Business

FG must turn attention to investing in agriculture–Emefiele

Ihesiulo Grace 10 March 2020 0

The Central Bank of Nigeria (CBN), says harsh effect of coronavirus is gradually taking a toll on the economy especially the declining global oil. He, therefore, called for urgent investment in agriculture to boost the agricultural sector. READ ALSO: PDP ratifies Ebonyi ward, LG congresses The

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Former CBN Deputy Governor tasks elites on youth mentoring

Ihesiulo Grace 7 March 2020 0

Dr Obadiah Mailafiya, a former Deputy Governor of the Central Bank of Nigeria (CBN), has called on the elites in the country to mentor young people to become better and responsible citizens. Mailafiya made the call on Saturday at the 2020 Khituk Gwong Cultural Festival in Jema’a Local Government Area of Kaduna State. READ ALSO: […]

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Total direct remittances hit $19.2bn in 2019 – CBN

Ihesiulo Grace 2 March 2020 0

…Dangote Refinery will generate minimum of $750m – Emefiele …We’ll save $2.5bn forex in Urea, Polyethylene – Dangote The Central Bank of Nigeria (CBN) has revealed that Nigeria received $19.2 billion in total direct diaspora remittances between January and December of 2019. This was even as the CBN Governor, Godwin Emefiele, when he visited the […]

Business

Banks no longer allowed to sack staff without approval- CBN

Ihesiulo Grace 24 February 2020 0

The Central Bank of Nigeria (CBN) has said banks are no longer allowed to sack more than five staff without its approval. This was part of the communiqué released by the Bankers Committee after its meeting on Friday. The committee, in a circular signed by Director, Financial Markets Department, CBN, Angela Sere-Ejembi, emphasized that all […]

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Complaints: CBN recovers over N82m for commercial banks customers in Katsina

Ihesiulo Grace 23 February 2020 0

The katsina state branch of the Central Bank of Nigeria (CBN), says it facilitated the refund of N82.04 million to customers of commercial banks in the state in 2019, arising from 57 complaints received by the apex bank. Alhaji Dahiru Usman, Controller in charge of CBN Katsina branch, disclosed this to the News Agency of […]

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Forex: CBN injects $292.34million into retail Secondary Market

Ihesiulo Grace 22 February 2020 0

Abuja – The Central Bank of Nigeria (CBN) has injected the sum of 292.34million dollars into the retail Secondary Market Intervention Sales (SMIS). CBN Director, Corporate Communications, Mr Isaac Okorafor made this known in a statement in Abuja on Friday. Okorafor said that the Bank also intervened with the sum of CNY 22.8million in the […]

Business

CBN to end diary products importation through partnership with FCDA, states

Ihesiulo Grace 18 February 2020 0

The Central Bank of Nigeria (CBN) on Monday moved to end the importation of milk and other dairy products in the country, through partnership with the Federal Capital Development Administration (FCDA) and the various state governments. The apex bank explained that the partnerships were in the areas of land allocation and guarantee of credits to […]

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Delta RIFAN nominates 6, 500 farmers for dry season farming

Ihesiulo Grace 17 February 2020 0

The Delta state chapter of the Rice Farmers Association of Nigeria (RIFAN) says it has nominated 6, 500 farmers for this year’s dry season farming being sponsored by the Central Bank of Nigeria (CBN). State Chairman of RIFAN, Silver Ejezie, who said this in Asaba on Monday, revealed that the nominees would be screened by […]

Business

CBN may devalue the naira in 2020- Analysts

Ihesiulo Grace 14 February 2020 0

. The devaluation of a currency can be a divisive strategy, but some market analysts anticipate that the Central Bank of Nigeria (CBN) will be left with no choice but to intentionally weaken the naira in 2020. Concerns over the rising US dollar and threats to Nigerian exports have prompted these calls for devaluation in […]

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Reps to investigate utilisation of basic healthcare fund

Ihesiulo Grace 13 February 2020 0

The House of Representatives has directed the Committee on Healthcare Services to investigate the utilisation of the Basic Health Care Provision Fund (BHCPF). This directive by the House followed the unanimous adoption of a motion moved by Rep. Shina Peller (APC/Oyo) during Thursday’s plenary presided over by the House of Representatives Speaker, Femi Gbajabiamila.

