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 [...]
Tag "godwin emefiele"
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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 [...]
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 [...]
President Muhammadu Buhari has cancelled all e-passport printing contracts abroad, saying that it will now be the sole responsibility of the Nigerian Security Printing & Minting Company (NSPMC). Femi Adesina, special adviser to the president on media and publicity, made this known in a statement released on Thursday. This new directive means all existing contracts concerning printing passports and other documents will [...]
President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to blacklist any firm, its owner and top executives caught smuggling any of the 43 items ineligible for foreign exchange (forex). Godwin Emefiele, CBN governor, disclosed this during a meeting with oil palm producers in Abuja on Friday. In June 2015, the apex bank had excluded importers of 41 items [...]
Aliko Dangote, president of Dangote group, says the poor performance of the country’s power sector is hindering growth of the economy. Dangote spoke at a consultative roundtable session for public and private sector stakeholders in Lagos on Saturday. The programme was organised by the Central Bank of Nigeria (CBN). According to Dangote, Nigeria had been struggling to increase its electricity output for the [...]
The monetary policy committee of the Central Bank of Nigeria (CBN) has directed that a regulatory framework that will limit the access of banks to bonds and treasury bills be put in place. Godwin Emefiele, CBN governor, made this known in Abuja on Tuesday while addressing the press at the end of the committee's meeting. "Unfortunately, we have observed that rather than [...]
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