Friday, May 14

Tag: Mr Godwin Emefiele

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...
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...
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
News

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...
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...
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...
Cryptocurrency: We Acted In Nigerians’ Best Interest – Emefiele
Business

Cryptocurrency: We Acted In Nigerians’ Best Interest – Emefiele

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said the bank’s decision to prohibit deposit money banks, non-banking institutions and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Emefiele stated this yesterday while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime and Capital Market, on its directive to institutions under the apex bank’s regulation. Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and unlic...
COVID-19: Withdraw Old Naira Notes From Circulation, Group Tells CBN
Politics

COVID-19: Withdraw Old Naira Notes From Circulation, Group Tells CBN

The Association of Progressive Nigerians has appealed to the Central Bank to withdraw old and tattered naira notes from circulation as the country is battling COVID- 19 pandemic. The group made the appeal in a statement it issued in Lagos on Saturday. The News Agency of Nigeria (NAN) reports that the statement was jointly signed by Alhaji Mohammed Bello, the group’s president and Mr Oluwole Aina, its general secretary. The group said the appeal became necessary as the continued recirculation of old, tattered naira notes, which had passed several hands, might lead to further spread of the pandemic. “We hereby appeal to the CBN Governor, Mr Godwin Emefiele, to please withdraw these old and tattered naira notes from circulation as continued recycling of such notes may endanger publi...
Fuel Subsidy Will Not Return, FG Assures IMF
Politics

Fuel Subsidy Will Not Return, FG Assures IMF

The Federal Government has pledged that it will ensure that fuel subsidy, which was recently removed, does not re-emerge. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, and the Central Bank of Nigeria Governor, Mr Godwin Emefiele, made the pledge in a letter to the Managing Director of the International Monetary Fund, Mrs Kristalina Georgieva. The sharp drop in crude oil prices on the back of the spread of coronavirus saw the landing cost of petrol hitting a record low, wiping off subsidy on the product. The pump price of petrol, which is still being regulated by the government, was reduced to N125 per litre from N145 per litre on March 18, 2020. The Petroleum Products Pricing Regulatory Agency further announced on March 31 a price band of N123.50-...
FG Budgets N600m For National Theatre Despite Banks’ Takeover
Politics

FG Budgets N600m For National Theatre Despite Banks’ Takeover

A total of N600.39 million was budgeted for the National Arts Theatre in the 2020 Appropriation Bill despite the Central Bank of Nigeria (CBN) and the Bankers’ Committee obtaining Federal Government’s approval to take over the cultural landmark. New Telegraph ’s analysis of the 2020 Budget of the Federal Ministry of Information and Culture shows that the N600.39 million expenditure comprise total personnel cost of N356.55 million; total overhead of N144.04 million; total recurrent of N500.59 million and total capital of N99.80 million. A breakdown of some of the figures indicates that salaries and wages are expected to gulp N268.21 million; allowances and social contribution (N88.34 million); allowances (N54.81 million; travels and transport (N18.60 million): electricity charges ...
Cashless Policy Will Only Affect 10% Of Nigerians
Uncategorized

Cashless Policy Will Only Affect 10% Of Nigerians

The Central Bank of Nigeria on Friday said it would continue to implement the cashless policy in line with its mandate to ensure an efficient payment system. The CBN Governor, Mr Godwin Emefiele, said this while briefing journalists shortly after the Monetary Policy Committee meeting. He said that contrary to claims in some quarters that many Nigerians would suffer the negative impact of the policy, only about five to 10 per of bank customers would be affected. The apex bank had in a circular to Deposit Money Banks stated that from Wednesday, September 18, it would impose three per cent processing fees on withdrawals and two per cent processing fees on lodgements of amounts above N500, 000 for individual accounts. For corporate accounts, the apex bank in the circular said t...
Buhari Nominates Dalung, 10 Others As FG’s Delegation To 2019 AFCON
Sport

