The Economic and Financial Crimes Commission (EFCC) has arrested the Chief Executive Officer of Sterling Bank Plc, Abubakar Suleiman and two other top officials of the bank over the controversial ‘hidden’ N20 billion said to allegedly belong to the Kogi State government. It would be recalled that anti-graft agency,...
CBN
The widening difference between the black market and official rates has worsened the forex fraud, as banks publish more names of Nigerians attempting to cheat the system in an attempt to make more money. As of Wednesday, 23 February 2022, the dollar exchanged for N416 at the official market...
Some experts on Tuesday said the Central Bank of Nigeria (CBN) must take proactive steps to make its RT200 FX programme achieve the desired results. The experts made the suggestions in separate interviews with the News Agency of Nigeria (NAN) in Lagos. Akpan Ekpo, a professor of Economics and...
Central Banks across the world have the mandate to control the circulation and supply of currencies, and the Central Bank of Nigeria (CBN) is not an exception. But the phenomenal rise in popularity of all forms of digital currencies, like crypto in recent times posed a threat to that...
The Central Bank of Nigeria on Thursday kicked against plans by the Senate to enact a new anti-money laundering law. The apex bank put forward this position during a public hearing by a Senate Joint Committee – anti-corruption, financial crimes, judiciary and human rights – on three different anti-corruption...
Ideas Nigeria Movement (INM), a body made up of Nigerians driven by the tripodal values of Nationalism, Innovation and a quest to build Capacity in leadership has outlined several factors why it is pushing for Mr. Godwin Emefiele, Governor Central Bank of Nigeria, CBN, to succeed President Muhammadu Buhari in...
Customers are complaining about indiscriminate and unexplained charges on their accounts by various banks. The bank customers, in separate interviews with the News Agency of Nigeria (NAN) in Abuja on Saturday, complained that attempts to get clarification from their banks were usually met with unsatisfactory responses. Mr Razak Jubrin,...
The Central Bank of Nigeria has announced that it would stop the sale of foreign exchange to banks by the end of the year. CBN Governor, Godwin Emefiele, said the banks must begin to source their forex from export proceeds. “The era is coming to an end when, because...
The North-South Economists’ Forum (NSEF), a focus group of development economists, has warned propagandists and information hawkers feasting on a phoney ‘Emefiele for President’ campaign not to drag the Central Bank of Nigeria, CBN, governor into the murky water of partisan politics. Recently, some online news platforms flew a...
The House of Representatives’ Ad-hoc Committee to ascertain total inventory, assets, interests and liabilities of the Nigeria National Petroleum Company Ltd says it will meet with the Chief Executive Officer (CEO) of the company. This is sequel to the Petroleum Industry Act (PIA) assented to by President Muhammadu Buhari....
The Central Bank of Nigeria (CBN) on Monday gave out N23.2 billion in loans to 28 beneficiaries, as it inaugurated its new “100 for 100” Policy on Production and Productivity (PPP). The News Agency of Nigeria (NAN) reports that the PPP was initiated by the apex bank to encourage...
By HARUNA AHMED, SOKOTO – The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged the Bank’s support for the manufacturing sector in Nigeria and pushed for a reduction in the prices of building materials in the country in order to making housing more affordable....
The Central Bank of Nigeria’s Monetary Policy Committee on Tuesday retained the Monetary Policy Rate (MPR) at 11.5% and kept all other parameters unchanged. CBN Governor Godwin Emefiele made the announcement while addressing journalists at the bank’s headquarters in Abuja. The MPR, which has remained unchanged for months, is...
The Central Bank of Nigeria (CBN) says it will begin e-invoice for imports and exports in the country from Feb. 1, 2022. The apex bank made the disclosure in a circular to all authorised dealers and the general public, and signed by its Director, Trade and Exchange Department, Dr....
The Central Bank Governor, Mr Godwin Emefiele has assured the Super Eagles of Federal Government’s support in the team’s quest for a fourth Africa Cup of Nations (AFCON) title in Cameroon. Emefiele gave the assurance when he visited the team in company of top Nigeria Football Federation (NFF) officials...
President Muhammadu Buhari, on Tuesday commended the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, for boosting food production and supporting the Federal Government ‘s food security initiatives through the Anchor Borrowers’ Programme (ABP). Buhari gave the commendation while unveiling the mega rice pyramids initiative of...
The Rice Farmers Association of Nigeria (RIFAN) says plans have been concluded to launch the one million bags of rice paddy stacked as pyramids in Abuja on Tuesday. Mr Shehu Muazu, Chairman Pyramid Sub Committee, RIFAN told the News Agency of Nigeria (NAN) that the rice pyramids show that...
Nigerian naira on Friday crashed to a new low against the dollar at the official market. According to TheCable, the currency exchanged N435 against the dollar at the official market. his is coming as the Central Bank of Nigeria (CBN) adjusted the country’s exchange rate on its website...
The Federal Government’s bond offer and allotment rose by N1.99tn in the first six months of this year to N13.66tn, from the N11.67tn recorded in the corresponding period of last year. The Financial Markets Department of the Central Bank of Nigeria disclosed this in its half-year activity report for...
The Federal Government hopes to push its public debt stock to N50.22tn by 2023, with domestic debt at N28.75tn and external debt at N21.47tn. This is according to the projections in the National Development Plan 2021-2025. The Debt Management Office had disclosed that Nigeria’s public debt was N38tn as...