Wednesday , 7 December 2016

Tag Archives: central bank of nigeria

MMM Is Fraudulent, Don’t Invest In It, CBN Warns Nigerians

MMM

The Mavrodi Mondial Moneybox popularly called MMM, is a fraudulent scheme and should not be patronized by Nigerians, the Central Bank of Nigeria (CBN) has again warned. MMM, which prides itself as a community of ordinary people selflessly helping each other, is fast gaining traction among Nigerians especially with its …

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FG Demands $406.75m From Shell, Subsidiary Over Alleged Crude Oil Theft

Royal Dutch Shell Company

The Federal Government is demanding $406.75 million from Shell Petroleum Development Company of Nigeria Limited and its subsidiary, Shell Western Supply & Trading Limited, over alleged crude oil theft. The amount, according to court documents presented in Lagos on Tuesday, represents the shortfall of the money the multinational oil firm paid …

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N8 Billion Currency Scam: Suspects Seek Plea Bargain

1000_naira

Justice Joyce Abdulmaleek of the Federal High Court sitting in Ibadan on Monday adjourned till Wednesday the trial of four accused persons in the case of alleged N8 billion currency scam. Ms. Abdulmaleek adjourned the trial based on the prayers by the defence counsel following the plea bargaining arrangement entered …

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MMM, A Ticking Time Bomb!

MMM

MMM Nigeria which boasts on its website of over 500,000 members is a time bomb about to explode. All of the public discussions even on social media about the high rise of the Ponzi scheme in Nigeria are focused on the impact it has on enriching their lives and filling …

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Unpaid Stipends: Ex-Militants Disown “Wicked” Plan To Attack CBN Branches

CBN

Former Niger Delta militants, under the umbrella of the Second Phase Presidential Amnesty Programme yesterday, denounced reports that they threatened to attack branches of the Central Bank of Nigeria (CBN) over unpaid stipends. This is just as they pleaded with the Federal Government to pay their three months’ arrears of …

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Recession: We’ll Employ Every Means To Bounce Back – CBN

Godwin Emefiele

The Central Bank of Nigeria (CBN) has vowed to employ every indispensable means whether conventional or otherwise, to ensure that the Nigerian economy flourishes. This is just as the apex bank stressed that its policies are appropriate to set the economy on the right part of development in the medium …

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CBN Asks Banks to Give 60% of Their Forex to Manufacturing Firms

CBN

The Central Bank of Nigeria (CBN) has asked commercial lenders to allocate 60 percent of their foreign exchange purchases to manufacturers, in a bid to boost their ability to pay for imports and boost the economy. Fall in oil revenues have caused widespread dollar shortages. This has hit manufacturers’ ability …

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CBN Lifts UBA Forex Market Suspension

UBA-logo-2

The Central Bank of Nigeria (CBN) has lifted the foreign exchange market suspension it formerly imposed on United Bank for Africa (UBA). The suspension was lifted on Thursday, two days after CBN barred nine banks from the Forex market. Amongst the nine banks was UBA. The banks were barred for failing to remit the sum …

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9 Banks Barred By CBN From Forex Market

CBN

On Tuesday, the Central Bank of Nigeria (CBN) barred nine Deposit Money Banks (DMBs) from the nation’s foreign exchange market for failing to remit the sum of $2.334bn belonging to the Nigerian National Petroleum Corporation to the Treasury Single Account (TSA). President Muhammad Buhari had last September ordered all the …

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Godwin Emefiele Elected President Of African Central Banks

godwin_emefiele

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has been elected as the President of the Association of African Central Banks (AACB). Emefiele, who was elected at the 39th Ordinary meeting of the Assembly of Governors of the AACB, will be president of the association for …

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CBN Didn’t Give Muslim Pilgrims Forex At Subsidised Rate – Emefiele

Godwin Emefiele

The Central Bank of Nigeria (CBN) on Tuesday waded into the controversy surrounding foreign exchange for Muslim pilgrims, saying it did not provide forex at a subsidized rate for the 2016 Hajj. The CBN Governor, Mr. Godwin Emefiele, made the clarification in a statement yesterday. Mr. Emefiele explained that the …

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Afenifere Group To FG: Subsidizing Pilgrimage Dangerous For Nigeria’s Economy

Afenifere-Renewal-Group

A Yoruba socio-political organization, Afenifere Renewal Group, ARG, has condemned the federal government’s decision to subsidize pilgrimage. The ARG’s Publicity Secretary, Kunle Famoriyo, in a statement issued at the weekend, said the policy sent wrong signals about the touted autonomy of the Central Bank of Nigeria. “It is tantamount to …

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2016 Hajj: Dollar Subsidy For Muslims Non-Discriminatory- Presidency

Buhari-lesser hajj

As Nigerians lashed at the Federal Government for approving the subsidization of dollars for Muslim pilgrims, the Presidency has defended the decision, saying the approval was given months before and prior to the new FOREX regime. Condemnation trailed the dollar subsidy for Muslims taking part in the 2016 Hajj at …

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CBN Approves Zero Cash Deposits For New Accounts

Godwin Emefiele

The Central Bank of Nigeria (CBN) has issued a directive to the effect that customers can now open bank accounts with zero opening balance. The directive is contained in the Monetary, Credit, Foreign Trade and Exchange Guidelines for Fiscal Years 2016/2017 guidelines posted by the apex bank on its website. …

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Give Bureau De Change Operators Second Chance, Kalu Begs Buhari

Orji-Uzor-Kalu

A former Governor of Abia State, Dr. Orji Uzor Kalu, has appealed to President Muhammadu Buhari to reconsider his decision to restrict the business of Bureau de Change (BDC) operations in the country. Kalu, who controls a multi-billion dollar business empire, said stringent mea­sures against the micro-financial sector will not …

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CBN: No Nigerian Bank In Distress, Depositors’ Funds Safe

CBN123

None of the 22 commercial banks in the country is in distress, the Central Bank of Nigeria (CBN) yesterday assured bank customers. The apex bank explained that the infusion of a new Board and Management for Skye Bank Plc was a proactive regulatory action aimed at ensuring that the bank …

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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

fani-kayode12

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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