The scarcity of the new and old naira notes is crippling activities of Bureau de Change operators in Lagos as the country approaches the February 10 deadline for the complete phasing out of the current N200, N500 and N1,000 banknotes. CBN governor, Godwin Emefiele, had assured the release of sufficient new banknotes with teams of enforcers to ensure that banks Read More
Data from the Central Bank of Nigeria (CBN) shows that Nigeria’s external reserves dropped to $37.9 billion as of Wednesday, October 12, 2022, from $38.8 billion on September 12, 2022. The decline is due to CBN’s continuous intervention in the exchange rate market and dwindling export earnings. There has been an increase in the demand for foreign exchange for importing Read More
Diaspora remittances between January and June 2022 into Nigeria hit $10.11 billion, representing a 9.6 per cent increase compared to $9.23 billion received in the corresponding period of 2021. According to data obtained from the Central Bank of Nigeria (CBN), a sum of $23.3 million was recorded as remittance outflow from Nigeria, indicating a net inflow of $10.09 billion in Read More
The full implication of the recent massive mopping by the Central bank of Nigeria (CBN) is beginning to materialize with the commercial banks hiking lending rates by a whopping three per cent to about 38 per cent after the CBN debited N6.9trillion on Thursday last week. Analysts say, the increase is as a result of the decision of the Monetary Read More
The Central Bank of Nigeria (CBN) has said that about N5.3 trillion out of N9.3 trillion lent out under its intervention funds portfolio is not yet due for repayment. The apex regulator also said for now it has closed gates for the intervention funds, adding that as at Tuesday N3.7 trillion has been repaid under intervention funds. Addressing financial journalists Read More
The Central Bank of Nigeria (CBN) has granted to FBN Holdings’ subsidiary, First Pension Custodian Nigeria Limited (First Pension) the approval to acquire Access Pension Fund Custodian Limited. First Pension Custodian Nigeria Limited, a wholly-owned subsidiary of First Bank of Nigeria Holdings (FBN Holdings) acquired 100 per cent stake of First Pension from Access Bank, owned by Access Holdings. Recall Read More
The Central Bank of Nigeria (CBN) has said that its RT200 policy has started yielding positive results as more commodities is now included in the country’s export ledger boosting the potential of raising up to $200 billion in foreign exchange earnings from non-oil proceeds. Disclosing this in Lagos over the weekend at the Finance Correspondent Association of Nigeria (FICAN) workshop, Read More
Encomiums poured in as eminent personalities from all walks of life converged in Ijebu Ode, Ogun State to bid farewell to Pa. Zacheus Olorunsola Odusanya, a.k.a Baba Kekere, the father of Mr. Adeyemi Odusanya, quintessential banker and executive director, South & Corporate of Keystone Bank Limited. Pa Odusanya journeyed to the great beyond on Thursday, April 28, 2022 at the Read More
The Central Bank of Nigeria (CBN) slipped dairy products into its long, winding list of items that could no longer be imported with foreign exchange (forex) from its official window. The policy was designed to encourage local production as the price of imported milk surges with unbridled depreciation of the naira. It was equally designed to conserve the nation’s dwindling Read More
The Central Bank of Nigeria (CBN) has remained gender sensitive, dolling out N203.31 billion credit as at January 2022, Godwin Emefiele, the apex bank governor has said. Emefiele made this disclosure while addressing participants at a webinar hosted by the Deputy Governor in charge of the Financial System Stability (FSS) Directorate, Mrs. Aishah Ahmad, as part of activities to commemorate Read More
Delta State Command Tuesday arrested notorious Automated Teller Mechine (ATM) fraudster, one Ojo Amos at Ozoro, Isoko north local government area of the state. The suspect, 38yrs who hails from Agbara-Otor, Ughelli North Local government area specialised in snatching ATM cards from unsuspecting victims. According to the state Public relations officer (PPRO), DSP Bright Edafe, “On 2/11/2021 at about 1300hrs, Read More
The All Progressives Congress caucus of the House of Representatives has gained another member. He is Rep. Jacob Ajao Adejumo from Oyo State. Until his defection to the majority party, he was a member of the Action Democratic Party (ADP. The Speaker, Rep. Femi Gbajabiamila, has, however read his defection letter to members on the floor in Abuja on Tuesday Read More
Governors, traditional rulers, business and political elites in the Yorubaland must carefully weigh various options and seriously consider backing Vice President Yemi Osinbajo in 2023, an All Progressives Congress youth group has advocated. According to members of the South West Movement for Osinbajo (SOWEMOVE) who presented a report and copies of correspondence with several Obas and other eminent personalities in Read More
