Thursday, October 28

Tag: central bank of nigeria

Stakeholders Express Worry over Gombe Gov’s Mounting Debts from Loans … Urge CBN to avoid granting any fresh loan to the State
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Stakeholders Express Worry over Gombe Gov’s Mounting Debts from Loans … Urge CBN to avoid granting any fresh loan to the State

The Central Bank of Nigeria (CBN) has been urged not to advance any fresh loan request to the Gombe State government, in order to avoid burying the state under a mountain of debt from frivolous loans being obtained by the State Governor, Alhaji Muhammadu Inuwa Yahaya. The fresh call was made by a concerned group of stakeholders under the umbrella of the Gombe Good Leadership Association (GGLA). The same group, in a recent statement issued and signed by a Trustee of the Association, Mohammed Salisu Abdullahi, had raised the alarm over the increasing debt incurred by the Governor allegedly for development purpose. However, the group expressed worry that the governor has ignored the calls to avoid accumulated debts with the danger of mortgaging the state’s future, and has gone ahead t...
CBN Postpones eNaira launch
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CBN Postpones eNaira launch

The Central Bank of Nigeria (CBN) has announced the postponement of its Central Bank Digital Currency (CBDC), known as eNaira originally planned to be launched on October 1, Nigeria's independence day. Speaking with newsmen in Abuja on Thursday, September 30, CBN spokesman, Osita Nwanisobi, explained that the CBN decided to postpone the launch, due to Nigeria's independence celebration. The statement was titled, “CBN defers eNaira launch to mark Independence Anniversary” It read in part, “Ahead of the anticipated launch of Nigeria’s Central Bank Digital Currency, known as eNaira, the Spokesman of the Central bank of Nigeria, Mr. Osita Nwanisobi, says the planned unveiling on October 1, 2021 has now been deferred due to other key activities lined up to commemorate the country’s...
All is not well in Nigeria, don’t deceive yourself – Ortom
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All is not well in Nigeria, don’t deceive yourself – Ortom

Benue State Governor, Dr. Samuel Ortom has opined that Nigeria 'is not well." Ortom, who spoke on Wednesday, September 29, while paying a condolence visit to the family members of the late Deputy Governor of the Central Bank of Nigeria, CBN, Dr Obadiah Mailafia, said Nigeria is on life support and that anyone who thought the country was doing well was just 'deceiving' themselve. Praising Mailafia he said; “Dr Mailafia was fearless and he stood on the side of the truth. As the Bible says, ‘You should know the truth and the truth shall set you free.’ Our brother stood for truth and justice. “Anyone saying that all is well in Nigeria is just deceiving himself. Nigeria is on life support. Nigerians have never been divided as it is today. “Let everyone know that Nigeria is greate...
CBN explains why Nigerians need its new Digital Currency, e-naira
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CBN explains why Nigerians need its new Digital Currency, e-naira

The Central Bank of Nigeria has explained the importance of e-naira, a digital currency it promised to launch in the country by the end of 2021. According to the CBN, the country's adoption of digital currency would boost cross-border trade and enable the apex bank to formulate better macroeconomic policies. The Director, Information and Technology, CBN, Rakitya Muhammed opined this while speaking virtually at the Third Quarter Industry Forum of the Committee of E-business Industry Heads held in Abuja on Wednesday, September 22, 2021. She said, “If people adopt more of the usage of the e-naira, then we will be able to have more data to formulate better macroeconomic policies. “And when countries come on board and create their own digital currencies...
CBN warns Microfinance banks against FOREX Transactions
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CBN warns Microfinance banks against FOREX Transactions

  Microfinance banks in the country have been warned by the Central Bank of Nigeria to stop engaging in foreign exchange transactions and other unauthorised dealings. In a circular titled ‘Cessation of Non-Permissible Activities by Microfinance Banks’ and issued by Ibrahim Tukur from CBN’s Financial Policy and Regulation Department, the apex bank said the remit of microfinance banks prohibits them from foreign exchange transactions. Stressing that micro-credit and retail transactions carried out by MFBs are limited to N500,000 per transaction for Tier 2 Unit, and N1,000,000 for other categories, the CBN warned that microfinance banks that deal in forex transactions risk sanctions. It read;   “The Central Bank of Nigeria (C...
We Will Arrest Anyone Who Sprays Or Steps On Naira Notes – CBN Blows Hot
News

We Will Arrest Anyone Who Sprays Or Steps On Naira Notes – CBN Blows Hot

The Central Bank of Nigeria has issued a warning to people abusing the naira. The CBN threatened to arrest and prosecute anyone who sprays or steps on naira notes. The CBN gave the warning on Monday. The statement, signed by the Ag. Director, Corporate Communications, CBN, Osita Nwanisobi, read: "The attention of the Central Bank of Nigeria (CBN) has again been drawn to the activities of persons, who flagrantly abuse the legal tender by hurling wads of Naira notes in the air and stamping on the currency at social functions." "There have also been cases where people mishandle the Naira, deface it, hawk the currency at parties and reject the currency in some instances. It should be stated that, contrary to the practice of these unpatriotic persons, it is neither cultural nor mora...
CBN explains why Naira depreciates against US Dollar
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CBN explains why Naira depreciates against US Dollar

