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 [...]
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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 [...]
The Nigerian foreign reserve, in 2019, has recorded the highest opening in six years!According to the latest figures from the Central Bank of Nigeria (CBN), as collated by TheCable, the country's reserves opened at $43,075,740,908 on Tuesday to break a six-year record.The last time Nigeria's reserves opened above $42 billion was in 2013, when it opened the new year at above [...]
The Peoples Democratic Party (PDP) has accused President Muhammadu Buhari of secretly diverting monies from various social intervention funds to his re-election campaign. In a statement signed by Kola Ologbodiyan, PDP national publicity secretary, the party said the funds have been used for vote buying.The opposition party accused the All Progressives Congress (APC) of giving the impression that it has the [...]
The market has remained happy with the decision of Diamond Bank to merge or be acquired by Access Bank as share price continues to rise.Diamond Bank shares have gained over nine percent in value every day after TheCable broke the news of its acquisition by Access Bank on Sunday night.On Monday, the bank gained 9kobo per share to close at [...]
Herbert Wigwe, CEO of Access Bank, says the bank has a strong acquisition and integration track record.Speaking to the conclusive acquisition of Diamond Bank, Wigwe said the banks involved have complementary operations that will ensure benefits for customers of Access Bank and Diamond Bank.“Access Bank has a strong track record of acquisition and integration and has a clear growth strategy," [...]
The Central Bank of Nigeria (CBN) has added one more item to the 41 items not eligible for foreign exchange (forex).On Monday, the apex bank added fertiliser to the list of items it can no longer allocate forex for its importation into Nigeria.In a statement signed by Ahmed Umar, director, trade and exchange department of the CBN, the bank said [...]
Details of the revenues from stamp duties estimated at N20 trillion still remains opaque as the federal agencies involved in the collection have refused to provide information, despite the freedom of information (FOI) request filed by The ICIR.A stamp duty is the tax placed on legal documents, usually in the transfer of assets or property.The FOI request was sent on [...]
Godwin Emefiele, governor of the Central Bank of Nigeria, says the bank's Anchor Borrowers' Programme (ABP) has created 2.5 million jobs across the country.ABP is an agricultural programme which was launched by President Muhammadu Buhari on November 17, 2015, and "intended to create a linkage between anchor companies involved in the processing and smallholder farmers (SHFs) of the required key [...]
The Central Bank of Nigeria (CBN) may increase the number of items not eligible for forex from 41 items to include many others products being produced in Nigeria.Godwin Emefiele made this revelation at the weekend while addressing the 53rd Annual Bankers Dinner in Lagos.He said the bank, based on internal research, has received a recommendation to do so, following a [...]
Godwin Emefiele, governor of the Central Bank of Nigerians (CBN), says currency speculators, betting on a fall of the naira, will lick their wounds again.Speaking at the 2018 Annual Bankers Dinner in Lagos, Emefiele said some people are already betting on the fall of the local currency, following a drop in naira at the parallel market this week.The governor said [...]
The Central Bank of Nigeria (CBN) has stepped in to save the naira, as the local currency dropped on the parallel market to trade at 371 per dollar.On Friday, traders at the several trading hubs in Lagos Nigeria, sold the dollar for N371, with expectations of further drop as the year comes to an end.Ibrahim Baba, a BDC operator who [...]
Lukman Otunuga, FXTM research analyst, says the naira will not benefit from a weakening dollar if oil prices keep declining at an alarming rate.The dollar dropped into the negative territory on Wednesday after Jerome Powell, chairman, US Federal Reserve said that interest rates are just below neutral-- meaning that it would no longer stimulate the economy.In a market analysis on Thursday, Otunuga [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says it is fake news that Nigeria's rice import has increased by 400,000 tonnes.In a report last week, the CBN governor said he read that a United States agency said Nigeria's rice imports had increased by 400,000 tonnes in 2018.The governor dismissed the report as "false and fake news".A week [...]
Lukman Otunuga, FXTM research analyst, says the Central Bank of Nigeria (CBN) may find it hard to defend the naira against an appreciating dollar, regardless of its resilience.The naira has maintained stability in the foreign exchange (forex) market owing to a series of interventions by the apex bank.In October, Godwin Emefiele, CBN governor had said the central bank prefers to save [...]
MTN Nigeria is seeking N3 billion in damages and legal costs from the federal government.The telco is challenging the legality of N242 billion and $1.3 billion import duties and withholding tax demanded from it.NAN reports that Wole Olanipekun, MTN’s lead counsel, on Thursday informed the federal high court of the various processes filed before it and served on respective parties [...]
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