Buhari Nominates Dalung, 10 Others As FG’s Delegation To 2019 AFCON

President Muhammadu Buhari has appointed the immediate past Minister of Youth and Sports, Barrister Solomon Dalung as a member of an 11- man delegation to Egypt to support and cheer the Super Eagles at the ongoing Africa Cup of Nations. In a letter signed by the Chief of Staff to the President, Mr Abba Kyari, President Buhari nominated the former Sports Minister as a representative of the Presidency. The delegation will be led by the Senate President, Senator Lawan Ahmed. Speaker of the House of Representatives, Rt. Hon Femi Gbajabiamila, the Secretary to the Government of the Federation Mr Boss Mustapha , the Executive governors of Lagos and Delta states, His Excellencies Mr. Babajide Olusola Sanwo-olu and Dr. Ifeanyi Okowa are also on the list. Other delegates on the Federal Go...
CBN Asks Banks To Return All Mutilated Notes Between June 3 & September
News

CBN Asks Banks To Return All Mutilated Notes Between June 3 & September

The Central Bank of Nigeria (CBN) has said banks now have between June 3 and September 2, to collect and sort all mutilated notes in their possession for reissuing. The central bank’s Director of Corporate Communications, Mr Isaac Okorafor, made the disclosure while engaging with leaders of organised labour in Lagos at the weekend. In April, the bank had introduced a Clean Note Policy to put an end to the circulation of mutilated naira notes. Meanwhile, at the engagement activity, which was part of CBN’s communication efforts to dialogue with key stakeholders in the economy, an Executive Member of the Nigeria Labour Congress, Issa Aremu, described CBN’s “creative intervention” in the Nigerian economy as “highly commendable.” “CBN is working today because we have a competent h...
Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele
Uncategorized

Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele

The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has stated that oil discovery exposed Nigeria’s economy to vulnerability. According to the CBN boss, the increasing reliance on crude oil revenues have led to a severe downturn in the agriculture and manufacturing sectors, and also exposed the economy to vulnerabilities that normally accompanied an increased dependence on a single commodity for survival. Emefiele who disclosed that oil discovery exposed Nigeria’s economy to vulnerability, further revealed in his economic blueprint for the economy for the next five years that if Nigeria had maintained its market dominance in the palm oil industry, which stood at 40 per cent in the 70s, the country would be earning above $20bn annually from the cultivation and processing of pa...
Farmers Commend President Buhari For Reappointing Emefiele
News

Farmers Commend President Buhari For Reappointing Emefiele

The South, South Animal and Crops Farmers Association of Nigeria, has commended President Muhammadu Buhari for re-appointing Mr Godwin Emefiele as governor of Central Bank of Nigeria (CBN), for another five years. Mr Elder Jacob, the Chairman of the group, who made this known in a statement on Friday in Warri, described Emefiele as a game changer with the introduction of Anchor Borrowers Programme (ABP). Jacob, who is also the spokesman of All Farmers Association of Nigeria (AFAN), said the ABP had created value chain linked with each products and commodity producers to processors and off takers. “The value chain approach in APB agricultural development helps identify weak points in the chain in order to add more value to the chain. “This has reawaken the interest of many process...
Okowa Reacts To Reappointment Of Emefiele As CBN Governor By Buhari
Politics

Okowa Reacts To Reappointment Of Emefiele As CBN Governor By Buhari

Representative of Ifeanyi Okowa of Delta State on Thursday, praised Mr. Godwin Emefiele on his reappointment as the Governor of the Central Bank of Nigeria (CBN). The representative likewise congratulated with Funke Egbemode on her re-appointment as the President of the Nigeria Guild of Editors (NGE) at the organization’s thirteenth yearly gathering in Lagos. Okowa’s different celebratory messages were passed on in an announcement issued by his Chief Press Secretary, Mr. Charles Aniagwu in Asaba. The representative praised the initiative characteristics and insightful commitments of Emefiele to the monetary improvement of Nigeria since he was named in 2014. He depicted the CBN representative as a ‘renowned child of Delta’, whose wonderful commitments to the financial busine...
Nigeria’s External Reserves Hit $44bn First Time In 2019
News