The Central Bank of Nigeria (CBN) has explained why there is recent sharp depreciation of Naira against the United States Dollar. Responding to questions from members of the House of Representatives Committee on Finance during the 2022-2024 MTEF/FSP stakeholders interactive session on Monday August 16, CBN Deputy Governor, Corporate Services, Edward Adamu blamed the depreciation on COVID-19 pandemic, shortage in foreign exchange supply and others. Adamu who disclosed that COVID-19 pandemic had a devastating effect on the country’s economy and reduced the availability of foreign exchange, added that crude oil sales which is the major source of forex for the country, dropped drastically last year. He said;   “We have proceeds from the s...
CBN to launch digital Currency on Independence Day
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CBN to launch digital Currency on Independence Day

The Central Bank of Nigeria (CBN) has announced that it will be announcing its own digital currency on October 1, 2021. Nairametrics reported that the CBN alongside stakeholders picked Independence Day as its launch date. According to the publication, CBN's IT Director, Rakiya Mohammed at the conclusion of the 306th Banker’s Committee meeting, disclosed that the apex bank has been conducting research in regards to digital currencies since 2017 and may conduct a proof of concept before the end of this year. The project name is tagged Project GIANT and it will use the Hyperledger Fabric Blockchain. Nigeria’s central bank further revealed that the importance of eNaira includes Macro management and growth, cross border trade facilitation, financial inclusion, monetary policy effec...
PDP, Soludo missing as INEC Releases List of Anambra Gov Candidates
Politics

PDP, Soludo missing as INEC Releases List of Anambra Gov Candidates

The Independent National Electoral Commission (INEC) has dropped the name of former Governor of Central Bank of Nigeria (CBN), Prof Charles Soludo as the candidate of the All Progressive Grand Alliance (APGA), clearing Chukwuma Michael Umeoji and Orogbu Obiageli as the governorship and deputy governorship candidates of the party. The state governorship election will hold on November 6, 2021. In a statement signed and released by the National Commissioner and Chairman Information and Voter Education Committee, Barr Festus Okoye, INEC left the columns of the Peoples Democratic Party (PDP) citing court order for reasons for accommodating or dropping the candidates on the list. The electoral commission, however, cleared Emmanuel Andy Uba and Johnbosco Okechukwu Anaedobe as the gov...
First Bank Accepts CBN New Board As Adeduntan Resumes
Business

First Bank Accepts CBN New Board As Adeduntan Resumes

First Bank of Nigeria Limited on Friday said its Chief Executive Officer, Dr. Adesola Adeduntan, who was earlier removed has resumed back to his office in the same capacity. The bank also said it is cooperating with the Central Bank of Nigeria on the board newly constituted for the bank. This was sequel to the pronouncement on the reconstitution of new board of directors for the bank by the Central Bank of Nigeria on Thursday. At a press conference by the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, in Abuja on Thursday, said the boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020. In a statement on Friday titled ‘Corporate state...
Why CBN Sacked First Bank Board — Emefiele (Full Text)
Business

Why CBN Sacked First Bank Board — Emefiele (Full Text)

GOVERNOR’S STATEMENT ON THE PURPORTED MANAGEMENT CHANGE AT THE FIRST BANK OF NIGERIA LTD 1.0 Good afternoon ladies and gentlemen. 2.0 The media has been awash with commentaries on the purported management changes at First Bank of Nigeria Ltd (FBN) and the related regulatory inquiry by the Central Bank of Nigeria (CBN) to the Board of First Bank of Nigeria Limited. It has therefore become necessary for me to address the public to clear any misconceptions. 3.0 Ordinarily the board is vested with the authority to make changes in the management team subject to CBN approval. However, the CBN considers itself a key stakeholder in management changes involving FBN due to the forbearances and close monitoring by the Bank over the last 5 years aimed at stemming the slide in the going co...
Oba Otudeko Rebuffed My Pleas On First Bank Crisis – Emefiele
Business

Oba Otudeko Rebuffed My Pleas On First Bank Crisis – Emefiele

The Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele has revealed how boardroom guru and major shareholder with the First Bank Nigeria Limited, Dr. Obafoluke Otudeko spurned his calls and pleas not to interfere with the running of the bank by engineering the removal of its managing director/Chief Executive Officer, Dr. Adesola Adeduntan. According to the CBN Governor, Otudeko, a major shareholder controlling about 10 percent of First Bank, rebuffed his calls and also refused to pick the calls of 2 other major shareholders of the Bank, sought to intervene. “I spoke to Mr. Oba Otudeko, he refused to grant my request. I had to call two of his fellow major shareholders to call him to ask the board not to take such decisions without the approval of the CBN. He refused to pi...
First Bank Shake-Up: Hassan-Odukale Replaces Awosika As Chairman
Business

