Monday , 8 February 2016

Tag Archives: central bank of nigeria

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

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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%

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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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CBN Was The “ATM Of The Presidency” Under Jonathan – Soludo

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A former Governor of the Central Bank of Nigeria, CBN, Prof. Charles Soludo, has said the apex bank was run during former President Goodluck Jonathan’s administration like a movie from Uganda under Idi-Amin. Field Marshal Idi-Amin Dada ruled Uganda with an iron fist between 1971 and 1979 and has been …

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CBN Stops Dollar Sales To Bureaux de Change Operators

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The Central Bank of Nigeria on Monday announced it was putting an end to the direct sale of US dollars to bureau de change to protect the under-pressure naira and conserve depleted foreign reserves. The CBN will now “discontinue its sales of foreign exchange to BDCs (bureaux de change)”, the …

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$14b Refinery Project: We’ll Assist Dangote To Access FOREX, Says CBN

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The Central Bank of Nigeria, CBN, has said that it would assist the Dangote Group to access foreign exchange to facilitate its $14 billion refinery project within the Lekki Free Trade Zone in Lagos State. Godwin Emefiele, the Governor of the CBN, said this during a tour of the refinery …

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Why We Can’t Reverse Order Restricting ATM Card Use Abroad – CBN

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The Central Bank of Nigeria, CBN, has explained that the decision of Deposit Money Banks to place a restriction on the use of Automated Teller Machine (ATM) cards abroad by bank customers, is as a result of scarcity of foreign exchange. The apex bank said while it had no powers …

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CBN Outlaws Street Trading Of Dollars, Other Foreign Currencies From January 1, 2016

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The Central Bank of Nigeria (CBN) has set out the guidelines for the operations of Bureau de Change (BDCs) operators in the country. The guidelines, which are contained in the CBN’s latest circular, has prohibited the age-long practice of hawking foreign exchange on the streets, common in Lagos, Abuja, Port-Harcourt …

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CBN Disburses N64.7bn Power Sector Intervention Fund – Official

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The Central Bank of Nigeria (CBN) says it has so far disbursed N64.7 billion of the N213 billion earmarked for power sector intervention. The money was set aside in February to tackle the poor power supply in the country. Mr Boma Benebo, Deputy Head, Infrastructure Development Finance Office, CBN, disclosed …

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CBN Extends BVN Registration Deadline For Military

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The Central Bank of Nigeria (CBN) Monday gave approval for the extension of registration for the Biometric Verification Number (BVN) for members of the Nigerian Armed Forces. The Deputy Governor (Operations) in the CBN, Alhaji Suleiman Barau said that the decision was to enable military personnel access their salaries. The …

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CBN – Nigeria’s Foreign Reserves Drops To $30.04bn

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The Central Bank of Nigeria (CBN) on Monday said that as at November 26, the nation’s foreign reserves had dropped to 30.04 billion dollars. The apex bank made this disclosure on its Website. It said that the figure dropped by $7 million from $30.11 billion recorded in Oct. 26. The …

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CBN Withdraws Bailout Funds Of States Playing Politics With Money

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The Central Bank Of Nigeria has taken a tough stance against state governors playing politics with the Bailout Fund, as it has decided to withdraw their allocations. The CBN Governor, Mr. Godwin Emefiele, disclosed this while briefing journalists on the outcome of the Monetary Policy Committee, MPC meeting in Abuja, …

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APC Reveals The Real Reason CBN’s Withholding Kogi Bailout Funds

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The All Progressives Congress (APC) has described as cheap blackmail, the decision by the Kogi State government and the Peoples Democratic Party, PDP Governors’ Forum to blame political interference for the delay in releasing bailout funds for the state. The PDP Governors Forum had last Friday, through its coordinator, Mr. …

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PDP Govs Warn CBN Against Playing Politics With Bailout Funds

Olusegun Mimiko

Governors of the Peoples Democratic Party (PDP) have warned the Central Bank of Nigeria (CBN) against partisanship in the disbursement of bailout funds to beneficiary states. The warning follows allegations by the opposition party that the CBN has become a tool in the hands of the governing All Progressives Congress …

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NLC, TUC Orders Kogi Workers To Stay At Home Over Non-Release Of Bailout Fund

Idris Wada

Public service workers in Kogi State have been directed to stay off work today to protest the non-release of bailout funds by the Central Bank of Nigeria. The directive was contained in a statement issued by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), in Lokoja on …

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CBN Rejects Sanusi’s Advice To Devalue The Naira, Thanks Him For The Advice

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The Central Bank of Nigeria (CBN) yesterday dismissed the call for further devaluation by the Emir of Kano and immediate past Governor of the bank, Muhammad Sanusi II, saying there would be no further devaluation of the naira. The emir on Friday had faulted the decision of the apex bank …

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Ekiti APC Accuses Fayose Of Mismanaging Bailout Funds

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The All Progressives Congress (APC) in Ekiti State has accused Governor Ayo Fayose of mismanaging the bailout funds received from the Central Bank of Nigeria (CBN). The party asked Governor Fayose to give account of how the bailout funds had been spent. But the Peoples Democratic Party (PDP) responded by …

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Why Bayelsa Won’t Withdraw Share Of FG Bailout Funds – Dickson

Seriake-Dickson

Bayelsa State government says it will not draw its share of the N222 billion approved by the Central Bank of Nigeria (CBN) for states to clear outstanding workers’ salaries. The News Agency of Nigeria (NAN) reported that CBN has approved N12.85 billion for the state. So far, only 19 states …

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FG Exempts NNPC, PHCN, 11 Others From TSA

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The Federal Government has excluded 13 government agencies from the current Treasury Single Account (TSA) arrangement related to electronic or e-collection and mop up exercise of government funds from commercial banks. A circular exempting the agencies was communicated to the Central Bank of Nigeria (CBN) from the Office of the …

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