CBN Archives — Page 12 of 32 — National Accord Newspaper

CBN pledges support for investment, special economic zones

BUSINESS

CBN pledges support for investment, special economic zones

Bode January 25, 2024

The Central Bank of Nigeria (CBN) has said it will continue to support the Federal Government to implement an investment promotion strategy to facilitate investment flow into the economy, The CBN Governor, Mr Olayemi Cardoso, said this at a two-day Special Economic Zones (SEZs) Annual Meeting on Wednesday...

Nigerian News

Court dismisses Falana’s suit against CBN on Polaris bank sale

Bode January 24, 2024

Justice Lewis Allagoa of a Federal High Court in Lagos on Wednesday, dismissed a suit filed by rights activist Chief Femi Falana (SAN) challenging a purported sale of Polaris Bank Justice Allagoa dismissed the suit following an application by the learned silk, seeking to discontinue same before the...

BUSINESS

CBN pays $2bn to clear foreign exchange backlog

Bode January 18, 2024

The Central Bank of Nigeria (CBN) has paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum in its bid to clear the backlog of outstanding foreign exchange liabilities. The apex bank said it has also cleared up the entire liability of 14 banks and...

BUSINESS

Relocation of CBN departments merely for administrative convenience – Experts

Bode January 17, 2024

A Financial Expert, Mr Okechukwu Unegbu, has said the planned relocation of some key departments of the Central Bank of Nigeria (CBN) to Lagos was for administrative convenience. Unegbu, a past President of the Chartered Institute of Bankers of Nigeria (CIBN), said this in an interview with the...

Crime News

Cash scarcity: Nigerians groan as banks, PoS operators trade blame

Bode January 14, 2024

Some residents of Ibadan have decried the persistent cash scarcity, even as banks and Point of Sales (PoS) operators are trading blames over the situation. Describing their experiences in separate interviews with the News Agency of Nigeria (NAN) in Ibadan on Sunday, the residents said not so...

BUSINESS

Unbanning of cryptocurrency: Expert sees potentials for economic growth

Bode January 11, 2024

The Chief Executive Officer of Arvofinance, Mr Ayotunde Bally, has said the lifting of the ban on cryptocurrency trading in Nigeria has the potential to boost the economy and offer financial opportunities. Bally said this while speaking with the News Agency of Nigeria (NAN) on Thursday in Lagos....

Central Bank of Nigeria (CBN) Governor, Mr Yemi Cardoso

Nigerian News

CBN appoints new executives for Union, Keystone, Polar banks

Bode January 11, 2024

By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN), has appointed new executives for Keystone, Polaris and Union Banks, following dissolution of the board and management of the banks. CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali disclosed this in a statement issued on Wednesday in...

BUSINESS

CBN sacks Boards of Titan Trust, Union, Keystone, Polaris Banks

Bode January 10, 2024

By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank. CBN Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, disclosed this in a statement on Wednesday in Abuja. According to Sidi-Ali, this action became...

BUSINESS

CBN disburses $61m to foreign airlines to clear foreign exchange backlog

Bode January 8, 2024

By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has disbursed 61.64 million dollars to foreign airlines through various Deposit Money Banks (DMBs). The Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, disclosed this in a statement issued in Abuja on Sunday. Mrs. Sidi-Ali said the disbursement is...

Nigerian News

Forex scandal: We’re ready to assist EFCC in its investigation – Dangote

Bode January 7, 2024

By OLA MUDOPE, Lagos – The Dangote Group has expressed readiness to assist the Economic and Financial Crimes Commission (EFCC) in its investigations, following the visit of the anti-graft agency to the company’s head office in Lagos. It would be recalled that EFCC operatives on Jan. 4, embarked...

Nigerian News

Forex scandal: EFCC summons Dangote officials to Abuja

Bode January 6, 2024

The Economic and Financial Crimes Commission (EFCC) has summoned top officials of the Dangote Group to Abuja to come along with detailed documents on foreign exchange transactions by the conglomerate covering the last nine years. Operatives of the EFCC stormed the headquarters of Dangote Industries Limited in Ikoyi,...

Nigerian News

Yuan adoption: Uwaleke urges National Assembly to trust CBN on naira policy

Bode December 23, 2023

An economist, Prof. Uche Uwaleke has urged the National Assembly to allow the Central Bank of Nigeria (CBN) to determine the most suitable exchange rate management strategy for Nigeria. Uwaleke, who is the President, Capital Market Academics of Nigeria, gave the advice in an interview with the News...

Nigerian News

CBN warns banks, POS operators against hoarding cash

Bode December 22, 2023

By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Point of Sale (PoS) operators to stop disrupting the seamless distribution of Naira notes. The Acting CBN Director, Corporate Communications, Mrs Hakama Sidi-Ali, who gave the warning in a...

BUSINESS

Inflation, exchange rates to decline in 2024, says CBN

Bode December 14, 2023

Central Bank of Nigeria (CBN) has said the rising inflation and exchange rates will decline in 2024. The News Agency of Nigeria (NAN) reports that the apex bank also projected less revenue from oil exports in the coming year. CBN Governor, Mr Olayemi Cardoso, stated these on Thursday...

BUSINESS

CBN assures of adequate cash supply, says 3.4trn in circulation

Bode December 14, 2023

The Central Bank of Nigeria (CBN) has reassured Nigerians of enough Naira notes in circulation, to carter for their cash needs. CBN’s Acting Director, Corporate Communications, Mrs Hakama Ali, gave the assurance in a statement on Wednesday. It would be recalled that there has been complaints of...

Nigerian News

Why we are rejecting electronic transfer despite cash scarcity – Traders

Bode December 13, 2023

In-spite of cash scarcity and rationing by banks, some traders in Lagos said they are still rejecting electronic transfer of fund due to network issues. The traders, especially those engaging in petty trading, said bank network delays and failures had significantly impacted negatively on their businesses. They were...

Nigerian News

Naira scarcity: PoS operators hike charges by 100 per cent

Bode December 12, 2023

Operators of Point of Sale (PoS) in Calabar, the Cross River State capital have increased their charges by 100 per cent for all transactions, following the scarcity of naira notes in the capital city. The operators spoke on the development in separate interviews with the News Agency of...

BUSINESS

CBN suspends processing fees on cash deposits till April

Bode December 12, 2023

The Central Bank of Nigeria (CBN), on Monday, announced the suspension of the processing fees on cash deposits charged banks and other financial institutions till April, 2024. The CBN Director, Banking Supervision, Dr Adetona Adedeji, disclosed this in a circular addressed to “all banks, other financial...

Nigerian banks not in distress, says CBN

BUSINESS

Nigerian banks not in distress, says CBN

Bode December 11, 2023

By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN), has assured the banking public that Nigerian banks are buoyant, hence, they are not in distress. The CBN Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, disclosed this in a Statement issued on Monday in Abuja....

POLITICS

2024 budget: Reps reject CBN, Customs representatives, demand heads’ appearance

Bode December 8, 2023

The House of Representatives has rejected representatives of Central Bank of Nigeria (CBN) Governor and Comptroller General of Nigeria Customs Service insisting they appear personally person to defend their 2024 budget proposal. Also the representatives of Federal Inland Revenue Service were also rejected by the House Committee on...