Nigeria’s External Reserves Hit $44bn First Time In 2019

For the first time in 2019, the external reserves of Africa’s largest economy, Nigeria, reached $44 billion on Monday, March 25, 2019. Data obtained by Business Post from the website of the Central Bank of Nigeria (CBN) showed that the amount grew to the present level from $43.7 billion on Friday, March 22, 2019, representing 0.69 percent increase. Business Post reports further that the last time the foreign reserves stayed in the $44 billion region was on October 2, 2018. From October 3, 2018, the reserves started declining gradually to even $41 billion at some point in the year. The CBN Governor, Mr Godwin Emefiele, who leaves office in June 2019, has managed the nation’s reserves effectively. He has also regularly used part of the reserves to keep the local currency, ...
My Tenure Expires In June – Emefiele
Uncategorized

My Tenure Expires In June – Emefiele

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has reacted to reports that he has been removed from office. Speaking in Abuja on Tuesday, Emefiele described the reports which made the rounds on some online platforms on Monday as concerning. “I am confused and concerned about some stories going around. At least you can see me; I am doing my work, my tenure expires in June,” the CBN Governor said. Emefiele was appointed as CBN governor in June 2014 by Goodluck Jonathan. Prior to his appointment, he was the Group Managing Director and Chief Executive Officer of Zenith Bank Plc. On Monday, reports emerged that the Federal Government had asked him to proceed on leave, more than two months before the expiration of his five-year tenure. While dismissing the repor...
CBN Governor: Aishah Ahmad, 8 Others Struggle For Emefiele’s Job
Uncategorized

CBN Governor: Aishah Ahmad, 8 Others Struggle For Emefiele’s Job

As the clock ticks away for the tenure of the Central Bank Governor, Mr Godwin Emefiele, speculations are rife that a woman top banker, Mrs Aishah Ahmad, one of his deputies, and any among eight others may be his likely successor if he’s not re-appointed, although the position has a tradition of rotating between the north and the south. The other eminent Nigerians being thought fit for the job include Professor Soji Adelaja, Mohammed Dikwa, Bismarck Rewane, Umaru Abdul Mutallab , Obadiah Mailafia, Bello Maccido, Adesola Adeduntan and Herbert Wigwe. What makes the position of an apex bank governor tick is its direct implication on the economy as he is expected to advise the president on both fiscal and monetary policies from time to time. Aside this, the CBN Act, 2007, states that the...
CBN Gives Dangote N75b Forex Support – Emefiele
News

CBN Gives Dangote N75b Forex Support – Emefiele

The Central Bank of Nigeria (CBN) has given assurance to Dangote Group that it will support it access Foreign Exchange, Forex to build its proposed $14 billion refinery in the country. Mr. Godwin Emefiele, the Governor of the CBN, said this during a tour of the refinery which is projected to refine 650,000 barrels of crude oil per day. The tour of the facility held at its location within the Lekki Free Trade Zone in Lagos. The CBN governor said that the support was to ease the importation of equipment needed to bring the Dangote refinery to reality. “Your ongoing 14 billion dollar refinery investment will enjoy our support, no doubt. We are doing this to fast-track the importation of equipment you need for a speedy completion of that project and to encourage other Nigerians to fo...
Emefiele Emerges WAMZ Chairman
News

Emefiele Emerges WAMZ Chairman

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has been elected chairman of the West Africa Monetary Zone (WAMZ) at the ongoing sub-regional meeting in Abuja. Governor, Central   Bank of Nigeria (CBN), Mr Godwin Emefiele WAMZ consists of six countries, namely: Nigeria, The Gambia, Ghana, Guinea, Liberia and Sierra Leone. In his acceptance speech, Emefiele said that “a lot of work needs to be done, especially in respect of the attainment of ECOWAS single currency by 2020.”   He further noted that everything that is required to be done would be actualised towards achieving the objectives of the regional organisation. While reiterating Nigeria’s unflinching commitment towards the single currency project in the sub-region, the CBN Governor urged member countr...
Naira Appreciates Against Dollar At Parallel Market
News

Naira Appreciates Against Dollar At Parallel Market

The Naira on Wednesday gained marginally against the dollar at the parallel market in Lagos, the News Agency of Nigeria  reports. The Nigerian currency gained 50 kobo to close at N358, stronger than N358.5 traded on Tuesday, while the Pound Sterling and the Euro closed at N480 and N418.5 respectively. At the Bureau De Change window, the naira closed at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N418.5 respectively. The naira, however, appreciated at the investors’ window, closing at N361.45, stronger than N361.68 traded on Tuesday, while it was sold at N305.90 at the Central Bank of Nigeria official window. Meanwhile, Mr Godwin Emefiele, CBN Governor, said that Nigeria performed very well among emerging markets in Africa. Emefiele in an inte...
CBN Holds Monetary Policy At 14%
News