First Bank Shake-Up: Hassan-Odukale Replaces Awosika As Chairman

The Central Bank of Nigeria on Thursday, wielded its big stick on one of Nigeria’s oldest banks, First Bank of Nigeria Limited, and sacked all the board members of the bank including its Chairman, Board of Directors, Ibukun Awosika. Awosika was appointed First Bank Chairman in September 2015, making her one of the first women to hold the esteemed position. However, the apex bank on Thursday, announced the immediate appointment of Tunde Hassan-Odukale as Chairman of First Bank. Before his appointment, Hassan-Odukale was the Managing Director of Leadway Assurance Company. The re-organisation of First Bank by the regulator was not unconnected to the removal of Adesola Adeduntan as the Managing Director/Chief Executive Officer of the bank and the appointment of Gbenga Shobo as MD/...
CBN Fires First Bank Directors
Business

CBN Fires First Bank Directors

The Central Bank of Nigeria wielded its big stick on First Bank of Nigeria Limited as the apex regulator of the activities of commercial banks on Thursday when it fired the entire members of the board of First Bank Holding and First Bank Nigeria Ltd. The PUNCH had earlier reported that the apex bank queried the Board of the bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, as appointing Gbenga Shobo as MD/CEO designate without regulatory approval. The CBN had also faulted the appointment of Abdullahi Ibrahim as deputy managing director, as well as the appointment of Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors.
CBN Queries First Bank As CEO, Adesola Adeduntan Is ‘Purportedly Forced Out”
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CBN Queries First Bank As CEO, Adesola Adeduntan Is ‘Purportedly Forced Out”

The Central Bank of Nigeria (CBN) yesterday queried the board of First Bank Nigeria Limited over the removal of the Managing Director/Chief Executive of the bank, Dr. Adesola Adeduntan, saying the action was without regulatory approval. The apex bank said the board’s move has “dire implications for the bank and also portends significant risks to the stability of the financial system.” The central bank stated this in a letter dated April 28, 2021, signed by its Director, Banking Supervision, Mr. Haruna Mustafa, and addressed to the bank’s Chairman, Mrs. Ibukun Awosika, a copy of which was obtained by THISDAY. CBN also demanded a comprehensive response on the matter from Awosika to be delivered to the banking sector regulator latest 5pm today. The Board of Directors of First ...
Freeze Pantami’s Accounts – Rinu Oduala Urges CBN
Politics

Freeze Pantami’s Accounts – Rinu Oduala Urges CBN

An #EndSARS campaigner, Rinu Oduala, has urged the Central Bank of Nigeria to freeze the bank accounts of the Minister of Communications and Digital Economy, Isa Pantami, over his past controversial comments supporting the activities of terrorist groups including Taliban and Al-Qaeda. Pantami had since renounced his radical pro-terrorists comments, saying he now knows better but Nigerians have been unsparing and relentless in the call for the resignation or sacking of the minister. Oduala, who tweeted via @SavvyRinu on Thursday, urged the CBN Governor, Godwin Emefiele to freeze Pantami’s accounts just as the apex bank swiftly froze the accounts of at least 20 #EndSARS promoters last year over terrorism-related allegations. “Godwin Emefiele, when are you going to freeze the bank acco...
Wike Defends Obaseki’s ₦60 Billion Printing Claim
Politics

Wike Defends Obaseki’s ₦60 Billion Printing Claim

Rivers State Governor, Nyesom Wike, has said claims by his Edo State counterpart, Godwin Obaseki that Federal the Government printed about N60 Billion to share to the federating units in March cannot be regarded as spurious. The governor challenged the Central Bank of Nigeria to unequivocally declare if money was printed or not. Wike stated this while briefing journalists in Abuja on Sunday, according to a statement issued by his Special Assistant on Media, Kelvin Ebiri, and made available to newsmen in Port Harcourt on Sunday. “Obaseki was in APC, so he understands them. So, Obaseki couldn’t have come from the blues to say they printed N60 billion. He knows them,” he stated. The Governor further said it was regrettable that instead of the Governor of Central Bank, Mr. Godw...
Why Nigeria Can’t Stop Borrowing – CBN
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Why Nigeria Can’t Stop Borrowing – CBN

The Central Bank of Nigeria (CBN) has said that Nigeria cannot stop burrowing, especially when it is necessary as it is part of fiscal responsibility. The CBN Governor, Mr. Godwin Emefiele, said this on Friday in Abuja at the National Dialogue on the Nigeria’s rising debt profile, titled: “The Rising Public Debt in Nigeria and the Challenges of National Development” organised by the ActionAid Nigeria (AAN). This is as AAN and stakeholders, expressed worry over unstable levels of borrowings and rising national debt profile under the President Muhammadu Buhari-led administration and rising poverty level. According to Emefiele, represented by the Assistant Director, Monetary Policy Department, CBN, Dr. Tawose Joseph, there is no crime in borrowing, but that there should be monito...
USSD War: Banks Unblock MTN, Reconnect Telco To Banking Channels
Business