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CBN says receiving money transfers in foreign currency detrimental

Ihesiulo Grace 13 February 2020 0

Abuja – The Central Bank of Nigeria (CBN) says receiving international money transfers in foreign currencies by Nigerians is detrimental to the Naira. Ms Ozemena Nnaji, Director, Trade and Exchange in the apex bank, told the House of Representatives Committees on Diaspora, Banking and Currency, and National Planning at an investigative hearing on Thursday in […]

Business

CBN injects $210m into Forex Market

Ihesiulo Grace 12 February 2020 0

ABUJA – The Central Bank of Nigeria (CBN) has injected the sum of 210 million dollars into the inter-bank Foreign Exchange Market to boost liquidity in the sector. The bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor made this known in a statement in Abuja on Tuesday. Okorafor explained that authorised dealers in the wholesale […]

Business

CBN approves 6 coys access to FX for milk, dairy products importation

Ihesiulo Grace 11 February 2020 0

The Central Bank of Nigeria (CBN) has approved six dairy companies access to foreign exchange (FX) needed for the importation of milk and dairy products into the country. The apex bank listed the companies as FrieslandCampina WAMCO Nigeria, Chi Limited, TG Arla Dairy Products Limited, Promasidor Nigeria Limited, Nestle Nigeria Plc (MSK only) and Integrated […]

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CBN approves 6 coys for dairy products importation

Ihesiulo Grace 11 February 2020 0

Abuja – The Central Bank of Nigeria (CBN), has approved six dairy companies operating in the country for the importation of milk products and its derivatives. The CBN made this known in a circular issued by the Director, Trade and Exchange Department, Dr. Ozoemena Nnaji in Abuja on Tuesday. The bank listed the companies as […]

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Forex: CBN injects $218.41m, CNY 18m into retail secondary market

Ihesiulo Grace 8 February 2020 0

Abuja – The Central Bank of Nigeria (CBN) has injected the sum of 218.41 million dollars into the retail Secondary Market Intervention Sales (SMIS). The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja on Friday. Okorafor said 18 million Yuan  was also injected in the spot and […]

Agriculture Featured

Nigeria to stop fish importation by 2022 – FG

Ihesiulo Grace 5 February 2020 0

Abuja – The Minister of Agriculture and Rural Development, Sabo Nanono, says following Federal Government’s effort to encourage local production, Nigeria may stop fish importation in 2022. The minister made this known while receiving a delegation from the National Fish Association of Nigeria (NFAN) led by its National President, Dr Gabriel Ogunsanya in Abuja on […]

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Banks exposure to private sector hits N2trn in 8 months – Emefiele

Ihesiulo Grace 27 January 2020 0

The Central Bank of Nigeria (CBN) governor, Mr Godwin Emefiele has said commercial banks exposure to the private sector increased by N2 trillion between May and December of 2019. The apex bank last year had mandated commercial banks to maintain 65 per cent Loan-to-Deposit Ratio (LDR). Following the CBN policy on LDR, leading commercial banks […]

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Breaking: CBN keeps banks’ LDR at 65%

Ihesiulo Grace 8 January 2020 0

The Central Bank of Nigeria, CBN, Wednesday, chose to keep the 65 per cent Loan Deposit Ratio, LDR, for commercial banks in Nigeria. The LDR at 65 per cent was retained because of the growth and improvement in credit the CBN said. Knowledge Gap, Cultural Barriers Limiting Farmers in Northern Nigeria – Babban Gona The […]

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2020: Economist tasks CBN on credit expansion policies for private sector

Ihesiulo Grace 3 January 2020 0

Lagos – An economist, Prof. Sheriffdeen Tella on Friday urged the Central Bank of Nigeria (CBN) to pursue policies geared toward credit expansion for private sector in 2020. Tella, Professor of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun said this in an interview in Lagos. He urged the CBN to put in place policies that would […]

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CBN reviews bank guidelines, slashes charges

Ihesiulo Grace 22 December 2019 0

Abuja – The Central Bank of Nigeria (CBN), has reviewed downward charges and fees for banking services. This is contained in the new guidelines for banks, other financial, and non-bank financial institutions released by the apex bank on Sunday in Abuja. According to Mr Isaac Okorafor, the bank’s Director,  Corporate Communications Department, the guidelines will