CBN Holds Monetary Policy At 14%

The Monetary Policy Committee of the Central Bank of Nigeria agreed to leave the Monetary Policy Rate, MPR, unchanged at 14 per cent. The decision of the committee was announced Tuesday by the CBN Governor, Mr Godwin Emefiele, at the end of a two-day meeting held at the apex bank’s headquarters in Abuja. He explained that members of the committee present at the meeting agreed to maintain the current monetary policy stance. Asides the MPR, the committee also retained the Cash Reserves Ratio at 22.5 per cent. Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.
Naira To Remain Stable As Central Bank’s Interventions Cripple Speculators – Expert
News

Naira To Remain Stable As Central Bank’s Interventions Cripple Speculators – Expert

Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), said on Thursday that the nation’s currency would remain stable in the months to come as the CBN sustains its interventions. Gwadabe told the News Agency of Nigeria (NAN) in Lagos that the sustained injection of liquidity to the nation’s foreign exchange market had paralysed the activities of speculators. The ABCON chief said that recent trading of the Naira against the dollar has shown that the true value of the Naira hovers between N360 and N365 at the parallel market. The financial expert said that since the apex bank began aggressive intervention at the nation’s foreign exchange market, exchange rate spikes have disappeared into oblivion. According to him, since the apex bank righ...
CBN Pledges To Sustain Dollar Injection In FX Market
News

CBN Pledges To Sustain Dollar Injection In FX Market

Basking in the euphoria of the near rate convergence achieved in the foreign exchange (forex) market, indications emerged yesterday that the Central Bank of Nigeria (CBN) would sustain its dollar injection in the market this week. The sell side of the naira exchange rate against the dollar appreciated significantly by N12, to close at N363 to the dollar on the parallel market on Friday, as against the N375 to the dollar as was last Thursday. Also, the buy rate of the greenback closed at N369 to the dollar on Friday, stronger than the N382 to the dollar it was the previous day. To this end, a reliable source at the central bank revealed that the Bank was not resting on its oars and remained determined to ensure a convergence between the interbank and Bureau de Change (BDC) rates so...
23 Banks Got N28.7bn Inflows From Dubious MMM Transactions
News

23 Banks Got N28.7bn Inflows From Dubious MMM Transactions

No fewer than 23 Nigerian banks received inflows amounting to N28.7 billion executed in 460,000 transactions through the Mavrodi Mondial Moneybox (MMM) Ponzi scheme within six months, the 2016 annual report of the Nigeria Electronic Fraud Forum (NeFF) has revealed. The amount, which was moved between June and December 2016, is 61 per cent higher than the budget of the Federal Ministry of Education and almost six times over the budget of the Nigerian Defence Headquarters (DHQ) in the 2017 budget, the report erroneously stated. A quick fact-check by THISDAY of the 2017 budget, as passed by the National Assembly, showed that N139.3 billion was allocated to the Ministry of Defence for its capital spending programme for the year, while N330.54 billion was allocated for recurrent expenditu...
5 Banks Contribute N245.8bn To Cbn’s Real Sector Support Facility
News

5 Banks Contribute N245.8bn To Cbn’s Real Sector Support Facility

5 Banks Contribute N245.8bn To CBN’s Real Sector Support Facility In a move to towards increasing credit to priority sectors of the nation’s economy, Zenith Bank Plc, United Bank Plc and three other commercial banks invested N245.8 billion to Central Bank of Nigeria (CBN) Real Sector Support Facility (RSSF). The other three banks are Access Bank, Diamond Bank Plc and Stanbic IBTC Holdings Plc. The N300 billion RSSF introduced by CBN in January 2016 and was meant to unlock the potential of the real sector to engender output growth, value added productivity and job creation. Commercial banks were to contribute five per cent of total naira deposits and the Facility will be used to support large enterprises for startups and expansion financing needs of N500 million up to a maximum of N10 ...
Nigeria Among Top Global Investment Destinations For 2018
News

