Eight directors at the Central Bank of Nigeria (CBN) who were closely associated with the former governor, Godwin Emefiele, have been given early retirement letters. These letters were approved by the current CBN governor, Yemi Cardoso. Read also: Central Bank of Nigeria (CBN) staff to resume in Lagos following relocation …
Read More »EFCC investigates $347 billion forex allocations to Nigerian companies
The Economic and Financial Crimes Commission (EFCC) is intensifying its investigation into forex allocations totaling at least $347 billion made to Nigerian companies between January 2014 and June 2023, according to recent findings. This development follows an earlier probe into forex allocations to Dangote Group and 51 other companies during …
Read More »Central Bank of Nigeria clears $2 billion forex backlog, initiates sector reforms
In a bid to address outstanding foreign exchange liabilities and foster transparency in the financial sector, the Central Bank of Nigeria (CBN) has announced the clearance of approximately $2 billion across various sectors, encompassing manufacturing, aviation, and petroleum. Also read:CBN must end cash scarcity crisis The acting director of the …
Read More »Central Bank of Nigeria injects $61.64 million into foreign airlines to boost naira
In a strategic move to stabilize the country’s foreign exchange market and enhance investor confidence, the Central Bank of Nigeria (CBN) has disbursed approximately US $61.64 million to foreign airlines operating in the country. This targeted release of dollars aims to clear a portion of the backlog of matured foreign …
Read More »Disgraced fmr CBN governor, Godwin Emefiele, avoids camera in court (Video)
The suspended governor of the Central Bank of Nigeria, Godwin Emefiele, who has been embroiled in a high-profile scandal involving allegations of financial misconduct, seemed determined to evade media attention. ALSO READ: Emefiele sings, implicates traditional rulers, army generals, judges in naira redesign scandal Accompanied by a small group of …
Read More »Investigation reveals real owners of Nigeria’s Polaris Bank
An online newspaper, Premium Times, has revealed that a cast of venture capitalists, a banker, and a real estate entrepreneur are the controllers of Strategic Capital Investment Limited (SCIL), the consortium to which the Central Bank of Nigeria sold Polaris Bank. Recommended articles U-20 World Cup: Mascherano laments Argentina’s defeat …
Read More »‘Just in’ Again, Emirates suspends flights to Nigeria
Indications just emerged that the United Arab Emirates-based airline, Emirates’ brought to pass its earlier threat to stop operations in Nigeria based on its funds trapped in the country. The news just filtered in that the airline has suspended its operations in Nigeria thus making it the second time the …
Read More »‘Bank charges suspended’ CBN to redesign N100, N200, N500, N1000 notes
Central Bank of Nigeria (CBN) on Wednesday announced its decision to redesign the Naira notes. Gatekeepers News reports that the exercise would affect 200, 500, 1000 notes according to the apex bank Governor, Godwin Emefiele who announced this at a press briefing in Abuja, the nation’s capital. The CBN will …
Read More »‘Breaking news’ CBN Raises Interest Rate To 15.5%
The Central Bank of Nigeria has raised the Monetary Policy Rate (MPR), which measures interest rate, to 15.5 percent from 14 percent to tame rising inflation. CBN Governor, Godwin Emefiele, made this known on Tuesday after a Monetary Policy Committee meeting in Abuja. Emefiele said, “The committee voted unanimously to …
Read More »‘Foreign exchange crisis’ Acquisitions won’t go away from banking sector
Former Deputy Governor of the Central Bank of Nigeria and now Chairman of Titan Trust Bank, Dr. Babatunde Lemo, speaks with OYETUNJI ABIOYE on the nation’s banking sector, foreign exchange crisis, among other issues With the ongoing war between Russia/Ukraine, what are the factors limiting Nigeria from tapping effectively into …
Read More »‘Just in’ Fidelity Bank to acquire 100% equity in Union Bank
The bank said this in a corporate filing on the Nigerian Exchange Limited (NGX) signed by Ezinwa Unuigboje, the company secretary. Fidelity Bank said the Central Bank of Nigeria (CBN) had issued “No Objection” letter for the deal. It also added that the transaction is still subject to the approval …
Read More »‘Poverty reduction’ CBN unveils USSD code to improve access to money
The Central Bank of Nigeria has unveiled the USSD code for the country’s digital currency, eNaira. The bank said the code, *997#, will help deepen financial inclusion as all transactions can be accessed through the channel. The bank’s deputy governor, Kingsley Obiora, had hinted of the move at the IMF …
Read More »‘Efforts to ameliorate’ Bank customers to earn more as CBN increases interest on savings
The Central Bank of Nigeria (CBN) has directed banks to increase the minimum interest rate payable on savings deposits from 10 percent to 30 percent of the monetary policy rate (MPR). By implication, bank customers operating local currency savings in the country would enjoy more interest. The apex bank said …
Read More »‘More dollars’ Naira appreciates to N695/$ at parallel market
The naira, on Monday, appreciated against the dollar at the parallel section of the foreign exchange market. Bureaux De Change (BDC) operators, popularly known as ‘abokis’, who spoke to TheCable in Lagos, quoted the naira at N695 to a dollar. The figure represents a gain of N12 or 1.7 percent …
Read More »‘We’ve no choice’ Emirates reduces flights to Lagos over inability to repatriate $85m revenue
Emirates Airlines, flag carrier of the United Arab Emirates (UAE), says it will reduce its flight operations to Nigeria over the inability to repatriate about $85 million in revenue. Last month, the International Air Transport Association (IATA) said Nigeria was withholding revenue worth about $450 million earned by foreign airlines …
Read More »‘At your own risk!’ Cenbank exonerates commercial banks from failed transaction losses
The Central Bank of Nigeria (CBN) has asked Nigerian banks to collect indemnities from their customers for highly secured online funds transfers amounting to N1million for individual customers and N10 million for corporate customers. However, the apex bank placed an upper limit on the transferable amount at N25 million and …
Read More »‘Breaking’ Nigeria’s central bank raises interest rate from 11.5% to 13%
The Central Bank of Nigeria’s Monetary Policy Committee has jacked up benchmark interest to 13 per cent, 150 basis points above the previous rate. It is the first change since September 2020. The Governor of the Central Bank, Godwin Emefiele, made this known while reading the communique of the MPC’s …
Read More »‘Enhancing financial services’ CBN issues guidelines for Open Banking in Nigeria
The Central Bank of Nigeria has issued the regulatory framework for Open Banking in Nigeria in its efforts to enhance data sharing across the banking and payments system to promote innovations and broaden the range of financial products and services available to bank customers. This was disclosed in a recently …
Read More »‘Vigilance please!’ FG warns Nigerian banks against Benin Republic related transactions
The Central Bank of Nigeria has warned Nigerian banks to be vigilant regarding transactions related to the Benin Republic due to intelligence that suggests the country is increasingly becoming a drug trafficking transit and consumption hub in West Africa. This was disclosed in a circular sent to Nigerian banks titled …
Read More »‘Bank of the free?’ Uproar as police officers assault Kuda Bank customer within its premises over complaint
The financial institution that prides itself as the “Bank of the free,” Kuda, has been on the social media trend list for allegedly aiding police brutality of a customer who came to complain. An uproar ensued after a video surfaced on Tuesday showing two men in police uniform assaulting the …
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