Nigeria’s foreign reserve has shrunk to its lowest in 8 months as the Central Bank of Nigeria (CBN) effort to save the Naira from further deterioration in value takes its toll. The foreign reserve now stands at $34.85 billion on December 14, data from the CBN has shown. According to the data, in the last … Read more
The Nigerian Medical Association on Monday lamented the rigorous procedure given by the Central Bank of Nigeria for its members to access the N100 billion health intervention funds. The organisation, therefore, called on President Muhammadu Buhari, and strategic stakeholders in the nation’s financial sector to prevail upon the CBN to soften the conditions, especially given … Read more
Payment The Central Bank of Nigeria (CBN), in line with its commitment to promote a strong and credible payment system, has approved new license categorisations for the payments system. A circular signed by Mr Musa Jimoh, Director, Payments System Management Department of the apex bank, states that the new framework offers clarity for new and … Read more
Godwin Emefiele, governor of the Central Bank of Nigeria, says the country must find other ways to generate revenue aside from crude oil. Speaking at the prize presentation ceremony of the 2020 CBN Governor’s Golf Cup tournament on Saturday, Emefiele said the country must end it reliance on oil as source of foreign exchange According … Read more
The governors of the 36 states of the federation have made known their plan to borrow N17 trillion from the pension fund for acceleration of infrastructural Development. The resolution is part of the outcome of the 22nd Nigeria Governors Forum (NGF) hybrid meeting between the governors and officials of the central bank of Nigeria. The … Read more
Budgets CBN, FIRS, Others The House of Representatives has called on the Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS) and other statutory bodies of the Federal Government to emulate the Nigerian National Petroleum Corporation, by making their finances open to the National Assembly for scrutiny and approval. Chairman of the House Committee … Read more
The Central Bank of Nigeria (CBN) on Tuesday has introduced a special bill to mop up excess liquidity (idle cash) in the economy. Announcing the introduction of the special bills, Director of Banking Supervision Department (CBN), Bello Hassan said that the bills will be 90Days tenor and will be issued at zero-coupon. He said: “The … Read more
The Central Bank of Nigeria has relaxed it policy on receipt of foreign remittance. The appex bank announced that beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) shall now receive such inflows in foreign currency (US Dollar) through the designated bank of their choice. The apex bank made the announcement in a … Read more
Babajide Sanwo-Olu, governor of Lagos, has assured stakeholders in the banking sector of security of lives and property in the state. Sanwo-Olu gave the assurance when he spoke at the 55th Chartered Institute of Bankers of Nigeria (CIBN) dinner in Lagos, on Friday, Sanwo-Olu, while commending Central Bank of Nigeria Governor, Godwin Emefiele for the … Read more
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says Nigeria will not stay in recession for a long time as ‘recovery is in sight’ The apex bank helmsman made this known at the 55th Chartered Institute of Bankers of Nigeria (CIBN) dinner in Lagos, on Friday. The CBN governor allays the fears of … Read more
CBN, to screen bank workers. Bank workers are about to have their capabilities to work in the industry reviewed. This means that only those with the competence to carry out banking activities will be allowed to work as bankers while promotion will also be based on the level of competence of individual bankers. The Central … Read more
The Central Bank of Nigeria (CBN) has pegged exchange rate between Naira and Dollar at the parallel market to 392/$ The apex Bank directed bureau de change operators in the country not to sell dollars higher than N392 to end users. The directive is contained in a circular signed by O.S. Nnaji, director of trade … Read more
Akinwumi Adesina, president of the African Development Bank (AfDB), has warned Nigeria to be wary of misinformation and not take take everything they hear hook, line and sinker. Adesina warning is coming on the heels of allegation of grand larceny leveled against Yakubu Gowon, a former military head of state. Gowon recently became a subject … Read more
Former Nigerian Head of State Yakubu Gowon has described as “rubbish” allegation of grand larceny leveled against him by a British MP, Tom Tugendhat. The Conservative MP Tom Tugendhat had on Monday stirred controversy with his claim that Gowon stole half of CBN and took it to London. He saud “Some people will remember when … Read more
The Central Bank Of Nigeria (CBN) on Friday directed banks to now charge Bank customers for failed direct debit transactions. The directive was contained in the Guide to Charges by Banks, other financial and non-financial institutions published by the the apex bank. CBN explained that the charge will only apply to transactions that fail due … Read more
Policies The Peoples Democratic Party (PDP) has advised the Central Bank of Nigeria (CBN) to come up with programmes and polices that would urgently revamp Nigeria’s productive sector, reposition its economy and provide jobs for the youth. The PDP National Publicity Secretary, Mr Kola Ologbondiyan, gave the advice at a news conference in Abuja on … Read more
The Central Bank of Nigeria (CBN) has given reasons for freezing the Bank accounts of accusing #EndSARS promoters. The apex said he it took the step of freezing the bank accounts of the protests co-ordinators because of links with terrorism. PUNCH newspaper reports that CBN claimed that the individuals bank accounts contain funds used in … Read more
NOVEMBER 11, 2020 A federal high court in Abuja, last week, granted the request of the CBN to freeze the accounts of 19 individuals and a public affairs company linked to the #EndSARS protests. Governor Rotimi Akeredolu has backed the freezing of bank accounts belonging to #EndSARS promoters and believes the action is not a … Read more
EKOHOTBLOG, 10TH NOVEMBER, 2020 Lagos State Attorney General and Commissioner for Justice, Mr Moyosore Onigbanjo (SAN), has asked #EndSARS frontliners whose bank accounts were frozen by the Central Bank of Nigeria to challenge the action in a competent court of law. Onigbanjo said this while featuring on Channels Television’s Politics Today programme and further stated that the Lagos state … Read more
NOVEMBER 10, 2020 Oduala and her colleague, Temitope Majekodunmi, had, on Saturday, boycotted a sitting of the Lagos panel in protest against CBN’s freezing of several accounts linked to the #EndSARS movement. The apex bank obtained a court order to freeze Oduala’s account and those of 19 others till January 2021. One of the promoters … Read more