The Central Bank of Nigeria (CBN) on Monday says it is banning middlemen or third parties from getting foreign exchange using form M. The apex bank said it would no longer approve payment of foreign exchange to form M applicants who do so through a company and agent, thereby eliminating third parties. The party announced … Read more
Director, Financial Policy and Regulation at the Central Bank of Nigeria, Mr. Kevin Amugo, says Nigerian banks recovered about N50.32m bad loans from debtors within nine days after the country commenced operations of the Global Standing Instruction. Amugo disclosed on Tuesday at a webinar organised by the Chartered Institute of Bankers of Nigeria Dialogue Series … Read more
The former Deputy Governor of the Central Bank of Nigeria, CBN, Dr. Obadiah Mailafia has been released by the Department of State Security Service, DSS after spending about 40 minutes in the facility. Mailafia’s Lawyer, Yakubu Bawa who spoke to newsmen after his release at about 12.59pm, said Dr. Mailafia was treated with decorum. Ekohotblog … Read more
The former Deputy Governor of the Central Bank of Nigeria, CBN, Dr. Obadiah Mailafia has arrived at the Plateau State headquarter of the Department of Security Service, DSS in Jos. Ekohotblog had earlier reported today, August 17 that Mailafia was re-invited to the DSS office after released last week Wednesday, August 12 over some comments … Read more
The National Broadcasting Commission has fined a radio station, Nigeria Info, N5m, for a recent comment made by a former Deputy Governor of the Central Bank of Nigeria, Dr Obadiah Mailaifa. NBC management in a statement titled, ‘The National Broadcasting Commission Fines Nigeria Info 99.3 For Unprofessional Broadcast’ disclosed this on Thursday, August 13. Recall that the Commission … Read more
The Central Bank of Nigeria Bank of Nigeria has its Monetary Committee Policy Meeting. Members of the Committee has kept the Monetary Policy Rate at 12.5 %. The ten Committee members also voted unanimously to maintain the Cash Reserve Ratio at 27.5 % The Central Bank of Nigeria (CBN) on Monday kept its Monetary Policy … Read more
The Central Bank of Nigeria (CBN) has issued guidelines aimed at reducing non-performing loans in the banking sector and to monitor chronic loan defaulters. This was disclosed in a circular the apex bank issued to all banks and other financial institutions tagged ‘Operational Guidelines on global standing instruction – Individuals.’ The Guidelines are expected to … Read more
The Gombe State Fire Service has prevented the Central Bank of Nigeria from being razed down by fire. The inferno started at about 10am in the fifth block, that was almost leading to building collapse. The cause of the fire cannot be ascertained as at the time of this report. This adds to the series … Read more
The Central Bank of Nigeria (CBN) has described as fraudulent the operations of a fake twitter handle, @YusufPhilipYila, purported to belong to its Director, Development Finance Department, Mr Philip Yila Yusuf. The apex bank’s Director of Corporate Communications, Mr Isaac Okorafor, raised this alert in a statement in Abuja. Okorafor said fake messages relating to … Read more
Aggrieved customers of Access Bank have taken to a micro-blogging, Twitter to express their dissatisfaction over repeated stamp duty charges. According to the customers, the charge have been consecutive with no explanation provided by Access Bank. Meanwhile, some alleged that the bank debited them before the actual date. Screenshots of debit alert for Monday, June … Read more
SaharaReporters has uncovered flight information on how Central Bank of Nigeria Governor, Godwin Emefiele, used a private jet to fly his wife and children to the United Kingdom despite the lockdown restriction on the airspace. The Nigerian Government had announced that only essential travels will be permitted by air across the country but flight manifest … Read more
The Maize Growers, Processors and Marketers’ Association of Nigeria (MAGPAMAN), Anambra chapter, has commenced distribution of inputs for the 2020 wet season farming. The farm inputs distribution was launched under the Central Bank of Nigeria (CBN) Anchor Borrowers’ Programme (ABP) at Amansea near Awka on Monday. Speaking at the event, the CBN Branch Controller, Awka, … Read more
The Central Bank of Nigeria has released fresh directives to commercial banks on timeframe for resolving ATM, POS and web customer refunds issues. The apex bank in its fresh directives said all banks must resolve all backlog of ATM, POS and web customer transactions within two weeks. The apex bank made this known in statement … Read more
The COVID-19 pandemic has reshaped the entire world – the future of everything and the world of work, but perhaps the most visible effect of this disruption is most felt in the financial services sector, the markets and the global economy. In this regard, the banking sector is one of the most gravely impacted. It … Read more
Nigeria government on Monday said citizens in foreign countries who are desirous of returning to the country amid the COVID-19 scourge will no longer have to worry about footing the bills of their two-week quarantine. Speaking during the Presidential Taskforce daily briefing in Abuja, Minister of Foreign Affairs Geofrey Onyeama, said the cost of the … Read more
The Naira for second week consecutively has continued its decline as the currency continues to tank against the dollar. The naira continued its expected crash on Thursday after it exchanged at N450 to dollar at the parallel market. The naira plunge is partly engendered by the build up on dollar demand continued to rise. The … Read more
Central Bank of Nigeria (CBN) is set to fund Nigerian made COVID-19 vaccines. The Governor of CBN, Mr Godwin Emefiele via Twitter handle of the apex bank approved a fresh grant for research institutions and biotechnology firms to develop locally made COVID-19 Vaccine. Emefiele who disclosed this at the unveiling of the THISDAY Dome Testing, … Read more
The Central Bank of Nigeria (CBN) has ordered all banks to stop retrench any workers. According to a statement signed by CBN’s Director, Corporate Communications, Isaac Okorafor, no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time). “in order to help minimize and mitigate the negative impact of … Read more
The Central Bank of Nigeria (CBN) has resumed provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay school fees and SMEs wishing to make essential imports needed to revamp economic activities across the country. This comes following President Muhammadu Buhari’s announcement easing restriction lockdown from May 4th. In … Read more
The Central Bank of Nigeria has appointed Mr. Banjo Adegbohungbe as the substantive Managing Director/CEO of the Coronation Merchant Bank Limited. This was announced in the fifth Annual General Meeting (AGM) held at the bank’s head office, recently with shareholders following the retirement of Mr. Abubakar Jimoh, who led the bank from 2015 until recently … Read more