The Central Bank of Nigeria (CBN) says Godwin Emefiele, its governor, and his team will not be distracted from their efforts to steer the Nigerian economy away from the looming recession caused by the COVID-19 pandemic. Isaac Okorafor (pictured), CBN director of the corporate communications, on Wednesday, said the apex bank has "uncovered sinister plans by some persons to discredit the institution [...]
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The Central Bank of Nigeria (CBN) has waived the requirement of providing guarantors while applying for its N50 billion COVID-19 targeted credit facility (TCF). The apex bank introduced the N50 billion TCF to help households and MSMEs whose economic activities were significantly disrupted by the COVID-19 pandemic. https://twitter.com/cenbank/status/1270019723972030466 "All successful household and SME applicants who have submitted their account details for the CBN [...]
The Central Bank of Nigeria (CBN) has set a N50 million on the grant available to research activities for the development of vaccines to combat infectious diseases. In the healthcare sector research and development guidelines published on its website, the CBN said a N500 million has also been set for grants approved for the development and manufacturing of drugs. "Specifically, the HSRDIS [...]
The Central Bank of Nigeria (CBN) and Nigerian National Petroleum Corporation (NNPC) have reportedly agreed to split N1 billion for the upkeep of Nigerians returning as a result of the COVID-19 pandemic. Geoffrey Onyeama, minister of foreign affairs, announced this during the presidential task force on COVID-19 briefing on Monday. He said he had reached out to the duo to seek funds [...]
Mike Adenuga, billionaire businessman and one of Africa's richest entrepreneurs, has announced a donation of N1.5 billion towards the initiatives to combat the outbreak of the coronavirus in Nigeria. The amount, which is the highest individual donation so far in the country, is broken into two: an initial N1 billion to the Central Bank of Nigeria (CBN) for the Nigerian Private [...]
Babatunde Fashola, minister of works and housing, says Nigeria has berries and "ogogoro" which can be used to produce hand sanitisers. Ogogoro is a locally-distilled alcohol made from palm-tree products. Speaking on Wednesday in Abuja at a forum organised by the Central Bank of Nigeria (CBN), Fashola said the hand sanitiser he used while entering the event was imported from China. The minister [...]
The federal government has asked the bankers' committee to intervene in the financing of infrastructure across the country. Addressing journalists at the end of the first bankers' committee meeting in Lagos on Tuesday, Bello Hassan, CBN's director of banking supervision, said the request was sent to the committee through Godwin Emefiele, the CBN governor. He said the committee is considering the financing of about [...]
The Central Bank of Nigeria (CBN) says it will end the process of burning banknotes and adopt recycling. In a document published on its website, the apex bank called on recycling companies to submit proposals for a contract to recycle wasted banknotes. "Section 18(d) of the CBN act 2007 authorises the apex bank to arrange for the destruction of currency notes and coins [...]
The senate has confirmed the appointment of Kingsley Obiora as the deputy governor of the Central Bank of Nigeria (CBN). Obiora's appointment was confirmed after Uba Sani, chairman of the senate committee on banking, presented a report for consideration. Sani, while presenting his report on the floor of the upper legislative chamber on Thursday, said Obiora's nomination was in accordance with section [...]
The Central Bank of Nigeria (CBN) has reduced the withdrawal charge attached to transactions on banks’ automated teller machines (ATM) from N65 to N35. This is contained in a document entitled, 'Guide to Bank Charges' released by the apex bank, on Sunday. The document contains information on downward reviewed electronic transfer, ATM fees as well as card maintenance fees. According to the guideline, [...]
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 [...]
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 [...]
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