USSD War: Banks Unblock MTN, Reconnect Telco To Banking Channels

After 48 hours of disconnecting MTN customers from banking channels including the Unstructured Supplementary Service Data and banking apps, commercial banks on Sunday have reconnected MTN customers to banking channels. Our correspondent gathered that the development followed the intervention of the Minister of Communications and Digital Economy, Isa Pantami; and the Governor of the Central Bank of Nigeria, Godwin Emefiele. The PUNCH had reported that the banks blocked MTN customers on Friday, leaving millions of MTN subscribers frustrated as they were unable to recharge airtime via USSD amid the Easter celebrations. MTN, with about 77 million subscribers, making up about 45 per cent of the total telecommunication market share in Nigeria, is arguably the largest telecommunicati...
Missing $9.5m: Senate Gives Emefiele 72 Hours To Honour Invitation
Politics

Missing $9.5m: Senate Gives Emefiele 72 Hours To Honour Invitation

Senate Committee on Public Accounts on Monday gave Central Bank of Nigeria Governor Godwin Emefiele, 72 hours to appear it over the alleged disappearance of $9.5million interest that accrued from Petroleum Profit Tax (PPT) investment Chairman of the Committee, Senator Matthew Urhoghide, had complained that the principal sum deposited, tenor, and rate of interest on the transaction were shrouded in secrecy. Petroleum Profit tax (PPT) is a tax applicable to upstream operations in the oil industry. It is particularly related to rents, royalties, margins, and profit-sharing elements associated with oil mining, prospecting, and exploration leases. Urhoghide said there were many issues Emefiele needed to respond to corroborate some statements of account. He added that the apex ba...
The Auditor General Lacks Power To Audit NNPC, CBN, Others – Adolphus Aghughu
Politics

The Auditor General Lacks Power To Audit NNPC, CBN, Others – Adolphus Aghughu

Nigeria's Auditor General has no constitutional power to audit NNPC, Central Bank of Nigeria, Nigeria Ports Authority and other big federal agencies. The Acting Auditor General for the Federation , Adolphus Aghughu, said on Thursday that his office lacked the constitutional power to audit the Nigerian National Petroleum Corporation, the Central Bank of Nigeria, the Nigerian Ports Authority, and other big federal agencies. Aghughu said this when the Senate Public Account Committee screened him ahead of his appointment’s confirmation by the Senate. Responding to a question by the panel on why the AuGF had not been auditing the accounts of the topmost federal agencies, Aghughu said, “It is the constitution that has issue.” He said, “ By virtue of the 1999 Constitution , we wil...
Bandits, Terrorists Cause Of Nigeria’s Inflation – Emefiele
Business

Bandits, Terrorists Cause Of Nigeria’s Inflation – Emefiele

Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has attributed the country’s rising inflation to worsening insecurity, caused by bandits, terrorists and armed herdsmen. Emefiele stated this on Tuesday while presenting the communique from the Monetary Policy Committee (MPC) meeting which started on Monday. Emefiele explained that the inflation, which has increased for the 18th consecutive month, was exacerbated by food inflation. He said that insecurity in many food producing areas of the country was a major contributing factor. “The MPC noted with concern the continued uptick in inflationary pressure for the 18th consecutive month as headline inflation continued on an upward to 17.33 per cent at the end of February 2021 from 16.47 per cent in January 2021...
Report Banks Hoarding FOREX, CBN Tells Nigerians
Business

Report Banks Hoarding FOREX, CBN Tells Nigerians

In view of the lingering foreign exchange scarcity in the country, the Central Bank of Nigeria has urged Nigerians not to panic, saying there is enough forex for business owners, travelers and parents with students abroad to meet their obligations. CBN Governor, Godwin Emefiele, stated this on Tuesday at the 278th MPC Press Briefing in Abuja. He also said at least $80m are disbursed to banks on a weekly basis to enable Nigerians meet their forex responsibilities. He, therefore, charged Nigerians to report any bank withholding forex to a special call centre of the apex bank. The PUNCH had reported that the lingering foreign exchange scarcity in Nigeria was taking a heavy toll on foreign tuition payment, as many parents and guardians groan over difficulty in paying their children...
Cryptocurrency: Nigerians Are Free To Use Bitcoin – CBN
Business

Cryptocurrency: Nigerians Are Free To Use Bitcoin – CBN

The Central Bank of Nigeria (CBN) said there was no time the bank banned the activities of Cryptocurrencies in the country. The Governor of the bank, Godwin Emefiele, disclosed this in Abuja at the 30th seminar for Finance Correspondents and Business Editors organised by the bank. Emefiele, who was represented by Adamu Lamtek, Deputy Governor, Corporates Services, said what the bank did was to protect the banking sector from the activities of Cryptocurrencies and not a ban on its activities. "The CBN did not place restrictions from use of Cryptocurrencies and we are not discouraging people from trading in it. What we have just done was to prohibit transactions on Cryptocurrencies in the banking sector."
Banks, Telcos To Make Over Half A Billion Naira On New USSD Charge
Business

Banks, Telcos To Make Over Half A Billion Naira On New USSD Charge

Nigerian banks and telecommunication companies will realise at least N564 million in the next 12 months as proceeds from the new mobile banking fee approved by the Central Bank of Nigeria, according to PREMIUM TIMES estimates. The CBN and the Nigerian Communications Commission this week settled a prolonged row between banks and telcos by imposing a new fee for the banks’ short-code service, known as USSD, which allows millions of Nigerians to use their mobile phones to access financial services daily. The Association of Licensed Telecommunication Operators of Nigeria (ALTON) said its members were owed N42 billion by banks and threatened to suspend the service. Starting Tuesday, March 16, subscribers now pay a flat rate of N6.98 each time they use the USSD for banking transacti...
Business

