The Central Bank of Nigeria (CBN) has re-introduced charges on the deposit and withdrawals of sums above N500,000 to promote a cashless economy.In a circular released on Tuesday, all deposit money banks in the country were directed to charge 3% processing fees for withdrawals and 2% for deposits of amounts above N500,000 for individual accounts.Corporate account holders will be charged [...]
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Arla Foods, makers of Dano Milk, has signed a memorandum of understanding with the Kaduna state government for the supply of raw milk, TheCable can report.The agreement will see 1,000 local farmers get permanent farmlands with access to water from the state and federal government while Arla, as the commercial partner, would purchase, collect, process and take the local milk [...]
The Central Bank of Nigeria (CBN) says it plans to sell treasury bills worth N1 trillion between October and December.This is according to a treasury bills issue programme released on Wednesday.The CBN sells treasury bills twice in a week to investors usually issued through a competitive bidding process.The bank also issues treasury bills to mop up excess liquidity and control [...]
The Central Bank of Nigeria (CBN) and commercial banks in the country have agreed that loan defaults will be settled using deposits made in other banks.Addressing journalists after the Bankers Committee meeting on Monday, Aishah Ahmad, CBN's deputy governor, financial services system, said the directive is to encourage banks to increase lending."We are not unaware of the challenges/reasons why credit has [...]
The Central Bank of Nigeria (CBN) says non-customers of microfinance banks can now exchange as high as N10,000 to smaller currencies from the banks.According to a statement released on Thursday by Isaac Okorafor, CBN's director of corporate communications, the apex bank will disburse lower denominations of the Naira through microfinance banks (MFBs) across the country.Okorafor said this development was contained in [...]
The Central Bank of Nigeria (CBN) is happy with President Muhammadu Buhari's latest directive on restricting forex for food importation, TheCable understands.Insiders at the apex bank told TheCable that the directive will be implemented in phases so that the impact on food prices and inflation can be managed."A lot of times CBN is hindered in implementing macroeconomic policies because of [...]
Godwin Emefiele, governor of the Central Bank of Nigeria, has confirmed that the bank will restrict forex for the importation of milk.Emefiele made this known on Tuesday while addressing journalists at the end of the two-day meeting of the monetary policy committee of the bank.He said $1.2 billion to $1.5 billion is spent every year to import milk."We believe that [...]
The monetary policy committee of the Central Bank of Nigeria (CBN) has mandated its stance of holding the monetary policy rate at 13.5%.Briefing journalists at the end of the committee's two-day meeting, Godwin Emefiele, governor of the apex bank, said the price of food items is expected to reduce with the onset of the harvest season although there is a [...]
Muhammadu Sanusi II, the emir of Kano and former governor of the Central Bank of Nigeria, says the Atlas Mara transaction which resulted in the change of Union Bank's ownership was carried out months after he left the apex bank.He was responding to TheCable's inquiry on a petition submitted to Abubakar Malami, then attorney-general of the federation, on April 3."This [...]
When President Muhammadu Buhari assumed office in 2015, he said his administration would focus on security, corruption and economic diversification through boosting the agricultural sector.Like he said, "We must eat what we produce".In line with this directive, the Central Bank of Nigeria set up the Anchors Borrowers Programme to improve access to finance for farmers. It also restricted forex for [...]
The Central Bank of Nigeria (CBN) says it has put together a Clean Note Policy and Banknote Fitness Guideline to ensure the recirculation of clean, fit and high-quality naira notes.According to a statement by the bank, the guideline document will be unveiled on Tuesday, April 30, at the Eko Hotel and Suites in Lagos."These documents were developed after extensive collaboration [...]
The International Monetary Fund (IMF) has advised that the Central Bank of Nigeria should maintain its tight monetary policy rate for longer.Oya Celasun, the chief of the World Economic Studies division of the IMF's research department, gave this advice on Tuesday.Speaking to TheCable on the sidelines of the ongoing spring meetings of the International Monetary Fund and World Bank Group [...]
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 [...]
In a widely expected move, the Central Bank of Nigeria (CBN) has left interest rates unchanged at 14% for January.Signs of rising inflationary pressures are likely to fuel speculation over the central bank tightening monetary policy, especially as government spending increases ahead of the presidential elections. With rising inflation in Nigeria seen threatening the Naira exchange and economic stability, the [...]
MTN Nigeria says it will use the report of the 2016 senate investigation against the Central Bank of Nigeria in court. The court hearing of the case is already before the federal high court in Ikoyi. Saliu Saidu, the judge presiding over the case, after hearing submissions from lawyers on both sides on Tuesday adjourned the matter till December 4, 2018. "At the adjourned hearing in [...]
First Bank of Nigeria FC defeated Securities and Exchange Commission FC to emerge champions of the All Financial Institutions Football Competition (AFIFC).FBN FC won the 32nd edition of the tournament via penalties at the Lekan Salami Stadium, Oyo, after the scoreline stood at 1-1 at the end of regulation time.In the third-place match, Azabe Zinariya MFB FC spanked Balogun Fulani [...]
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