The Monetary Policy Committee (MPC), on Tuesday announced another increase in the country’s Monetary Policy Rate (MPR), known as the baseline interest rate, to 26.75 per cent from 26.25 per cent. The MPC also adjusted the Asymmetric Corridor to +500/-100 basis points from +100/-300 basis points around the MPR. Mr Yemi Cardoso, the Governor of … Read more
The Central Bank of Nigeria (CBN), has announced revocation of the licence of Heritage Bank Plc with immediate effect. This is according to a statement issued by Hakama Sidi-Ali, the Acting Director, Corporate Communications Department on Monday in Abuja. Sidi-Ali said that the action was in accordance with the apex bank’s mandate to promote a … Read more
Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, has said the pains of ongoing reforms would soon be over if the citizens can support the monetary and fiscal policies of the government. Cardoso represented by Dr Blaise ljebor, Director, Risk Management, said this while participating in a panel discussion during the Vanguard Economic Discourse in … Read more
An advisor and treasury manager has faulted the Central Bank of Nigeria (CBN) recent increase in the Monetary Policy Rate (MPR) in an attempt to curb inflation and stabilise the economy. Akeju, a member of the Chattered Institute of Treasury Management (CITM), made his position known while speaking with newsmen in Abuja on Thursday. The … Read more
The Ikeja Special Offences Court on Friday granted the request of the defence to recall the first prosecution witness in the trial of the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. Emefiele is standing trial over abuse of office and alleged $4.5 billion and N2.8 billion fraud while in office. The News Agency … Read more
…..FG moves to calm frayed nerves over FAAN, CBN, inflation, security threats, others The Federal Government has moved to calm frayed nerves over the relocation to Lagos of the Headquarters of the Federal Airports Authority of Nigeria (FAAN), and of certain departments of the Central Bank of Nigeria (CBN). Minister of Information and National Orientation, … Read more
The Central Bank of Nigeria, CBN, says it has disbursed 61.64 million dollars to foreign airlines through various Deposit Money Banks, DMBs. According to a statement issued by its Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali in Abuja on Sunday, the disbursement is in fulfilment of CBN’s commitment to eliminate the backlog of pending matured … Read more
Poultry Association of Nigeria (PAN) FCT Chapter says it has lost over N6 billion due to cash crunch resulting from the CBN cashless policy, subsidy removal on fuel and other factors. The Secretary PAN FCT, Hon. Musa Hakeem, said this on Friday in Abuja at the commemoration of the World Egg Day. He noted that … Read more
The Central Bank of Nigeria (CBN) has lifted the forex ban on 43 items and also promised to intervene in the FX market from “time to time”. The apex bank had in 2015 restricted the items from accessing FX from the I&E window, saying they were “not valid for foreign exchange and could be produced … Read more
The Central Bank of Nigeria (CBN), and the Central Bank of Egypt (CBE) have signed a Memorandum of Understanding (MoU) to establish a Nigeria – Egypt Fintech Bridge. According to a statement obtained from the website of the CBN, the MoU was signed on Tuesday at the Seamless North Africa Conference 2023 Conference in the … Read more
By OLA Mudope (LAGOS) The Central Bank of Nigeria (CBN) has dispelled rumours that it devalued the Naira, describing the news as fake. The CBN made the denial on Thursday in a statement by Isa AbdulMumin, CBN Acting Director, Corporate Communications. The CBN was reacting to a viral news that it had devalued the Naira … Read more
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 18.5 per cent from 18 per cent. The CBN Governor, Mr Godwin Emefiele, made this known on Wednesday in Abuja, after presenting the communique from the 291st meeting of the MPC. The News Agency of … Read more
By Ola Modupe (LAGOS) The Board of Directors of Heritage Bank has announced Mr Akinola George-Taylor as the substantive Managing Director/Chief Executive Officer of the bank. Mr Ozena Utulu, Group Head, Corporate Communications of the bank, said this in a statement on Sunday. The statement said that his appointment received a letter of no objection … Read more
A Non-Governmental Organisation (NGO), Speak Out Africa Initiative, has advised the Central Bank of Nigeria (CBN) to track all money transferred 48hrs to election day through the commercial banks. The Executive Director of the NGO, Mr Kenneth Eze, gave the advice at a news briefing on Thursday, in Abuja. Eze said this would help in … Read more
The Independent National Electoral Commission (INEC) on Thursday took delivery of the sensitive materials for Saturday’s Presidential and National Assembly election in Imo from the Central Bank of Nigeria (CBN). The News Agency of Nigeria (NAN) reports that security agencies, representatives of various political parties in collaboration with INEC inspected the materials before deployment to … Read more
