Systemspecs wins CBN, NITDA awards of excellence (4)

October 28, 2022 John Oba Abuja 0

Remita Payment Services Limited (RPSL), Africa’s foremost payment solutions company and a subsidiary of Systemspecs Group, has been adjudged Payment Service Providers of the Year 2021 and winning National Information Technology Development Agency (NITDA) Indigenous Technology Promotion – Software award. The award by the Central Bank of Nigeria (CBN) was presented on the 24th of October, during the celebration of Read More

UAE visa ban threat unfair – Arewa youths

October 28, 2022 Lekan Shehinde 0

The Arewa Consultative Youths Movement (ACYM) has commended the Central Bank of Nigeria (CBN) under the leadership of Dr Godwin Emefiele for all its efforts to support foreign airlines.  The ACYM, in a statement Friday by its President, Kabiru Yusuf, said with the efforts being put in place by the CBN to encourage foreign airlines, the decision of the United Read More

Group lauds CBN over new Naira notes

October 28, 2022 Lekan Shehinde 0

The Central Bank of Nigeria (CBN) has been lauded over the federal government decision to redesign the naira notes. Addressing newsmen in Abuja Friday, Ethnic Youth Leaders and political parties said that the move by CBN has dealth a fatal blow to money launders, ransom takers, smugglers and counterfeiters. Speaking at a press conference in Abuja, the conveners of the Read More

CBN currency change targeted at ambushing kidnappers, currency hoarders – Analysts

October 27, 2022 Blessing Anaro, Lagos 0

Nigeria’s central bank said it’s move to replace high-value currency notes will help prevent hoarding and stymie illegal activity and kidnappings in Africa’s largest economy. The country’s banking regulator plans to issue redesigned 200-, 500- and 1,000-naira notes from mid-December, Central Bank Governor Godwin Emefiele said at a briefing in Abuja, the capital, on Wednesday. Old bills will cease to Read More

Breaking: CBN redesigns naira notes, announces date to begin circulation

October 26, 2022 Editor 0

The Central Bank of Nigeria (CBN) has revealed that it will redesign the N200, N500, and N1,000 notes.  CBN Governor, Godwin Emefiele, who disclosed this during a special press briefing in Abuja on Wednesday said the apex bank will begin circulation of the notes as from December 15, 2022. The CBN boss said the redesigning project was as a result Read More

CBN approves special vehicle to carry out payments, remittances in dollar

October 25, 2022 Blessing Anaro, Lagos 0

In a move to address the bottlenecks in availability of foreign exchange (forex), particularly the dollar, the Central of Nigeria (CBN) has empowered special purpose bank to accept deposits from individuals and small businesses, under the cover of the deposit insurance scheme to carry out payments and remittances through various channels in the country. The new ‘vehicle’ known as Payment Read More

CBN generates $1.28bn from non-oil exports through RT200 FX policy

October 20, 2022 Amaka Ifeakandu, Lagos 0

A total of $1.28 billion was repatriated by non-oil exporters through the Central Bank of Nigeria (CBN) RT200 Foreign exchange Policy aimed to boost foreign exchange inflow into the country. Disclosing this virtually during the press conference after the Banker’s Committee Meeting on Thursday, the Managing Director of Citibank Nigeria, Ireti Samuel-Ogbu said RT200 forex initiative of the CBN has Read More

CBN and the Senate’s macabre dance

October 20, 2022 Nasir Dambatta 0

For the Nigerian Senate, it is just a legislation; for the Central Bank of Nigeria (CBN), it is a defilement of its sanctity and independence; for Nigeria, it is a grave threat to its economy, and a portent of its economic quandary. The Nigerian Senate, on 27th September, 2022, deliberated on a Bill seeking to amend the Central Bank of Read More

Emefiele, Alawuba, others lead at UBA America conference

October 17, 2022 David Agba Abuja 0

The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, the Group Managing Director/Chief Executive Officer, United Bank for Africa (UBA) Plc, Oliver Alawuba and other experts from the global international markets will lead the discussions on global economic trends at the 2022 edition of the UBA Group International Banking Conference. The four-day conference which will be held between October 17th Read More

ABCON: Unorthodox FX policy widens exchange rate gap

October 17, 2022 Amaka Ifeakandu Lagos 0

President of the Association of the Bureau De Change operators of Nigeria (ABCON), Aminu Gwadabe has said that the unorthodox foreign exchange policy of the Central Bank of Nigeria (CBN) has impacted on the stability of the local currency across all markets. This according to him created huge premium between official and parallel market rates. Gwadabe, who spoke in a Read More