Nigeria Among Top Global Investment Destinations For 2018

Nigeria has been identified as one of the top five countries for growth acceleration for 2018. Other countries in the group include Kuwait, Oman, Kazakhstan and Tunisia. The Global Chief Economist at Renaissance Capital, Charles Robertson, who made this forecast in a report titled: “Africa 2017,” urged investors to take advantage of the opportunities in these countries. “These are some of the markets I think investors should be considering because of the growth acceleration story,” he explained. According to Robertson, Nigeria still has a very positive demography, pointing out that the country’s working age population has been growing at 15 per cent over the past five years. The global analysts observed: “Nigeria’s Ease of Doing Business is presently at 169th in the world. But ...
CBN Extends BVN To Microfinance Banks, Gives July 31 Deadline
News

CBN Extends BVN To Microfinance Banks, Gives July 31 Deadline

Heeding several calls by the Federal Government, Nigerians and experts in the financial institutions in the country, the Central Bank of Nigeria (CBN) has extended the Bank Verification Number (BVN) exercise to microfinance banks. This was disclosed in a circular dated April 21 with reference number OFI/DIR/CIR/GEN/17/139 and signed by the CBN Director in charge of Other Financial Institutions Supervision Department, Mrs Tokunbo Martins. The apex bank gave July 31, 2017 as deadline for this exercise, warning that any account not linked with the BVN would be “shall not be allowed to make withdrawals.” In the circular titled ‘Letter to all Other Financial Institution (OFIs): Bank Verification Number (BVN) enrolment for customers,’ the CBN explained that the move became necessary bec...
Suspended NIA DG, Oke, Admits Jonathan Ordered Release Of $289m
News

Suspended NIA DG, Oke, Admits Jonathan Ordered Release Of $289m

The suspended Director - General of the National Intelligence Agency , Amb . Ayodele Oke, has met with Vice- President Yemi Osinbajo, where he admitted that his agency received the sum of $ 289 , 202 , 382 on the orders of former President Goodluck Jonathan in February 2015 . President Muhammadu Buhari , on Wednesday , ordered the suspension of Oke over the role of the NIA in the ownership of $ 43 m ( about N13 bn) and other currencies uncovered in Osborne Towers , Ikoyi, Lagos. Buhari also ordered the suspension of the Secretary to the Government of the Federation , Mr . Babachir Lawal , in connection with his indictment for contract fraud by a Senate ad hoc committee on mounting humanitarian crisis in the North - East . A top government source , on Thursday , confided in one of ...
We’ll Push Dollar To N305—CBN Boasts
News

We’ll Push Dollar To N305—CBN Boasts

The Central Bank of Nigeria (CBN) has disclosed that it was determined to bring down the exchange rate of the Naira per Dollar to the official rate of about N305. This information was revealed on Wednesday, March 29, 2017, by the Acting Director of Corporate Communications Department of the CBN, Mr Isaac Okorafor. Mr Okorafor, while speaking on a radio programme on RayPower FM, Fact File, assured Nigerians that the present success of the Naira at the foreign exchange market would be sustained. On the programme, which was monitored by Business Post, the apex bank’s spokesman noted that the current development was mainly aimed to make the exchange rate on the major segments of the market stay at par. ‘We are bringing the rate down to the official CBN rate; N305 per Dollar, that i...
250,000 Kebbi Farmers To Become Millionaires
News

250,000 Kebbi Farmers To Become Millionaires

250,000 Kebbi Farmers To Become Millionaires Mr Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), has assured farmers in Kebbi that 250,000 millionaire farmers will be created in the state by the end of 2017. Emefiele gave the assurance when he visited the WACOT Rice Factory in Argungu on Thursday. “I was told by a permanent secretary that 88,000 millionaires had been created through rice and agricultural revolution. “I am assuring you that by the end of this year, 200,000 to 250,000 farmer millionaires will be created through the revolution,” he said. He also assured farmers in the state that government would buy off whatever quantity of rice they were able to produce. Emefiele commended the Emir of Argungu, Alhaji Sama’ila Mere, for providing land for the company an...
Cbn Retains Lending Rate At 14% As Faac Shares N429bn
News