Police are investigating some governors and individuals whose utterances are considered to have incited riots over the naira redesign policy of the CBN. Inspector-General of Police, Mr Usman Alkali, made this known in Abuja on Wednesday while fielding questions from State House correspondents. He was accompanied to the news conference by the Attorney-General of Federation, … Read more
The Association of Corporate Affairs Managers of Banks (ACAMB) says all bank branches and digital channels will be open for banking services before, during, and after the elections. The association said this in a statement signed by its President, Mr Rasheed Bolarinwa, on Wednesday in Lagos. The body said that Deposit Money Banks (DMBs) had … Read more
Shop owners in the Federal Capital Territory (FCT), Abuja, are recording brisk sales, following the introduction of the cashless policy by the Central Bank of Nigeria (CBN), and its attendant hiccups. Some of them who spoke to the News Agency of Nigeria (NAN), on Wednesday, said they were recording tremendous sales through the use of … Read more
The Supreme Court on Wednesday fixed March 3 for judgment in the suits filled by some State Governors against the Federal Government over the cashless policy by the CBN in old Naira note withdrawal. Justice Inyang Okoro, who led the seven-member panel of justices, fixed the date after taking arguments from parties involved in the … Read more
The Supreme Court on Wednesday consolidated various suits instituted by 16 State Governments against the Federal Government challenging the mode of implementation of the newly introduced Cashless Policy regime. In a brief ruling, Justice Inyang Okoro who led a seven man panel of Justices of the court granted the request and ordered consolidation of the … Read more
The Central Bank of Nigeria (CBN) says only N200 old notes are to be reissued and circulated concurrently with the new notes in line with the directives of President Muhammadu Buhari. The bank restated this in a statement jointly signed by Mr Edward Adamu, Deputy Governor, Corporate Services, and Mr Osita Nwanisobi, Director, Corporate Communications, … Read more
The treasonable actions of some APC governors over the naira redesign, a matter constitutionally exclusive to the Federal Goverment, should worry all patriots who want the February/March elections to hold. These latter-day saints want the naira redesign policy halted or they truncate the election. Nigeria is indeed a country of anything goes. Nigeria is a … Read more
By Callistus Offor (ABUJA) The Central Bank of Nigeria (CBN) has debunked reports making the rounds on social media that it has authorized the Deposit Money Banks to collect the old N500 and N1,000 Banknotes. The CBN Director, Corporate Communications, Mr. Osita Nwanisobi made the clarification in a statement issued on Friday in Abuja. He … Read more
The Supreme Court on Wednesday temporarily stopped the withdrawal of old Naira Notes from Feb. A seven-member panel led by Justice John Okoro, halted the move in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara. The three states had specifically applied for an order of Interim Injunction … Read more
President Muhammadu Buhari on Sunday in Daura, Katsina State, approved a 10-day extension of the deadline for the swapping of currency to new notes. The Governor of the Central Bank of Nigeria (CBN), who confirmed this to newsmen in Daura, Katsina State, revealed that the new deadline is now Feb. 10. Emefiele, who was in … Read more
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Thursday, unveiled an African Central Bank led National Domestic Card Scheme (AfriGO) to address local peculiarities. At the event, which was monitored virtually, Emefiele said the new card would be accessible to all Nigerians and is expected to strengthen the national payments system … Read more
Some customers in Birnin Kebbi on Monday thronged banks to either deposit or receive money and expressed concern over limited access to new Naira notes. Check on different banks in Birnin Kebbi by the News Agency of Nigeria (NAN) reveals that customers in their large numbers were sighted at different banks trying to gain access … Read more
The Central Bank of Nigeria (CBN) has begun monitoring Commercial Banks and their Automated Teller Machines (ATMs) in Bauchi, to ensure the dispensation of new Naira notes to customers in the state. The News Agency of Nigeria (NAN) reports that CBN Officials monitored all the banks in Bauchi metropolis to ensure that the ATMs dispensed … Read more
The Central Bank of Nigeria (CBN) on Thursday vowed to sanction any commercial bank found hoarding the new Naira notes because it had produced enough for distribution to all the banks across the country. The CBN Kano Branch Controller, Alhaji Umar Biu, made the remark during a sensitisation on the new Naira notes, organised for … Read more
The Central Bank of Nigeria (CBN) says its policy of cash withdrawal limit is not based on politics, contrary to insinuations. Mrs Aisha Ahmad, the Deputy Governor, CBN, said this in Abuja on Thursday when she answered questions from lawmakers at the House of Representatives during plenary. Ahmad, who represented the CBN Governor, Mr Godwin … Read more