Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the restriction of forex supply on 41 items including rice and toothpicks helped in lifting the economy out of recession.Addressing journalists on Wednesday at the opening ceremony of a seminar for finance correspondents and business editors in Lokoja, he said the policy helped in reversing the multiple challenges of [...]
Tag "Central Bank of Nigeria (CBN)"
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The Central Bank of Nigeria (CBN) has acquired shares worth N12.4 billion in the Nigeria Security Printing and Minting Company (NSPMC).This accounts for 21% of the shares in the company.NSPMC is responsible for printing currency, visas, passports, electoral materials and security documents for the federal government and the private sector.The formal signing of the instrument for the transfer was witnessed [...]
The Central Bank of Nigeria (CBN) says the alleged deduction of N1.886 billion fine from Stanbic IBTC Bank’s account was in done in national interest.An official of CBN, who pleaded anonymity while confirming this to NAN in Lagos, said he could not immediately give details, but the apex bank would issue a statement on the matter later.The CBN had, on [...]
Stanbic IBTC Ventures Limited says it has surrendered its licence as a ventures capital manager.In a notice sent to the Nigerian Stock Exchange on Friday, the company said it surrendered the licence voluntarily.A ventures capital manager invests in early-stage companies, which are termed as risky, in exchange for equity in the companies they invest in."This is to inform The Nigerian [...]
Banks have placed a 'Post no Debit' notice on the accounts of some Bureaux de Change operators, demanding that they remit taxes on their transaction turnover.TheCable had earlier reported that the Federal Inland Revenue Service had ordered banks to freeze the accounts of tax defaulters.Commenting on the development, Aminu Gwadabe, president of the Association of Bureau De Change Operators of [...]
The Central Bank of Nigeria (CBN) says it will support banks to enable them to give loans to players in the agricultural and manufacturing sector at a single digit interest rate.Addressing journalists on Thursday after the CBN Bankers' Committee meeting, Ahmed Abdullahi, CBN director, banking supervision, said the loans will only be available for job creation and expansion plans."The idea [...]
The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has again retained interest rate at 14 percent, the country's highest in 10 years.The committee has maintained this decision for 22 consecutive months. In July 2016, the committee hiked interest rates to combat rising inflation at that time.Announcing the committee's decision on Tuesday, Godwin Emefiele, CBN governor, said [...]
The Central Bank of Nigeria (CBN) says Nigeria spent $36.3 billion on the importation of petroleum products between 2013 and 2017.Speaking on Monday at a public hearing organised by a house of representatives committee, the apex bank said the figure is part of the $119.4 billion spent on importing commodities during the same period.The committee is investigating the state of [...]
The Nigerian Governors Forum (NGF) has set up a three-man committee to investigate the alleged N20 trillion unremitted stamp duty funds to the federation account.The committee, which is chaired by Ibikunle Amosun, Ogun state governor, has Emmanuel Udom and Abubakar Bello, governors of Akwa Ibom and Niger as members.Abdulaziz Yari, the chairman of the NGF and Zamfara state governor, who [...]
The Central Bank of Nigeria (CBN) has given a four-week ultimatum to deposit money banks which have not complied with its directive to open teller points for retail forex transactions.In a statement sent to TheCable on Monday, the apex bank said banks that fail to comply within four weeks would be punished.According to the statement which was signed by Ahmad [...]
The Central Bank of Nigeria says from January 1, customers of microfinance banks and other financial institutions (OFIs) without the bank verification number (BVN) will be unable to make withdrawals from their accounts.In a statement on Friday, the apex bank announced an extension in the deadline for the verification, which was initially set for July 31."As you are aware, the [...]
The Central Bank of Nigeria says it has recovered N51.9 billion illegally deducted by commercial banks in the past five years and returned it to customers.Isaac Okorafor, acting director, corporate communications of the apex bank, made this known while speaking at an interactive session with stakeholders in the south-south zone in Port Harcourt.Okoroafor, who was represented by John Attah, an [...]
Efforts by the Central Bank of Nigeria to salvage the naira yielded positive results as the nation's currency closed at N385 to a dollar on Friday.During the week, the CBN injected a total of $380 million into the forex market and increased the forex allocations of Bureau de Change operators to meet the needs of customers.This makes it the second [...]
The Central Bank of Nigeria (CBN) has suspended its earlier directive on the implementation of cashless policy.In a circular released on Friday, the apex bank instructed banks to revert to old charges and refund customers who had been debited.CBN had earlier announced new charges on deposit and withdrawals above a threshold of N500,000.The apex bank had directed banks to charge 5% [...]
The Central Bank of Nigeria has announced that it would increase the amount of forex apportioned to Bureau de Change operators (BDCs) to $10,000 weekly from $8,000.This action comes after directors from the International Monetary Fund (IMF) praised the apex bank for easing foreign exchange restrictions in Nigeria."Directors underscored that external adjustment is necessary to protect foreign currency buffers and reduce [...]
Godwin Emefiele, governor of the Central Bank of Nigeria, says the National Economic Council (NEC) did not direct the apex bank to implement its forex intervention.Emefiele made this known while announcing the decision of the 225th monetary policy committee meeting on Tuesday.CBN had earlier adjusted the nation's foreign exchange policy, making forex available for tuition, personal travel and medical expenses to [...]
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