The naira started Wednesday's trading day 6.2 percent lower against the dollar at N385 on the official market, Reuters is reporting. The currency closed trading at N361/$, the same point it closed at on Tuesday. Black market traders told TheCable on Wednesday that the currency has been fluctuating on the market, closing at N452. The naira exchanged at N448 to the dollar on [...]
Tag "godwin emefiele"
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The May 2020 meeting of the monetary policy committee (MPC) of the Central Bank of Nigeria has been earlier scheduled to hold on Monday and Tuesday, May 25 and 26 has been postponed. A statement signed by Isaac Okorafor, director of CBN corporate communications department, said the meeting will now hold on Thursday, May 28. This means that the usual two-day meeting [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the apex bank will only provide forex to companies for the importation of raw materials and machinery that cannot be obtained in the country. In a virtual meeting with the chief executive officers of conglomerates, Emefiele advised manufacturing companies to key into the Muhammadu Buhari-led administration's initiatives to return the [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has challenged Nigerian scientists to develop a vaccine for the coronavirus. Speaking on Tuesday at the unveiling of the THISDAY Dome Testing, Tracing & Treatment Centre in Abuja, Emefiele said the apex bank will step in with funding once the vaccine is validated by health authorities. THISDAY Newspapers donated its dome in [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has allayed fears relating to forex repatriation from the country. Emefiele said investors have no cause to worry despite low crude oil prices that have resulted in reduced forex earnings for the country. A statement released on Sunday and signed by Isaac Okorafor, CBN director of corporate communications, quoted the governor as [...]
The Central Bank of Nigeria has unveiled a three-year COVID-19 economic stimulus plan to guide the economy on the path of recovery. In a 27-paged document seen by TheCable on Tuesday, Godwin Emefiele, governor of the apex bank, said the outbreak is an opportunity for Nigeria to "look inwards as a nation and guarantee food security, high quality and affordable healthcare, [...]
Zenith Bank has sent a notice to its customers that their naira cards now have an international withdrawal limit of $1,000 a month. The bank also said daily limits for withdrawals outside Nigeria have been set at $300. This was the method adopted by banks in 2015 at the onset of the dollar crunch which was caused by a drop in crude [...]
The Economic and Financial Crimes Commission (EFCC) has arrested Onyebuchi Julius, a suspected fraudster, accused of impersonating Godwin Emefiele, governor of the Central Bank of Nigeria (CBN). In a statement on Friday, Wilson Uwujaren, EFCC spokesman, said Julius was arrested in Owerri, Imo state capital, on December 6. He said the suspect focuses on business email compromise (BEC) for his cybercrime activities. Uwujaren [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the nation's land borders will remain closed until neighbouring countries meet the requirements for it to be reopened. Emefiele said this on Monday while speaking to journalists after a meeting with President Muhammadu Buhari in Abuja. The federal government had closed the country's land borders to importing and exporting of all [...]
The Central Bank of Nigeria (CBN) has told banks to move their business from telecommunications companies that are working on increasing the charges on unstructured supplementary service data (USSD) banking transactions. Godwin Emefiele told the media, TheCable inclusive, on Sunday in Washington DC that there had been previous efforts to reach an understanding with telcos which didn't yield the desired results. "About [...]
It has been a year since Nigeria was named the poverty capital of the world, six months since Nigeria's excess crude account was named the second-worst globally and three weeks after its top 20 Ease of Doing Business reformers ranking. At its 2019 annual meetings that begin on Tuesday, October 14, the International Monetary Fund (IMF) and World Bank Group, Nigeria's [...]
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 [...]
A British court says Nigeria can challenge the $9.6 billion awarded in the case with Process & Industrial Development (P&ID) if it deposits $200 million within the next 60 days. TheCable understands that the court granted Nigeria a stay of execution of the arbitral award on Thursday. Nigeria had asked for permission to appeal against the enforcement of the judgement which has [...]
The Central Bank of Nigeria (CBN) says it will no longer provide foreign exchange for the importation of cassava and its by-products. Godwin Emefiele, governor of the apex bank, made this known on Friday while briefing journalists on the decision of the monetary policy committee (MPC). Some of the by-products that will be affected include starch and ethanol. "Nigeria is the largest producer [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says more items will be added to forex restriction list. Emefiele told journalists at the State House on Monday that the president's directive to restrict forex for the importation of food items is in line with the policies that the CBN introduced in 2016. "If you recall, we started with about 41 [...]
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 [...]
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