Naira-4-dollar Scheme Ends May 8, Banks Tell Customers

Deposit Money Banks have informed customers that the Central Bank of Nigeria’s ‘Naira-4-dollar scheme’ will end on May 8. This is as they continued to woo their customers to take advantage of the incentive introduced by the regulator, which took effect on March 8. Fidelity Bank, in a mail to its customers, said, “Did you know that all recipients of diaspora remittances through licensed International Money Transfer Operators will be paid N5 for every $1 received as remittance inflows? “The new initiative tagged ‘Naira-4-dollar scheme’ is part of the Central Bank of Nigeria’s efforts to incentivise senders and recipients of international money transfer. “This offer ends on Saturday May 08, 2021. So, hurry now and take advantage of the wonderful opportunity to get extra naira ...
My Respect For Osinbajo Grew After Comment On Crypto Ban – Rewane
Politics

My Respect For Osinbajo Grew After Comment On Crypto Ban – Rewane

Bismarck Rewane, chief executive officer of Financial Derivatives Company, says Vice-President Yemi Osinbajo’s comment on the ban of cryptocurrency boosted his respect for him. The Central Bank of Nigeria (CBN) had recently directed banks and other financial institutions to close accounts of persons or entities involved in cryptocurrency transactions. The apex bank had said cryptocurrencies pose the risk of loss of investment, money laundering, terrorism financing, illicit fund flows and other criminal activities. But Osinbajo had urged the CBN and the Securities and Exchange Commission (SEC) to come up with robust regulations for cryptocurrencies. Delivering a paper at a public lecture organised by a pan-Nigerian coalition, Building the Future Forum (BTFF), in Abuja, Rewan...
CBN Facilitates Release Of 50,000 MT Of Maize
News

CBN Facilitates Release Of 50,000 MT Of Maize

The Central Bank of Nigeria (CBN) has made good its word, as it has released 50,000 metric tonnes of Maize into the Nigerian market. The Bank's February 2021 release of Maize in fulfilment of its pledge to reduce the price of the commodity, was done through the Anchor Borrowers' Programme (ABP) to major poultry feed producers and poultry producers in the country. The CBN facilitated the release of the 50,000 metric tonnes of Maize in the second week of February, which has made an impact as the Maize Market has recorded a reduction in price from N200,000.00 per metric tonnes to about N180,000.00 per metric tonnes. It is still anticipated that the current will further reduce. Major beneficiaries of the February release include Premier Flour Mills, Crown - Olam, Grand Cereals, Anima...
FG To Sell Oil In Naira To Dangote Refinery
News

FG To Sell Oil In Naira To Dangote Refinery

THE Federal Government has concluded plans to sell crude oil to the $15 billion Dangote Refinery in Naira. This is part of measures adopted to strengthen the currency and by extension the nation’s economy. The governor, Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, who visited, Saturday, to inspect the ongoing construction of the Dangote Refinery, Petrochemicals Complex Fertiliser Plant, and Subsea Gas Pipeline project at Ibeju Lekki, Lagos, said: “We have taken the decision to sell the crude to the Refinery in Naira because we want to impact the economy. “We also hope that by the time the Refinery start to refine, and sell its petroleum products in Naira, the local currency will be stronger, and by extension the nation’s economy, which is still oil-driven.” Accordin...
VP Osinbajo Speaks Against Ban On Cryptocurrency (Video)
Politics

VP Osinbajo Speaks Against Ban On Cryptocurrency (Video)

Vice President Yemi Osinbajo has called for the regulation of cryptocurrencies in the country instead of the ban placed on it by the Central Bank of Nigeria. Osinbajo made the call when he spoke at the Bankers Committee Vanguard in Lagos State today February 26. He shared a video of his speech via his Instagram handle, with the caption; "First is that there is no question that blockchain technology generally and cryptocurrencies in particular will in the coming years challenge traditional banking, including reserve banking, in ways that we cannot yet imagine so we need to be prepared for that seismic shift. Clearly the future of money and finance, especially for traditional banking, must be as exciting as it is frightening. But as we have seen in many other sectors disruption...
SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored
Business

SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored

Timi Agama, head of registration, exchanges, market infrastructure and innovation department of SEC, was speaking at a virtual lecture organised by the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja, on Sunday. The Central Bank of Nigeria (CBN) had asked commercial banks to block accounts of cryptocurrency traders in their systems. After the directive, Nigerians took to social media to condemn the decision. NAN quotes Agama as saying cryptocurrency is a $2 trillion market that cannot be ignored. He said the world cannot be moving forward while Nigeria remains static. Agama said although SEC or the capital market would not accommodate or encourage any fraudulent practices that allowed for money laundering, cryptocurrency is a market worth looking into...
Governors Agree To Compensate Victims Of Herders, Farmers Clashes
Politics

