Nigeria and five other West African countries have been unable to meet the criteria for the proposed single currency for countries in the zone.Ngozi Egbuna, West African Monetary Institute (WAMI) director general made this known on Thursday in Abuja at the 37th meeting of the Committee of Governors of the Central Banks of the West African Monetary Zone.The West African [...]
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Godwin Emefiele, governor of the Central Bank of Nigeria, says MTN was investigated over three allegations by the bank's committee of governors.In an interview with TheCable from China -- where he is attending the Forum on China-Africa Cooperation with President Muhammadu Buhari -- on Monday, the governor said the "painstaking investigation" into MTN's forex repatriation lasted 30 months.Emefiele told TheCable: “Our [...]
Data made available by the National Bureau of Statistics (NBS) show that year-on-year inflation dropped to 11.14% in July; 1.28% points beneath the federal government's projection.In the 2018-2020 Medium Expenditure Framework and Fiscal Strategy paper, the federal government had projected that inflation would moderate at 12.42%.According to the bureau, the figure is 0.09% points less than the 11.23% recorded in [...]
The Central Bank of Nigeria might start lending to companies directly by buying their commercial papers.Speaking on Tuesday while announcing the decision of monetary policy committee of the apex bank, Godwin Emefiele, CBN governor, said the bank will be willing to buy if the papers are issued at single digits."The committee believes that the Bank should continue to encourage deposit [...]
The monetary policy committee of the Central Bank of Nigeria has retained monetary policy rate at 14% for the 11th consecutive time.The rates were first raised in July 2016 to combat rising inflation.Briefing journalists on Tuesday at the end of the committee's two-day meeting, Godwin Emefiele, governor of the apex bank, said seven of the nine committee members voted in [...]
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 federal high court in Abuja has ordered two officials of the Central Bank of Nigeria (CBN) to forfeit their supervisory role in a forensic audit involving Hasal Microfinance Bank.The court said both officials frustrated the implementation of a forensic audit declared by the CBN governor after a petition by the owners of the bank.The officials named are Okwu Nnanna, [...]
Data made available by the Central Bank of Nigeria show that the nation's foreign reserves dropped by $72 million between Thursday, May 10 and Monday, May 14.The reserves, which stood at $39.3 billion at the beginning of the year, has risen by $8.5 billion.In March, Isaac Okorafor, CBN spokesman, had attributed the continued growth to the bank’s effort to discourage unnecessary importation; inflow from oil [...]
Kemi Adeosun, minister of finance, and Godwin Emefiele, governor of the Central Bank of Nigeria, have said they did not confirm attendance at the US-Nigeria Investors Summit held in Washington, DC on Saturday.Explaining the reason for their absence at the event, both said the meeting was not included in their schedule."I attend the IMFC which is the highest decision-making body of [...]
At the 2017 annual meetings of the International Monetary Fund (IMF) and World Bank Group, Christine Lagarde, IMF managing director, advised world leaders to invest in their people.During his recent visit to Nigeria, Bill Gates, world's second richest man, echoed the similar thoughts, saying roads and trains without skilled workers cannot flourish.The business and finance world — led by the [...]
The Nigerian Communication Commission (NCC) and the Central Bank of Nigeria (CBN) on Tuesday signed a memorandum of understanding (MoU) on mobile money payment system.Speaking at the ceremony in Abuja, Umar Danbatta, NCC's executive vice chairman, said the signing of the MoU is a landmark in the digital transformation process that the commission is mandated to do by the act [...]
Nigeria's foreign exchange reserves have added $1 billion from the $46.2 billion recorded in March, according to figures made available by the Central Bank of Nigeria (CBN).Speaking at the opening ceremony of the 25th seminar for business editors and financial correspondents in Uyo on Monday, Edward Adamu, newly appointed deputy governor, corporate services, said the apex bank hopes to meet the $50 billion [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the federation account allocation committee (FAAC) revenue shared among the three tiers of government should be reduced.Emefiele made the recommendation while addressing journalists after the first monetary policy committee (MPC) meeting in Abuja on Wednesday.He said the revenue can be used to protect the economy against future oil price shocks.Representatives [...]
The Central Bank of Nigeria (CBN) has announced April 3 and April 4 as dates for the first monetary policy committee (MPC) meeting in the year.According to THISDAY, Isaac Okoroafor, CBN spokesman, said the new dates were fixed after the senate resolved to confirm the presidential nominees needed for the committee to form quorum.“We are grateful that the senate reconsidered its stance on [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the monetary policy committee meeting scheduled for March will be postponed.Speaking with CNBC on Thursday, Emefiele said the meeting will be delayed for seven to 10 days or hold in the first week of April at the latest.The meeting had been previously scheduled to hold between March 19 and March [...]
Data from the Central Bank of Nigeria (CBN) show that the foreign reserves grew by $6.7 billion between January and the beginning of March.Confirming the data on Sunday, Isaac Okorafor, acting director, corporate communications department, said the foreign reserves stood at $39.3 billion at the beginning of the year."The reserves at the beginning of 2018 stood at $39.3 billion, then rose [...]
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