A political pressure group known as the South-west Frontiers has condemned the prolonged silence of the former Lagos state governor and leader of the All Progressives Congress (APC) Asiwaju Bola Tinubu on the invasion of the residence of a Supreme Court judge, Justice Mary Odili by armed security operatives. The group similarly faulted the APC leader’s inaction about the recent Read More
Barely 24 hours to the Saturday Anambra State governorship election, the Inspector General of Police has removed the Deputy Inspector General, DIG Joseph Egbunike, as the head of security team for the Anambra governorship election slated for Saturday November 6, 2021. His removal was announced by the Police Public Relations Officer DSP Nkeiruka Nwude with few hours to the election. He been Read More
The Director-General, National Automotive Design and Development Council, Jelani Aliyu, has asserted that Nigeria’s automotive industry is advancing towards actualizing the manufacturing of electric and gas-powered vehicles, in keeping with the net-zero target by 2060. Mr Aliyu made the disclosure while addressing delegates at the ongoing COP26 UN Climate Change Conference in Glasgow, Scotland where close to 200 countries gathered Read More
Enugu State House of Assembly Thursday approved a N15billion loan facility from the Central Bank of Nigeria (CBN) to enable the state improve on her infrastructure base. Governor Ifeanyi Ugwuanyi had written the House Wednesday, through the Secretary to the State Government (SSG), Prof. Simon Ortuanya, asking the members ‘to approve the loan request he made to enable him secure Read More
The federal government declared Monday that about N7.3 billion was yet to be disbursed to the remaining beneficiaries of its 774, 000 Special Public Works programme. Minister of State for Labour and Employment, Festus Keyamo, made the disclosure during budget defence session before the Senate Committee on Labour. The programme, domiciled in the National Directorate of Employment (NDE), engaged 774,000 Read More
The launch of the e-Naira by President Muhammadu Buhari recently has made Nigeria to join the league of countries with electronic currencies. This is a welcome development. As stated by Mr President during the launch, the e-Naira will boost the country’s GDP by $29 billion in the next 10 years and attract more investment. However, the launch of the e-Naira Read More
It is two days to the much anticipated National Youth Conference (NYC) organised by the Federal Ministry of Youth and Sports Development (FMYSD), billed to commence on 1st November and end on Wednesday, 3rd November, 2021. Unlike other conferences of its ilk, what sets this apart from is that it is largely private sector driven, with Nigeria’s development partners playing Read More
One of the members of the Monetary Policy Committee of the Central Bank of Nigeria (CBN), Adenikinju Festus, has said the high level of inflation and interest rates margin in the country is unacceptably wide. Festus, who advocates for the increase of MPR, asked the apex bank to probe the foreign exchange market operations in Nigeria. It would be recalled Read More
Immediate past Managing Director and CEO of Fidelity Bank of Niger PLC, Mr. Nnamdi Okonkwo, has emerged as the new Group Managing Director of FBN Holdings, the holding company of First Bank of Nigeria Group. FBN Holdings Plc, parent company of First Bank Nig. Ltd who announced this in a notice to the Nigerian Exchange on Thursday also informed the Read More
In its drive to ensure the digital financial inclusion of women and youth nationwide, the Central Bank of Nigeria (CBN) and its stakeholders are billed to engage target groups in selected states in order to facilitate their economic empowerment and inclusion. A statement from the CBN noted that the programme also aims at implementing the Bank’s framework for advancing women’s Read More
The adoption of the Central Bank Digital Currency (CBDC) and its underlying technology, called block chain, can increase Nigeria’s GDP by $29billion over the next 10 years, President Muhammadu Buhari said Monday in Abuja at the official launch of the eNaira. The President also declared that the introduction of the eNaira would enable the government to send direct payments to Read More
The Central Bank of Nigeria (CBN) has announced that President Muhammadu Buhari will formally unveil the much talked about digital currency, known as the eNaira, on Monday. CBN Director, Corporate Communications, Osita Nwanisobi, who disclosed this in a statement on Saturday said the President will perform the unveiling ceremony inside the State House, Abuja. “Following series of engagements with relevant stakeholders Read More
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