Business Economy

Naira4Dollar: MAN, LCCI laud CBN’s move to address forex squeeze

Ihesiulo Grace 9 March 2021 0

Industrialists and manufacturers on Monday said the Naira 4 Dollar Scheme, an initiative by the Central Bank of Nigeria to encourage diaspora remittances would help stabilize the forex situation of the country. They made the assertion in separate interviews with the News Agency of Nigeria (NAN)

Business

Why central banks are under pressure over digital money

Ihesiulo Grace 24 February 2021 0

Motolani Oseni Following the sudden rise in value and acceptability of Cryptocurrencies and the search by investors for alternative places to put their money, 60 percent of Central Banks across the globe are under pressure to issue sovereign digital currency. An Economist and Chief Executive Officer, Global Analytics Tope Fasua, who disclosed this on Tuesday […]

Top Stories

‘Why CBN discourages dealings in cryptocurrency in Nigeria’

Ihesiulo Grace 24 February 2021 0

By Tunde Opalana Regulators of the nation’s financial sector on Tuesday unanimously kicked against trading in bitcoin and other forms of cryptocurrency. Led by the Central Bank of Nigeria (CBN) governor, Dr. Godwin Story on page 4 Story on page 3 Lagos State government and the leadership of Nigerian Ports Authority (NPA) have recorded progress […]

News

FG to convert N10tn CBN financing to 30-year debt

Ihesiulo Grace 18 February 2021 0

The federal government has set the terms for the conversion of its stock of Central Bank of Nigeria (CBN) overdrafts into long-term notes in a bid to create transparency around its dependence on that source of funding. Bloomberg quoted the Director-General of the Debt Management Office (DMO), Ms. Patience Oniha, to have disclosed in an […]

News

Fear grips operators as CBN, NDIC begin liquidation of 42 MfBs

Ihesiulo Grace 22 December 2020 0

Fear has gripped operators of Microfinance Banks (MfBs) in the country, as the Nigeria Deposit Insurance Corporation (NDIC) says it will verify the claims of stakeholders of the 42 MfBs whose licenses were revoked in the latest efforts of the Central Bank of Nigeria (CBN) to delist insolvent operators from the industry. The verification exercise […]

News

CBN pegs exchange rate at N390 per dollar

Ihesiulo Grace 30 November 2020 0

By Philip Clement In a move to stabilize the exchange rate, the Central Bank of Nigeria (CBN) has directed Bureau De Change (BDC) Operators to sell currency at N390 to a dollar. This is N4 higher than the N386 per dollar which the apex bank had sold dollars to the BDC operators in recent time. […]

Money

CBN cuts benchmark interest rate to 11.5%

Ihesiulo Grace 23 September 2020 0

By Philip Clement The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has reduced Monetary Policy Rates (MPR) by 100 basis points from 12.5 per cent to 11.5 per cent. CBN governor, Godwin Emiefele made this known while addressing the media on the outcome of the two-day meeting of the Committee in Abuja. […]

News

CBN reduces MPR to 11.5% from 12.5%

Ihesiulo Grace 22 September 2020 0

By Philip Clement, Abuja The Monetary Policy Committee of the Cemtral Bank has reduced Monetary Policy Rates (MPR) by 100 basis points from  12.5% to 11.5% . READ ALSO: CBN probes 71 companies for suspected forex deals CBN governor, Godwin Emiefele made this known while addressing the media on the outcome of the two day […]

News

Edo 2020: Sensitive materials arrive CBN in Benin

Ihesiulo Grace 16 September 2020 0

Sensitive materials for the conduct of Saturday’s governorship election in Edo arrived the Central Bank of Nigeria (CBN), office in Benin on Wednesday. READ ALSO: Edo 2020: Ganduje seeks Arewa community for Ize-Iyamu Mr Timidi Wariowei, the INEC Head of Voter Education and Publicity in Edo, confirmed the arrival of the materials to newsmen. “The […]

News

Our interventions geared towards saving economy, CBN replies NESG

Ihesiulo Grace 9 September 2020 0

By Philip Clement The Central Bank of Nigeria (CBN) says it’s interventions was geared towards ensuring that the Nigerian economy is kept afloat amidst the coronavirus pandemic which has slowed every sector of the global and local economy. READ ALSO: ‘How Naira strengthens against dollar amid CBN interventions’ The apex bank in a statement issued […]

