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 [...]
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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 [...]
Some members of the house of representatives has asked the Central Bank of Nigeria (CBN) to sanction 16 commercial banks for underemitting stamp duty revenue to the tune of N1.6 billion.They also asked the CBN to ensure the banks pay the outstanding revenue together with interests.They made the call on Thursday after adopting the report of the ad hoc committee [...]
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The senate committee on banking, insurance and other financial institutions has approved of a second term for Godwin Emefiele, governor of the Central Bank of Nigeria (CBN).While screening Emefiele on Wednesday, members of the committee dismissed the allegations of stolen N500 billion at the apex bank.Rafiu Ibrahim, its chairman, said the allegations were targeted at "bringing you (Emefiele) down because [...]
The Human and Environmental Development Agenda (HEDA), a civil society group, has asked President Muhammadu Buhari to order an investigation into the allegation stolen N500 billion in the Central Bank of Nigeria (CBN).An audiotape of an intercom telephone conversation between Godwin Emefiele, CBN governor; Adamu Lamatek, the deputy governor of the apex bank, and other top officials CBN, was leaked [...]
Muhammad Sanusi II, the emir of Kano and former governor of Central Bank of Nigeria (CBN), has been at the heart of a post-election controversy with Abdullahi Ganduje, governor of Kano, over his criticism of the governor's actions and inactions in the state.The former CBN governor's problem with Ganduje is usually traced to his critical comments in 2017 on the [...]
Cecilia Ibru, former chief executive officer of the defunct Oceanic Bank, says she was persecuted by Lamido Sanusi, former governor of the Central Bank of Nigeria (CBN), because he thought she wanted his job.In an interview with Saturday Punch, Ibru said Sanusi, the emir of Kano, also ordered for the withdrawal of her personal driver and security personnel.In 2010, a [...]
President Muhammadu Buhari has sought the approval of the senate in the appointment of Godwin Emefiele for a second term as governor of the Central Bank of Nigeria (CBN.Buhari's letter seeking the lawmakers' confirmation was read during plenary on Thursday.TheCable had reported that the president nominated Emefiele to remain in office for another five years.The CBN governor was first appointed [...]
The house of representatives ad hoc committee investigating alleged irregularities in National Pension Commission (PenCom) has summoned the Central Bank of Nigeria (CBN) and accountant general of the federation (AGF) over the whereabouts of N33 billion pension fund.The money, which was released by the CBN, is reportedly not listed in the schedule of funds due for release to the pension [...]
The International Monetary Fund (IMF) says the federal government should end fuel subsidies and create a credible timeline to recapitalise weak banks in the country.At the conclusion of the IMF Executive Board 19 Article IV Consultation with Nigeria, the financial institution expressed its support for the government's plans to reform and raise value-added tax (VAT).In its report seen by TheCable, [...]
Lukman Otunuga, research analyst at FXTM, says the Central Bank of Nigeria (CBN) would likely cut interest rates further if macro economic conditions in the country improve.Otunuga was reacting to an announcement by Godwin Emefiele, CBN governor, which detailed a reduction in benchmark interest rate, on Tuesday.Pegged at 14% for almost three years, the monetary policy rate (MPR), otherwise known as [...]
Joseph Sanusi. Charles Soludo. Muhammad Sanusi II. Since the return of democracy in 1999, no governor of the Central Bank of Nigeria (CBN) has served two terms. Is Godwin Emefiele about to be the breaker of the CBN tenure jinx?Appointed by former president Goodluck Jonathan on June 3, 2014, Emefiele will end his tenure as CBN governor in less than [...]
Godwin Emefiele remains the governor of the Central Bank of Nigeria, TheCable can report.Emefiele reportedly received a letter from the office of President Muhammadu Buhari on Monday to vacate his office.Sources within the presidency told TheCable there is no truth in the reports."The president does not have the power to sack the CBN governor without the approval of the national [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has warned that floating the naira would be disastrous to the nation’s economy.Emefiele said this during the monetary policy committee (MPC) meeting of the apex bank in Abuja.In November 2018, Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP), had said it was worth the risk to float [...]
MTN Nigeria has paid the sum of $53 million (N19.2 billion) to settle a dispute with the Central Bank of Nigeria (CBN) over alleged irregularities of repatriated funds.Godwin Emefiele, CBN governor, made the disclosure during the apex bank’s monetary policy committee (MPC) meeting in Abuja on Tuesday.Emefiele said the money paid by MTN was a “notional sum” and that the [...]
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