Cbn Retains Lending Rate At 14% As Faac Shares N429bn

CBN RETAINS LENDING RATE AT 14% AS FAAC SHARES N429BN For the fifth time in nine months, the Central Bank of Nigeria (CBN) has maintained official interbank interest rate at 14 per cent, citing recent economic indicators are supporting variables behind the decision. Rising from its 2-day meeting yesterday, Monetary Policy Committee (MPC) of the apex bank also retained the CRR at 22.5 per cent and Liquidity Ratio at 30.00 per cent. The committee also retained the Asymmetric corridor at +200 and -500 basis points around the MPR. ‘‘The committee in consideration of the headwinds in the domestic economy and the uncertainties in the global environment, decided by 9 out of 10 members to retain the MPR at 14.0 per cent alongside all other policy parameters,’’ the CBN governor, Mr. Godwin Eme...
CBN To Pump Fresh $350m Into Forex Market Again
News

CBN To Pump Fresh $350m Into Forex Market Again

The Central Bank of Nigeria (CBN) will this weekend, again, pump more dollars into the foreign exchange market in continuation of its strategy to further strengthen the value of the Naira. A source in the apex bank, said that the CBN has planned the release of an additional $350 million bringing the total to $570 million in this week alone to further crash the value of the Dollar. Already this has generated panic among currency traders who are yet to recover from the losses some of them have suffered in the last two weeks owing to sharp and sudden appreciation of the Naira. Confirming the development, the Acting Director, Corporate communications, Isaac Okorafor, told our correspondent that, with improving reserve levels, the Bank was determined to continuously make forex available to a...
Reps Threaten To Arrest CBN Gov, AGF Over Oil Bloc Sale
News

Reps Threaten To Arrest CBN Gov, AGF Over Oil Bloc Sale

The House of Representatives has threatened to issue warrant of arrest on the Governor of Central Bank of Nigeria, Mr Godwin Emefiele, and the Accountant-General of the Federation, Mr Ahmed Idris, over oil licenses. According to the House, the threat is in respect of the sale of Oil Prospecting Licenses (OPLs) and Oil Mining Leases OMLs to some international oil companies (OICs). The Chairman of the House AdHoc Committee on OPLs/OMLs, Rep. Gideon Gwani (PDP-Kaduna), issued the threat while briefing newsmen on Friday in Abuja. He said the committee’s mandate was to carry out investigation of all the OPLs and OMLs granted by the Federal Government. Gwani further said that in the course of the investigation, the committee discovered that there were many anomalies in the process of...
CBN Insists Reducing Lending Rate Will Worsen Economy
News

CBN Insists Reducing Lending Rate Will Worsen Economy

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has re- tained lending rate at 14 per cent, saying a rate cut will worsen inflation. The 10 MPC members yesterday unanimously voted to retain the Monetary Policy Rate (MPR) at 14 per cent, maintain the Cash Reserve Ratio at 22.5 per cent and then keep the Liquidity Ratio at 30 per cent. Also, the Asymmetric corridor was retained at +200 and -500 basis points around MPR. Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, said reducing the lending rate would further worsen inflationary conditions and undermine the current outlook in foreign exchange market. Besides, he said that a downward cut in lending rate would aggravate demand pressures. Explaining why CBN would not bow to pressure on reductio...
Dino Melaye Seeks Sack of Udoma, Adeosun, Emefiele
News

Dino Melaye Seeks Sack of Udoma, Adeosun, Emefiele

Deeply worried by the poor state of the economy which has brought unprecedented hardship and hunger on the masses of the Nigerian people, a federal lawmaker, Senator Dino Melaye (APC Kogi West) has called on President Muhammadu Buhari to take urgent and drastic measures, including the immediate sack of three prominent members of his Economic Team as the solution-precedent to reboot the ailing economy. In a Statement in Abuja Sunday, Melaye said the President must shake up his Cabinet, and accused most of the members of gross incompetence, inexcusable ineptitude and a distressing lack of capacity to deliver on the mandate of their ministries/Agencies. Those to face the axe immediately if the economy must be effectively rebooted to deliver on the Change Agenda of the present administra...

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