons were killed while 10 are in critical condition following Friday’s gas cylinder explosion at the Central Bank of Nigeria (CBN) head office in Calabar. Mr John Eluu, the state Police Public Relations Officer (PPRO), disclosed this on Saturday in an …

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BREAKING NEWS: Many Feared Killed As Explosion Rocks CBN Calabar Office

Central Bank-Calabar

Tragedy struck on Friday morning as 18 people were roasted alive and others sustained various degrees of burns when an explosion rocked the Central Bank of Nigeria, CBN, located at Calabar Road, by the Millennium Park, Cross River State. According to Vanguard, the explosion took place at about 11:45AM, setting …

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CBN Makes Worrying Revelation, Says $20bn Is Idle In Various Domiciliary Accounts Of Nigerians

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Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele on Thursday made a shocking revelation that over $20billion was lying idle in domiciliary account of private individuals at a time the country is facing foreign exchange crisis. Emefiele made the disclosure at a session of the joint committee …

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FOREX Crisis: Emefiele Carries Out Minor Reshuffle At CBN

CBN123

In a bid to reinvigorate the operations of the Central Bank of Nigeria, CBN, in light of the criticisms it has received over the handling of the foreign exchange administration, the CBN Governor, Mr. Godwin Emefiele, has reshuffled some of the Directors of the apex bank. VANGUARD reports that the …

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TSA: Senate Directs CBN To Terminate Contract With Systemspecs Ltd.

Senate

The Senate has directed the Central Bank of Nigeria, CBN, to terminate its contract with Systemspecs Limited, owner of Remita, an electronic payment solution for the operation of Treasury Single Account, TSA, for the Nigerian Government. Sequel to the adoption of a motion by Dino Melaye (APC-Kogi State), the Senate …

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Resign Now, DPC Tells CBN Governor, Emefiele

Godwin-Emefiele-New-CBN-Gov

The Democratic People’s Congress (DPC) has asked the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, to resign immediately over the free fall in the value of the naira.‎ The DPC in a statement yesterday by its national chairman, Reverend Olusegun Peters, said it is time for the federal government …

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Saboteurs Behind Calls For Emefiele’s Sack As CBN Gov, Says Northern Youth Group

Godwin-Emefiele-New-CBN-Gov

A group of northern youths has described those calling for the sack of the Central Bank of Nigeria (CBN) governor, Mr Godwin Emefiele as saboteurs, whose actions are capable of compromising Nigeria’s bid at recovery. The youths, under the aegis of Arewa Youth Integrity Forum, AYIF, said such groups and …

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Devaluation Will “Kill” Naira, Buhari Tells Nigerians Living In Kenya

Buhari

President Muhammadu Buhari has declared that he is yet to be convinced that Nigeria and its people will derive any tangible benefit from an official devaluation of the Naira. Speaking late Wednesday night in Nairobi, the capital of Kenya, at an interactive meeting with Nigerians living in that country, President …

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CBN Retains Lending Rate At 11%

CBN123

The Central Bank of Nigeria on Tuesday retained lending rate in the country at 11 per cent while pegging cash reserve ratio at 20 per cent. Governor of the CBN, Mr. Godwin Emefiele, who disclosed this at the end of the monthly monetary rate policy meeting in Abuja, said the …

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Weakening Naira: Senate Backs CBN Governor’s Policies

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The Senate on Tuesday threw its weight behind the Central Bank of Nigeria, CBN, in light of the controversy that has trailed the apex bank’s policies to halt the crashing value of the naira as well as stabilize the economy. The vote of confidence passed on the CBN was sequel …

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