CBN inflation war: Beyond monetary policy instrument manipulations

October 3, 2022 Jerry Uwah 0

The World Bank’s recent report on Nigeria’s beleaguered economy suggests that the Central Bank of Nigeria (CBN) is chasing shadows with its trademark manipulation of monetary policy instruments in the hope of stabilising the naira and curbing spiraling inflation rate. The bank warned that Nigeria’s perfidious multiple exchange rates policy was responsible for the naira’s disorderly retreat in the foreign Read More

CBN and the fight against inflation

September 29, 2022 Adefolarin A Olamilekan 0

The global economy is currently uninspiring as it is still under the siege of inflation – a spike in over 9% globally – which is worsening purchasing power and dampening economic outlook of countries. Although each country is experiencing uncommon inflationary pressure, the phenomenon has both positive and negative effects on economic growth. Inflation is defined as the rate at Read More

Access Holdings gets CBN’s approval for Hydrogen

September 23, 2022 Blessing Anaro, :Lagos 0

Access Holdings Plc has gotten approval from the Central Bank of Nigeria (CBN) to operate its owned payment subsidiary, Hydrogen Payment Services Company Limited (Hydrogen). A disclosure signed by the company secretary, Sunday Ekwochi, stated that the new payment system is projected to become Africa’s most powerful business network for financial service providers and other stakeholders. It stated, “Access Holdings Read More

CBN, NEXIM, others restate commitment to improved export earnings

September 6, 2022 Blueprint 0

The Central Bank of Nigeria (CBN), the Nigeria Export Import (NEXIM) Bank the Nigeria Sovereign Investment Authority (NSIA) and Heritage Bank PLC have reiterated their commitment towards improved local productive activities that will boost the country’s export earnings. To this end, they have given their support to the Finance Correspondents Association of Nigeria (FICAN) as it assembles bankers, relevant government Read More

National security, cybercrime and the CBN

September 1, 2022 Nasir Dambatta 0

“Cryptomining attacks gave cyber criminals an easy foothold into company networks. It was a year of massive data leaks, expensive ransomware payouts, and a vast, new, complicated threat landscape. And it was a year that saw cyber criminals up their threat game in a big way” (2021 Cyber Security Threat Report). Since Nigeria enacted the Cybercrimes (Prohibition, Prevention, etc.) Act Read More

Why CBN is losing the battle against inflation

August 29, 2022 Chinedu George Nnawetanma 0

Inflation seems to be the buzzword in Nigeria these days. It comes as no surprise, though, given the near-unprecedented rise in the prices of goods and services in the country in recent times. July 2022’s inflation rate – the highest in the country since 2005 – stood at 19.64%, up from 15.60% in January 2022, according to the National Bureau Read More

HURIWA to Buhari: Don’t allow sale of Polaris Bank

August 24, 2022 Bode Olagoke 0

A civil rights advocacy group, Human Rights Writers Association of Nigeria, (HURIWA) has called on President Muhammadu Buhari, not to allow plot to sell a Commercial Bank (Polaris Bank) has reported in a section of the media. A news platform had reported that the CBN had allegedly proceeded with the secret sale of the distressed bank. The group said if Read More

CBN and the imperative of taming inflation

August 24, 2022 Nasir Nasir Dambatta 0

“Americans are fed up practically everywhere they spend money. Gas prices sit near record highs, food costs are surging, and housing is getting more expensive by the month. Lawmakers — particularly Republicans — have lambasted the Federal Reserve for allowing inflation to hit 41-year highs, arguing the central bank should’ve started raising interest rates much earlier” – BUSINESS INSIDER* The Read More

Blame NNPC, not CBN over rise in forex, drop in revenue generation – ACJHR

August 3, 2022 Ahmid Lawal 0

The African Centre for Justice and Hyman Rights (ACJHR) has urged Nigerians and other stakeholders to hold the Nigerian National Petroleum Corporation (NNPC), and not the Central Bank of Nigeria (CBN), responsible for the rise in forex and drop in revenue generation in the country. In a statement by its Coordinator, Nduka Edede Chinomso, the ACJHR attributed the situation NNPC’s Read More

Foreign reserves rises by $45.3m in July

August 2, 2022 Blessing Anaro, Lagos 0

Nigeria’s external reserves added $45.3million in July, according to movement in reserves data released by the Central Bank of Nigeria (CBN). The foreign exchange buffer as of July 28, 2022, moved to $39.22billion from $39.17billion it commenced the month under review. Analysts have attributed the steady increase in external reserves to CBN’s RT $200 billion Foreign Exchange (FX) Programme, stressing Read More

Naira’s precipitous depreciation: Emefiele Vs Senate

August 1, 2022 Jerry Uwah 0

The naira is sinking and no one knows precisely how to save the currency of Africa’s largest economy. The Central Bank of Nigeria (CBN) has deployed all the weapons in its arsenal in defence of the naira. Ironically, none is working. Even lending rate hikes have become counter-productive. On July 27, 2021, the apex bank fingered Nigeria’s treacherous bureau de Read More