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 [...]
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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 [...]
The senate committee on banking, insurance and other financial institutions has approved of a second term for Godwin Emefiele, governor of the Central Bank of Nigeria (CBN).While screening Emefiele on Wednesday, members of the committee dismissed the allegations of stolen N500 billion at the apex bank.Rafiu Ibrahim, its chairman, said the allegations were targeted at "bringing you (Emefiele) down because [...]
President Muhammadu Buhari has sought the approval of the senate in the appointment of Godwin Emefiele for a second term as governor of the Central Bank of Nigeria (CBN.Buhari's letter seeking the lawmakers' confirmation was read during plenary on Thursday.TheCable had reported that the president nominated Emefiele to remain in office for another five years.The CBN governor was first appointed [...]
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 [...]
Godwin Emefiele remains the governor of the Central Bank of Nigeria, TheCable can report.Emefiele reportedly received a letter from the office of President Muhammadu Buhari on Monday to vacate his office.Sources within the presidency told TheCable there is no truth in the reports."The president does not have the power to sack the CBN governor without the approval of the national [...]
Audu Ogbeh, minister of agriculture and natural resources, says the federal government will place a final ban on the importation of tomato paste before the end of 2019.Speaking in Kano during a tour of the Dangote Tomato Processing Plant in Kadawa, Kano state, Ogbeh said the ban will encourage massive tomato production.According to Ogbeh, the federal government has set aside [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has warned that floating the naira would be disastrous to the nation’s economy.Emefiele said this during the monetary policy committee (MPC) meeting of the apex bank in Abuja.In November 2018, Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP), had said it was worth the risk to float [...]
The Central Bank of Nigeria (CBN) says it will start sourcing foreign exchange from Dangote Group as soon as the latter's refinery and fertilizer projects begin operations.Speaking during the weekend during a tour of the construction site, Godwin Emefiele, the CBN governor, said the operations from both plants will result in huge forex earnings for the country.The fertilizer refinery is [...]
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