Over two weeks after the Central Bank of Nigeria (CBN) promised to clear over $10 billion foreign exchange (forex) debts owed Deposit Money Bank, the apex bank has yet to do so according to findings. It will also be recalled that, President Bola Tinubu earlier ordered the apex bank to clear backlog owed the airline as soon as possible, but Read More
The Central Bank of Nigeria has postponed the Monetary Policy Committee’s 293rd meeting, which was scheduled for Monday and Tuesday, September 25 and 26, 2023. This was according to a statement by the bank’s Director of Corporate Communications, Dr Isa AbdulMumin, on Thursday. According to the statement, “The Monetary Policy Committee of the Central Bank of Nigeria has deferred its Read More
The Central Bank of Nigeria (CBN) has postponed its 293rd Monetary Policy Committee (MPC) meeting. The MPC meeting had been scheduled for September 25 and 26, 2023. A statement by Director of Corporate Communications at the CBN, Dr. Isa AbdulMumin, Thursday, in Abuja, posted on its website did not give any reason for the postponement. “The Monetary Policy Committee (MPC) Read More
The Central Bank of Nigeria, CBN, in 2012, disclosed its plans to begin a transition to a cashless economy as part of the country’s ambition to become one of the best 20 economies before the year 2020. The objective of the scheme was to reduce the number of naira notes and coins used for business but not to eliminate cash Read More
In what should be viewed by every stakeholder in the growth and prosperity of the Nigerian economy as a most-elating display of responsibility and goodwill, the Central Bank of Nigeria (CBN) recently issued a very timely warning to Forex speculators about the implications of its planned application of new liquidity flow measures and strategies in the country’s economy. The apex Read More
The Central Bank of Nigeria (CBN) says it has repaid 5.10 billion Chinese yuan (CNY) out of the six billion utilized from the Nigeria-China currency swap agreement, expected to be renewed next year. The apex bank disclosed this in a response note to Femi Falana, a human rights lawyer, who, in June 2023, sent a Freedom of Information (FOI) request Read More
Presidential spokesman blames forex scarcity on past CBN managements Presidential spokesman to President Bola Tinubu has blamed past management of the Central Bank of Nigeria (CBN) for mismanagement of foreign exchange (forex) at the apex bank.“We are ready to show you exactly what it is that our nation is facing with respect to the illiquidity in the market in terms Read More
A civil society organisation (CSO), African Center for Justice and Human Rights (ACJHR), has said that the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, was innocent of the fresh allegations of breach of Procurement Law and unfair advantages in award of contracts being levelled against him by the Federal Government. The Director of Public Prosecution (DPP) Read More
Nigerians are eagerly waiting to see if President Bola Tinubu-led administration will obey the rule of law, as Federal High Court in Lagos, on Tuesday, granted the suspended Cenntral Bank of Nigeria (CBN) Governor, Godwin Emefiele, leave to serve the Director General, Department of State Services (DSS), Mr. Yusuf Magaji Bichi, the order of court admitting him to bail and Read More
The Central Bank of Nigeria (CBN) has removed primary mortgage banks and microfinance banks from its cash withdrawal limit policy. The apex bank made this known in a circular signed by the bank’s Director, Payment System Management, Musa Jimoh and addressed to all financial institutions across the country. The apex bank noted that microfinance banks and mortgage banks that serve Read More
The Central Bank of Nigeria (CBN) has lamented that Nigeria lagged behind other developed countries by 60 years in financial technologies. According to the apex bank, the nation is equally behind in currency management, the Central Bank of Nigeria (CBN) has lamented. “Physical cash is no longer in vogue across the world, as countries move towards electronic money and that Read More
A civil society organisation (CSO), African Centre for Justice and Human Rights (ACJHR), has described the rearrest of the suspended CBN Governor, Godwin Emefiele, by the Department of State Services (DSS) on the grounds of terrorism as void and laughable, saying an earlier court judgement had voided the terrorism allegations him and barred the secret police from arresting him. The Read More