News

Naira loses against dollar at the parallel market

Ihesiulo Grace 8 September 2020 0

Barely 24 hours the Central Bank of Nigeria (CBN) resumed dollar sales at the Bureau De Change (BDC) sector, the Naira have reversed the gain made against the dollar. READ ALSO: ‘How Naira strengthens against dollar amid CBN interventions’ The Naira traded at N441 to the dollar on Tuesday, losing N6 from N435 recorded on […]

Money

CBN freezes accounts of lotto firms, others over alleged forex infractions

Ihesiulo Grace 8 September 2020 0

By Motolani Oseni The Central Bank of Nigeria (CBN) has directed commercial banks to enforce a Post-No-Debit (PND) on all bank accounts of Premier Lotto, and 37other companies over forex infractions. A Post no debit order is a situation where all transactions are banned on an account, preventing money from going out of the bank […]

Business

CBN calls for forex sales resumption to strengthen the exchange rate

Ihesiulo Grace 7 September 2020 0

The resumption of forex sales to the Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN) on Monday will strengthen the exchange rate of the naira to the dollar according to the operators. In a circular, the CBN had announced plans to resume sale of foreign exchange to BDCs today as part […]

Money

SSAEAC says CBN remittance policy can pull down power sector market

Ihesiulo Grace 2 September 2020 0

Joy Obakeye The Senior Staff Association of Electricity and Allied Companies (SSAEAC) has called on the Minister of Power, Sale Mamman, to intervene in the the recent minimum remittance orders issued to Discos. This was disclosed in a statement by the Deputy General Secretary of SSAEAC, Comrade Nnamdi Ajibo, said,”the recent Minimum Remittance Orders issued […]

News

CBN not in position to issue policy on DisCos remittances, says Ajaero

Ihesiulo Grace 2 September 2020 0

Joy Obakeye The National Union of Electricity Employees, (NUEE), has kicked against the recent policy by the Central Bank of Nigeria (CBN) authorising banks to run the collection accounts of electricity distribution companies (DisCos) in Nigeria, stating that such move is counter-productive. According to the General Secretary of NUEE, Comrade Joe Ajaero, in astatement in

Business

Savings interest rate now 10% per annum — CBN

Ihesiulo Grace 1 September 2020 0

The Central Bank of Nigeria (CBN) has directed deposit money banks to review the interest payable on savings deposits downward to a minimum of 10 percent per annum of the Monetary Policy Rate (MPR) as against the 30 percent previously in force with effect from 1st September. Put differently, the new rate is 1.25 per […]

Business

LCCI urges CBN to review third party procurement policy

Ihesiulo Grace 31 August 2020 0

The Lagos Chamber of Commerce and Industry (LCCI) has called on Central Bank of Nigeria (CBN) to revisit its new policy on import payments to save Nigeria’s already ailing and struggling economy from complete collapse. A statement released on Sunday by LCCI’s Director-General, Dr. Muda Yusuf, said that while the LCCI appreciated CBN’s attempts to

Business News

CBN directs banks to take over electricity payments collections

Ihesiulo Grace 26 August 2020 0

By Philip Clement The Central Bank of Nigeria (CBN) has directed Deposit Money Banks to take over the collection of electricity bill payments in the country, Daily Times gathered. The apex bank in a circular signed by Hassan Bello, director of banking supervision, said the decision aligns with a directive of the Power Sector Coordination […]

Business

₦50.32m bad loans recovered within 9 days – CBN

Ihesiulo Grace 19 August 2020 0

The Director of Financial Policy and Regulation at the Central Bank of Nigeria (CBN), Mr Kevin Amugo, says Nigerian banks recovered about ₦50.32 million bad loans from debtors within nine days after the country commenced operations of the Global Standing Instruction (GSI). As gathered by Daily Times, Amugo disclosed on Tuesday at a webinar organised […]

Business News

CBN’s exchange rates unification alarms economists, manufacturers

Ihesiulo Grace 12 August 2020 0

By Motolani Oseni, Joy Obakeye and Philip Clement Economists, manufacturers and stakeholders in the financial sector have raised concerns over the likely economic implications of the adjustment of the exchange rate by the Central Bank of Nigeria (CBN). The CBN’s foreign exchange rate was adjusted from the pegged ₦361 to the dollar rate to ₦380, […]