Sunday , 28 August 2016


Tag Archives: central bank of nigeria

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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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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