Governors Agree To Compensate Victims Of Herders, Farmers Clashes

State governors have agreed to compensate victims of herders /farmers clashes in their various states . The agreement was reached at a meeting of the National Economic Council held at the Presidential Villa , Abuja on Thursday. The meeting was presided by Vice- President Yemi Osinbajo . The council presided over by sitting Vice President has all state governors and relevant, Central Bank of Nigeria’ Governor and relevant ministers as members. The decision to pay compensation was part of the communique read by the governor of Ogun State , Dapo Abiodun, when he briefed State House Correspondents alongside his Kebbi State counterpart , Atiku Bagudu. Abiodun noted those who suffered loses in targeted attacks must be made to have a sense of compensation . He also said the council re...
Crypto Restriction Opens Nigeria To Fresh Foreign Scramble
Business

Crypto Restriction Opens Nigeria To Fresh Foreign Scramble

Foreign techies and innovators have renewed the historic scramble for the Nigerian market, following official restriction of local transactions in cryptocurrencies. The Guardian learnt that the number and intensity of online meetings with young traders on how they can circumvent the Central Bank of Nigeria’s (CBN)’s restriction on banks and other financial institutions from transacting have increased in several folds since last week. In one of the meetings in which The Guardian participated by proxy last week, Nigerian youths were invited to subscribe to a credit card launched a few months ago. The selling point of the card described as a lifestyle card is that it enables users to convert cryptocurrencies to five different benchmark currencies – dollar, pound, euro, yen and yuan....
India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets
Business

India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets

India has become the second country to outrightly ban Bitcoin and other cryptocurrencies. This is coming after the Central Bank of Nigeria instructed all financial institutions in the country to block the accounts of all individuals and entities linked to cryptocurrency transactions. There has been a lot of drama surrounding India’s cryptocurrency stance. In 2018, the Reserve Bank of India issued a ban on all cryptocurrency transactions. The ban was lifted by the country’s Supreme Court in March 2020. In December 2020, government officials hinted that they were considering taxing Bitcoin transactions by up to 18%. Barely a month later and there were rumours that the country was mulling over banning all private cryptocurrencies. Apparently, officials were serious about banning ...
Arewa Consultative Forum writes CBN governor over the Financial exclusion of the North
News

Arewa Consultative Forum writes CBN governor over the Financial exclusion of the North

The Arewa Consultative Forum (ACF) has written to the governor of the Central Bank of Nigeria, Godwin Emefiele, stating that the Northern states are financially marginalized. In the letter signed by its National Chairman, Audu Ogbeh, the Forum said the north is “unserved and underserved” despite its status as the most populous region in the country. He observed that the Microfinance Banks that are looked upon to serve the majority of the people all over the country are not properly positioned to do this in the North. Part of the letter reads “The microfinance banks that are looked upon to serve the majority of the people all over the country are not properly positioned to do this. Only one government-owned microfinance which is fairly new in the business is being patronize...
Senate Summons CBN Governor, DG SEC Over Cryptocurrency Ban
Politics

Senate Summons CBN Governor, DG SEC Over Cryptocurrency Ban

The Senate has mandated its Committees on Banking, Insurance and Other Financial Institutions, ICT and Cybercrimes and Capital Market to invite the Governor of the Central Bank of Nigeria, Godwin Emefiele to brief it on the recent ban on cryptocurrency in the country. The Senate also invited the Director General of the Securities and Exchange Commission (SEC), Lamido Yuguda, to meet with its joint committee on the issue. It explained that the information that would emanate from the briefings from the two regulatory bodies would assist the Senate to “determine the opportunities and threats of the cryptocurrency on the nation’s economy and security.” This resolution of the upper chamber was sequel to its consideration of a motion titled: “CBN’s decision to stop Financial Institu...
Court Dismisses Case Against CBN’s Directives On Bank Charges
News

Court Dismisses Case Against CBN’s Directives On Bank Charges

The Central Bank of Nigeria on Tuesday, said the Federal High Court sitting in Abeokuta, Ogun State Capital, dismissed a suit instituted by a legal practitioner, Olumide Babalola, challenging the CBN policy on current account maintenance fee contained in the guide to the charges by banks and other financial institutions of January 2020. It disclosed this in a statement titled, ‘Court dismisses case against CBN’s directives on bank charges’. The CBN stated that, “Babalola had instituted the action in the name of his law firm, Babalola LP, in which he contended that the policy and guidelines of the CBN violated his fundamental human rights. “The CBN, through its counsel, Adeleke Agbola, of Cheakley Chambers, however challenged the suit on the ground that the plaintiff lacked the...
26 Nigerian States Record Zero Foreign Investment In 2020
Politics

26 Nigerian States Record Zero Foreign Investment In 2020

Twenty-six Nigerian states recorded zero foreign investment in the whole of 2020, figures released by the National Bureau of Statistics show. The report on capital importation into the country, compiled by the Central Bank of Nigeria, was released on Friday by the NBS. It captures the total Foreign Direct Investment (FDI), portfolio investment and other types of investments into the country in a year the global economy suffered a terrible battering as a result of the coronavirus pandemic. The total value of capital inflow for the year fell to $9.7 billion, from $24 billion in 2019, representing a decline of 59.7 per cent. It was the lowest in at least four years. More foreign capital inflows came through “other investments”, followed by FDI, and Portfolio Investment, the re...
CBN Investigates Cryptocurrency Companies’ Bank Accounts For Fraud
News