About 60 Constitutional and Human Right lawyers, Monday, stormed the High Court of the Federal Capital Territory (FCT) to commence committal proceedings against the director general of the State Security Service (SSS), Mr Yusuf Bichi, for what they described as violation of multiple judgments and orders of court directing the release of former Central Bank Governor, Mr. Godwin Emefiele, from Read More
Renowned civil society group, Lawyers in Defence of Democracy (LDD) has hailed the Friday’s judgment of Hon. Justice Bello Kawu of the FCT High Court setting aside, quashing, invalidating and nullifying the arrest, detention and interrogation of the suspended Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele. In a release by the group in Abuja shortly after the latest Read More
There was widespread jubilation at Asaba country home of the suspended Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, following news of an order granted by an FCT High Court for his release from detention. The High Court of the Federal Capital Territory sitting in Abuja, Thursday ordered the Department of State Services (DSS) to immediately release Emefiele from Read More
The Barbican Capital Limited is on technical suspension by the Central Bank of Nigeria (CBN) after the acquisition of the single equity I. fBN Holdings by its principal Oba Otudeko. According to the Street Journal, the suspension will be on till the CBN determines its propriety. The CBN would subject the material acquisition to critical examination in line with its Read More
The Central Bank of Nigeria (CBN), has introduced new regulations that compel financial institutions to collect additional customer details, such as social media usernames, email addresses, phone numbers, and residential addresses. This measure has been implemented to bolster the identification process within the banking system. The CBN has outlined these requirements in a published document titled “Central Bank of Nigeria Read More
Eight days after the Central Bank of Nigeria (CBN) floated the Naira, a total of $788 million has been recorded as cumulative turnover in the official Investor & Exporter window. Recall that the apex announced a unification of all official exchange rate windows on the 14th of June 2023 leading to a plummeting of the exchange rate. The bank also Read More
Deputy Governor of the Central Bank of Nigeria (CBN) Kingsley Obiora has described the Banks recent decision concerning the foreign exchange market as a managed float and not a free float as it is being perceived in many quarters. In an interview in Rabat, Morocco, Tuesday, Obiora said the country plans to announce further measures to loosen forex controls, stating Read More
The Central Bank of Nigeria (CBN) recently adopted the free float exchange rate mechanism to meet the forex target of President Bola Ahmed Tinubu to achieve a single forex system in the country. AMAkA IFEAKANDU in this report looks at the benefits and implications of the policy on the financial system and the Nigerian economy in general. Tinubu’s plan The Read More
The Central Bank of Nigeria has debunked a recent report published in one of the national daily that it has devalued the naira to N631 to a dollar at the Importers and Exporters’ (I&E) window. A statement issued by the apex bank signed by Acting Director Corporate Communications, CBN, Isa AbdulMumin said that the report is replete with outright falsehoods Read More
The Central Bank of Nigeria (CBN) has said it has not devalued the Naira, contrary to reports making round. According to Ag. Director, Corporate Communications, Isa AbdulMumin, in a statement Thursday morning, the Apex Bank insisted that the report by Daily Trust newspapers bordered on willful ignorance “The attention of the Central Bank of Nigeria (CBN) has been drawn to Read More
David Ekpenyong and MaryLove Edwards on Saturday emerged winners of the 45th CBN Senior National Open Tennis Championship men and women’s singles event in Abuja. Ekpenyong who was tournament number two seed captured his first CBN Senior Open title in Abuja after his opponent and number one seed Uche Oparaoji was forced to retire with an apparent shoulder injury while Read More
The Governor Central Bank of Nigeria (CBN), Mr Godwin Emefiele has urged Nigeria judiciary members to ensure entrenchment of a fair and just legal system, which will help attract much-needed foreign investments to the country. Emefiele made this statement at the 2023 CBN’s Capacity Building Workshop on Banking and Financial Services Sector for Judicial Officers. He said such investments would Read More
The Central Bank of Nigeria (CBN) has revoked the operating licenses of 132 microfinance banks, four primary mortgage banks, and three finance companies. Below are the list of banks;
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