Standard Chartered Bank Nigeria Limited has denied committing any offence which could attract sanction from the Central Bank of Nigeria (CBN).Standard Chartered is among the four commercial banks that the apex bank fined for alleged breaches of foreign exchange regulations in connection with foreign currency remittances.The CBN had alleged improper dividend repatriations by MTN Nigeria and requested that $8.1 billion be [...]
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It seems MTN is never too far from the speed dial to trouble. Three years ago, the telco, which has the dominant share of the mobile telecoms market in Nigeria, was slammed with a $5.2 billion fine for failing to disconnect 5.1 million subscribers after the registration deadline.After a back-and-forth, a bloodied nose and a shake-up in which the Chief Executive Officer [...]
Sanusi Lamido Sanusi, emir of Kano, says no president influenced his decisions unduly while he was governor of Central Bank of Nigeria (CBN).He disclosed this in an interview with CNBC Africa at the annual conference of the Nigerian Bar Association (NBA).Sanusi said the lack of political interference in the operations of the CBN under his watch enabled his administration to [...]
The Central Bank of Nigeria (CBN) may increase monetary policy rate (MPR) if inflationary pressures do not abate, Joseph Nnanna, deputy governor of the apex bank, has told Bloomberg.Nnanna said although the monetary policy committee (MPC) wants to keep the major determinant of interest rate positive, the anticipation of increased spending ahead of the 2019 elections could slant some members’ votes toward [...]
The Central Bank of Nigeria (CBN) has revised the clearing system rules for deposit money banks in the country.The revision will kick off on September 1, the apex bank said on Wednesday.Dipo Fatokun, director, banking and payments system, CBN, said the revision is aimed at the development of electronic payments system in the country."A member bank will be suspended from [...]
The Central Bank of Nigeria (CBN) on Tuesday injected $210million into various segments of the foreign exchange market.This is just as the naira maintained stability in the parallel market, exchanging at an average of N360 to one dollar.According to figures obtained from the apex bank, $100million was offered to authorised dealers in the wholesale segment of the market, while the [...]
The Central Bank of Nigeria (CBN) has estimated its first auction of the Chinese Yuan Renminbi (CNY) at N3.6 billion, an exchange rate between N49 and N51 per Yuan. The currency swap deal was valued at 16 billion Yuan (about N720 billion), with expectations that the demand for US dollar by Nigerians importing goods from China will reduce and consequently strengthen [...]
The house of representatives has asked the Central Bank of Nigeria (CBN) to commence the immediate withdrawal of all mutilated naira notes from all banks.The house urged the apex bank to replace the mutilated notes — particularly the N100 note — with new ones.The house also mandated the committee on banking and currency to investigate the black-marketing of mint naira [...]
The Independent National Electoral Commission (INEC) on Thursday distributed sensitive materials to all 16 local government areas in Ekiti state ahead of the governorship election.The materials were moved from the Central Bank of Nigeria (CBN) branch in Ado Ekiti under supervision by security personnel.The governorship election is slated for Saturday.Below are photos from the distribution.[...]
President Muhammadu Buhari has approved the appointment of new heads of federal institutions while extending the tenure of others.The announcement was made in a statement by Olusegun Adekunle, permanent secretary, general services office, office of the secretary to the government of the federation, in Abuja on Friday.Among the new appointees are four non-executive directors of the Central Bank of Nigeria [...]
The Asset Management Corporation of Nigeria (AMCON) says it recovered bad loans worth N731bn, excluding clawbacks, from the start of its operations in 2010 up to December 2017.Assets in form of properties accounted for about 35 percent of the total amount recovered in the seven-year period.Ahmed Kuru, managing director, AMCON, made the disclosure while declaring open a two-day Asset Sales [...]
Visionscape Sanitation Solutions, an organisation providing solutions to waste management, has partnered with Central Bank of Nigeria (CBN) in a "bid to create solutions to plastic pollution".Speaking at an event to commemorate the World Environment Day, Motunrayo Elias, head corporate communications, Visionscape Group, said the group's collaboration with the CBN would support global climate change targets that would reduce waste generation [...]
The Central Bank of Nigeria (CBN) says it resisted strong pressures to float the naira in order to save the country during the period of economic recession.Isaac Okoroafor, spokesman of the apex bank, made the remark on Wednesday at an event organised by the Nigerian Institute of Public Relations (NIPR) in Abuja.He said the negative consequences that Egypt, Venezuela and [...]
BY NIK OGBULIEIt is on record that the Economic and Financial Crimes Commission (EFCC) has made more resounding successes in taming the growing rate of financial crimes in public institutions than have been recorded. This is because the regulations and guidelines on financial activities in the public sector are clearer. Moreover, the EFCC sees control and prosecution of public sector [...]
Laolu Akande, spokesman of Vice-President Yemi Osinbajo, says his principal is standing by the allegations of corruption he levelled against the government of ex-President Goodluck Jonathan.He said this on Monday, while reacting to a report attributed to “Jonathan’s media office” on previous allegations.Osinbajo had been accused of lying against the ex-president or his government by citing the looting of the nation’s [...]
The Central Bank of Nigeria (CBN) has captured no fewer than 31 million account customers in its bank verification number (BVN) project aimed at ensuring unique identifier in the Nigerian banking industry.Dipo Fatokun, CBN director, banking and payment system, disclosed this in a paper titled 'Nigeria’s progress towards the creation of a robust, trusted and inclusive financial services environment' delivered [...]
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