CBN Investigates Cryptocurrency Companies’ Bank Accounts For Fraud

The Central Bank of Nigeria (CBN) has opened investigations into bank accounts of companies involved in the trading of cryptocurrencies with the intention of blocking those with suspicious transactions and fraud. A top central bank official while giving THISDAY more insight into last week’s decision mandating banks to close all accounts belonging to cryptocurrency traders, also pushed back criticism of the policy, saying the bank won’t abandon its regulatory roles to critics. The bank also insisted in a statement yesterday by its Director of Communications, Mr. Osita Nwanisobi, that the restriction regime is to protect Nigerians and the financial system. The CBN, however, got allies yesterday on its ban on cryptocurrency trading through banks as the Association of Bureaux De C...
CBN directs banks to close accounts of cryptocurrency traders
News

CBN directs banks to close accounts of cryptocurrency traders

The Central Bank of Nigeria (CBN) has directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.   The apex bank gave the directive in a circular issued today February 5. The circular was addressed toall deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs).   In January 2017, the CBN had in a statement released, described bitcoin, litecoin, and others as digital currencies used largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions and that such currencies are not accepted as legal tender in Nigeria.   Also in February 2018, the apex bank warned Nigerians against trading in such digital curre...
#EndSARS Activists: Government Yet To Unfreeze Our Bank Accounts Since Oct 2020
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#EndSARS Activists: Government Yet To Unfreeze Our Bank Accounts Since Oct 2020

The CBN had in October 2020 asked banks to freeze the bank accounts of about 20 individuals involved in controlling #EndSARS funds. Activists linked to the #EndSARS protests have said the Post No Debit restriction placed on their accounts by the Central Bank of Nigeria has yet to be lifted. The CBN had in October 2020 asked banks to freeze the bank accounts of about 20 individuals involved in controlling #EndSARS funds. The affected individuals include Bolatito Racheal Oduala, Chima David Ibebunjoh, Mary Doose Kpengwa, Gatefield Nigeria Limited, Saadat Temitope Bibi, Bassey Victor Israel, Wisdom Busaosowo Obi, Nicholas Ikhalea Osazele, Ebere Idibie, Akintomide Lanre Yusuf, Uhuo Ezenwanyi Promise, Mosopefoluwa Odeseye and Adegoke Pamilerin Emmanuel. Others are Umoh Grace Ekane...
Labour backs Emefiele on CBN’s Naira valuation
Business

Labour backs Emefiele on CBN’s Naira valuation

Organized labour has commended the recent measures of the Central Bank of Nigeria (CBN) aimed at shoring up the value of the Naira. The Naira recently reversed its depreciation trend in the parallel market, recording N20 gain against the United States Dollar closing at N470 per dollar due to what observers attributed to the new rules introduced by the CBN, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, and collect the proceed in foreign currencies. Speaking at the one-day interactive session with stakeholders on the five-year policy trust of the apex bank in Kaduna, weekend, Vice President of Industriall Global Union, Comrade Issa Aremu, hailed the CBN’s Monetary Policy Committee ( MPC) for resisting the pressures to b...
CBN Denies Freezing EndSARS Promoters’ Accounts
Politics

CBN Denies Freezing EndSARS Promoters’ Accounts

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has faulted claim that his bank obtained court orders to block accounts associated with promoters of the #EndSARS protests. Emefiele’s position was stated by his lawyer, former Attorney General of the Federation and Minister of Justice, Mike Aondoakaa (SAN) while appearing before a Federal High Court in Abuja. Aondoakaa is the CBN Governor’s lawyer in the case, marked: FHC/ABJ/CS/1384/2020)of CBN v. Bolatito Rachael Oduala and 19 others in which Justice Ahmed Mohammed granted an order freezing the accounts of the defendants for 90 minutes in the first instance. The former AGF spoke while reacting to remarks by Ebun-Olu Adegboruwa (SAN), lawyer to Albert A. Ugochuwu and others, whose accounts were also frozen i...
Naira Bounces Back, Appreciates To N470/$ In Parallel Market
Business

Naira Bounces Back, Appreciates To N470/$ In Parallel Market

The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar. The naira had earlier depreciated by N30 against the dollar, as the parallel market exchange rate rose sharply to N500 per dollar on Monday November 30th from N470 per dollar on Friday November 20th 2020. But the new rules introduced by the Central Bank of Nigeria on Monday November 30th, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, to collect the proceed in foreign currency cash, halted the dwindling fortunes of the naira. As result the naira gained N10 against the dollar yesterday (Tuesday December 1st) as the parallel market exchange rate dropped to N490 per dollar from N500 per dolla...
Hoarders In Trouble As Nigerian Rice Processors Slash Price To N19,000 Per Bag
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Hoarders In Trouble As Nigerian Rice Processors Slash Price To N19,000 Per Bag

