The senate has directed its committee on finance to investigate the alleged non-remittance of over N20 trillion stamp duty into the federation account by Central Bank of Nigeria (CBN).The apex bank reportedly collected the amount as stamp duty from banks and financial institutions in the country.The resolution to undertake the probe followed a motion sponsored by Ayo Akinyelure, senator representing [...]
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In October, Hameed Ali, comptroller-general of the Nigeria Customs Service (NCS), said the agency has been generating an average revenue of N4.7bn and N5.8bn daily since the land borders were closed.Speaking during his appearance before the joint national assembly committee on finance, Ali said smugglers from neighbouring countries now have no choice but to bring their goods through the ports [...]
The senate committee on finance has summoned Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), over approved exchange rate for projects under the presidential infrastructure development fund.Emefiele is expected to appear before the committee on Monday.In a statement issued on Sunday, Solomon Adeola, chairman of the committee, said Emefiele was invited to explain the exchange rate the CBN [...]
The Central Bank of Nigeria (CBN) is set to sanction banks and their customers over shady deals intended to game the loan to deposit ratio (LDR) policy, TheCable can report.The banking regulator initially set the LDR at 60 per cent before raising it to 65 per cent with a December 2019 deadline.While this has led to lower lending rates, some banks [...]
A federal high court in Abuja, on Monday, ordered the temporary freezing of 45 bank accounts belonging to three companies allegedly involved in smuggling of rice into Nigeria.The companies, whose accounts were domiciled with 10 commercial banks, are Sun Sam A1 International Limited, Sun Sam International Limited and Sunchrist O. Trans Nigeria Limited.Ahmed Mohammed, the judge, directed the head offices [...]
The Central Bank of Nigeria (CBN) has asked rice farmers in the country not to increase the price of the product as a result of the border closure.In a statement in Abuja on Monday, Godwin Emefiele, CBN governor, urged members of the Rice Millers Association of Nigeria (RIMAN) and other stakeholders in the value chain not to hoard rice.The [...]
The Economic and Financial Crimes Commission (EFCC) has denied reports that N900 million in its custody could not be accounted for.The EFCC was reacting to reports that about N900 million mutilated notes kept in boxes in its custody "turned to paper".The money, allegedly meant to be exchanged for new notes, was said to have been stolen by two employees of [...]
The house of representatives has asked the Central Bank of Nigeria (CBN) to explain how it arrived at the charges adopted in the recently re-introduced cashless policy.Victor Nwokolo, chairman of the house committee on banking and currency, said the apex bank should explain the indices used to adopt the new rate.The CBN had directed all deposit money banks in the [...]
The house of representatives has asked the Central Bank of Nigeria (CBN) to hit the brakes on the implementation of the cashless policy it recently re-introduced.At the plenary session on Thursday, the lower legislative chamber said the policy will lead to a significant decrease in credit extension by Nigerian money deposit banks.The lawmakers also said the policy will have negative [...]
President Muhammadu Buhari on Thursday inaugurated the Central Bank of Nigeria (CBN) centre of excellence at the Ahmadu Bello University (ABU), Zaria.While inaugurating the project, Buhari pledged more funding to the education sector.He commended the apex bank for supporting the federal government’s investments in the education sector as well as other areas of the economy.The president urged the bank to [...]
Oby Ezekwesili, former minister of education, has described President Muhammadu Buhari as a "completely out-of-touch leader" over his directive to the Central Bank of Nigeria (CBN) to stop providing foreign exchange for food importation.In a statement issued on Tuesday by Garba Shehu, presidential spokesman, the president said he had asked the CBN to stop issuing foreign exchange for food importation [...]
Kingsley Moghalu, former deputy governor of the Central Bank of Nigeria (CBN), has criticised President Muhammadu Buhari over his directive to the apex bank to halt foreign exchange for food importation.The president had told the apex bank not to give a cent to anybody to import food into the country, saying by so doing, there would be steady improvement in [...]
President Muhammadu Buhari says he has asked the Central Bank of Nigeria (CBN) to stop providing foreign exchange for food importation.In a statement issued on Tuesday by Garba Shehu, presidential spokesman, the president said the directive is to ensure the steady improvement in agricultural production and attainment of full food security.The president, who hosted All Progressives Congress (APC) governors to [...]
The Human and Environmental Development Agenda (HEDA) has asked the Central Bank of Nigeria (CBN) to prosecute Dino Melaye, senator representing Kogi west, for breaching the bank's rules at his mother's burial in July.A video of the event showed the senator spraying Yinka Ayefele, an artiste, with local and foreign currency has since gone viral.In a petition sent to [...]
President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to blacklist any firm, its owner and top executives caught smuggling any of the 43 items ineligible for foreign exchange (forex).Godwin Emefiele, CBN governor, disclosed this during a meeting with oil palm producers in Abuja on Friday.In June 2015, the apex bank had excluded importers of 41 items [...]
Aliko Dangote, president of Dangote group, says the poor performance of the country’s power sector is hindering growth of the economy.Dangote spoke at a consultative roundtable session for public and private sector stakeholders in Lagos on Saturday.The programme was organised by the Central Bank of Nigeria (CBN).According to Dangote, Nigeria had been struggling to increase its electricity output for the [...]
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