The Rice Processors Association of Nigeria, RIPAN, has agreed to slash the price of 50kg bag of processed rice to N19,000 effective December 14, 2020. We gathered the current market price ranges from N28,000 to N30,000 per bag. The decision is coming after hike in rice prices occasioned by hoarding and closure of the nation’s land borders by the Buhari administration towards boosting self-sufficiency. Since the ban on rice import, some persons have been engaging in buying and storing the paddy, making huge profits. Worried by the rising prices, the RIPAN in collaboration with the Central Bank of Nigeria, CBN, on Tuesday set up task force headed by the Managing Director of Tiamin Rice, Aminu Ahmed, to monitor and ensure compliance with the new price regime. In an intervie...
CBN Asks Court Not To Unfreeze EndSARS Campaigners’ Accounts
News

CBN Asks Court Not To Unfreeze EndSARS Campaigners’ Accounts

THE Central Bank of Nigeria has asked Justice Ahmed Mohammed of a Federal High Court in Abuja not to unfreeze the accounts of #EndSARS campaigners because they are still under probe for terrorism financing. The CBN said this in a counter-affidavit in opposition to a motion on notice filed by Gatefield Nigeria Limited, a company that sponsored freelance journalists to cover the #EndSARS protests in October. The apex bank had through an ex parte order frozen the account of Gatefield Nigeria Limited and 19 other persons who played a role in the protests. However, Gatefield opposed the CBN’s action in court, insisting that the act was illegal because the apex bank had frozen the accounts even before the court order to do so was obtained. In a counter-affidavit filed by a lawyer...
CBN Okays Withdrawals Of Dollars From Domiciliary Accounts
Business

CBN Okays Withdrawals Of Dollars From Domiciliary Accounts

The Central Bank of Nigeria (CBN) has announced the amendment of procedures for receipt of diaspora remittances in an apparent and frantic attempt to improve liquidity in the forex market and reduce the disparity between the black market and official I&E window. This disclosure was made in a circular issued by the CBN on Monday, November 30, 2020, to all authorized dealers and the general public and signed by its Director for Trade and Exchange Department, Dr O.S. Nnaji. What the CBN is saying In the new amended procedure, CBN stated that beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (US Dollars) through the designated bank of their choice. The CBN’s circular partly read...
Half Of CBN Looting: Gowon Denies Allegation Says ‘It Is Rubbish’
Politics

Half Of CBN Looting: Gowon Denies Allegation Says ‘It Is Rubbish’

Yakubu Gowon, a former military head of state, has described allegations that he looted half of the Central Bank of Nigeria as “rubbish”. Tom Tugendhat, a member of the United Kingdom parliament, had accused Gowon of looting Nigeria’s treasury when he left office. Speaking at the UK parliament committee debate on a petition on the #EndSARS crisis, Tugendhat had urged the UK to call out corruption and use its powers to stop who profit from Nigeria’s wealth and hide it in foreign countries. “Some people will remember when General Gowon left Nigeria with half of the Central Bank, so it is said, and moved to London,” he said. However, Tugendhat did not provide any evidence to support his claim. In reaction to the remark, Gowon told BBC: “I don’t know where he got that rubbish ...
Meet Tom Tugendhat, The UK MP Who Accused Gowon Of Looting Half Of Central Bank Of Nigeria
Politics

Meet Tom Tugendhat, The UK MP Who Accused Gowon Of Looting Half Of Central Bank Of Nigeria

During the #EndSARS debate by UK Parliament, a member of the UK Parliament identified as Tom Tugendhat made a controversial statement that sparked reactions in Nigeria. Tom Tugendhat accused ex Nigerian Head of State, General Yakubu Gowon of looting half of the Central Bank of Nigeria (CBN). In his words: Some people will remember when General Gowon left Nigeria with half of the Central Bank, so it is said, and moved to London. Now, Who Is Tom Tugendhat? Lt Col Thomas Georg John Tugendhat MBE VR (born 27 June 1973) is a British Conservative Party politician serving as Chairman of the Foreign Affairs Committee since 2017. He has been the Member of Parliament (MP) for Tonbridge and Malling since 2015. Before entering politics, amongst other roles, Tugendhat was a Territorial Arm...
EndSARS: Youth Members Of Lagos State Judiciary Panel Resume Sitting
News

EndSARS: Youth Members Of Lagos State Judiciary Panel Resume Sitting

The two youth members of the Lagos State Judicial Panel of Inquiry have resumed sitting on Saturday November 14, after boycotting the panel for over a week in protest against the freezing of their bank accounts and that of other #EndSARS promoters by the Central Bank of Nigeria. The two members we’re identified as Rinu Oduala and Temitope Majekodunmi. Recall that retired Justice Doris Okuwobi-led panel had adjourned its sitting till November 7 following its inability to form a quorum due to the boycott of the sitting by the two youth panel members It is expected that the Nigerian Army will return to give its testimony on Saturday November 14. Top military officers, whose statements on oath have already been submitted to the panel are the Commander of 81 Military Intelligence B...

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