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Depositor seeks liquidation of Aso Savings over alleged N74.4m debt

Ihesiulo Grace 29 September 2019 0

A depositor, Mr. Danjuma Ejiga has asked the Central Bank of Nigeria (CBN) to revoke the licences of Union Homes Savings and Loans Plc and Aso Savings and Loans Plc over their refusal to pay his outstanding credit balance of N74.4 million on demand. The petitioner equally asked the CBN to take

Business

CBN boosts official FX market with $321.11m, CNY33.3m

Ihesiulo Grace 9 September 2019 0

The Central Bank of Nigeria (CBN) on Friday said it made another intervention in the Retail Secondary Market Intervention Sales (SMIS) with the injection of about $321 million. The CBN spokesperson, Isaac Okorafor, said the figures obtained at the end of business on Friday showed another CNY33.3 million was offered on the spot and short-tenured […]

Business

CBN wants ABCON to play stronger role in BDC’s sector

Ihesiulo Grace 9 September 2019 0

The Central Bank of Nigeria (CBN) has advised the Association of Bureaux De Change Operators of Nigeria (ABCON) to play a stronger role in the bureaux de change industry by embracing effective self-regulation. Speaking during the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) Mutual Evaluation Exercise Sensitisation workshop for South West

Business

Firstbank enhances financial inclusion with 31,000 agent network

Ihesiulo Grace 5 September 2019 0

Temitope Adebayo In its quest to support the Central Bank of Nigeria (CBN) deepen financial inclusion across the country; FirstBank is channelling its resources to reach those at the bottom of the pyramid through its agency banking. The tier-one bank has over 31,000 agents spread across Nigeria with 9,000 assigned to provide financial services to […]

Business

Bank customers can return mutilated notes after today- CBN

Ihesiulo Grace 2 September 2019 0

Philip Clement The Central Bank of Nigeria (CBN) says the general public should continue to return mutilated banknotes to their banks after the September 2 deadline, which does not apply to customers. CBN’s Director of Corporate Communications, Isaac Okoroafor, made this known over the weekend, explaining that it is not true that the banks would […]

Business

Buhari to inaugurate CBN’s centre of excellence at ABU Zaria today

Ihesiulo Grace 22 August 2019 0

Philip Clement President Muhammadu Buhari, as part of his visit to Kaduna State, will on Thursday, inaugurate the Post-Graduate Centre of Excellence built by the Central Bank of Nigeria (CBN) at the Ahmadu Bello University (ABU), Zaria. The CBN said the ABU Zaria project comes seven months after a similar centre was birthed in the […]

Business

CBN reviews NCS, NICPAS to increase efficiency of Nigerian clearing system

Ihesiulo Grace 9 August 2019 0

Motolani Oseni As part of commitments to increase the efficiency and security of the Nigerian Clearing System, the Central Bank of Nigeria (CBN) has reviewed the Nigerian Cheque Standards (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS). The Apex Bank made this disclosure on Thursday in several twits on its official Twitter handle @cenbank. The […]

Business

Forex: List companies benefitting or face legal action, TUC tells CBN

Ihesiulo Grace 29 July 2019 0

Joy Obakeye The Trade Union Congress of Nigeria (TUC) has asked the Central Bank of Nigeria (CBN) to make public the list of companies applying for foreign exchange or face legal action. The TUC in a statement said that most of the beneficiaries on the CBN’s list are moribund companies who benefit through what it […]

Business

CBN confirms licencing two commercial banks, one non-interest bank

Ihesiulo Grace 24 July 2019 0

Motolani Oseni The Central Bank of Nigeria (CBN) has confirmed licencing two new commercial banks and one non-interest bank. The apex, in a list of Deposit Money Banks (DMBs) and financial holding companies operating in the country as at July 19, 2019, posted on its website on Tuesday showed that CBN had issued a commercial […]

Business

Emefiele identifies funding, electricity supply, others as challenges to

Ihesiulo Grace 23 May 2019

Motolani Oseni The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has identified access to finance and a conducive environment with constant electricity supply for uninterrupted production, as part of the biggest challenges faced by Micro, Small and Medium Scale Enterprises (MSMEs) in the country. The CBN Governor, however, assured entrepreneurs set

Business

CBN lays out rescue plan to end oil palm importation

Ihesiulo Grace 19 March 2019

…Bemoans loss of $10bn Forex earnings from Oil Palm value chain Mathew Dadiya- Abuja The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, on Monday, laid out another rescue plan for oil palm production, and ended the importation of the product into the country. This is even as the CBN Governor lamented the loss […]

Business

Non-oil revenue collection below proportion Budget figure of N467bn- Analysts

Ihesiulo Grace 8 March 2019 0

A group of analysts at FBNQuest have said Federal government non-oil revenue collection stood below proportion budget figure of N467 billion for 2018 budget. The Lagos based research firm noted that the Central Bank of Nigeria (CBN)’s latest monthly report for November noted that the federally-collected revenue still runs well behind budget. According to FBNQuest […]

Business

Airtel to set up payment service bank

Ihesiulo Grace 8 March 2019 0

The telecommunications service provider, Airtel, has confirmed plans to set up a Payment Service Bank in order to promote financial inclusion in the country. The telco, in a statement issued recently in Lagos, said that it would apply for the PSB licence through a subsidiary as directed in the Central Bank of Nigeria’s guidelines, adding […]

Business

MTN Group expects 90% profits hike for 2018 financial year

Ihesiulo Grace 5 March 2019 0

A telecommunications company, MTN Group expects to increase profits by as much as 90 per cent in 2018, as the company continues to recover from regulatory challenges in Nigeria. The South African-based company announced it will surpass analyst projection which was curated based on MTN’s dispute with some African regulators. According to a report, Analysts […]

Business

T-bills, instrument worth N464bn mature today

Ihesiulo Grace 27 February 2019 0

The Central Bank of Nigeria is expected to conduct a Primary Market Auction on Wednesday where a total sum of N115.1bn across the 91-day (N23.4bn), 182-day (N38.8bn) and 364-day (N59.9bn) tenors is expected to be rolled over. The 91-day tenor has an offer amount of N24.37bn and is expected to have a stop rate range […]

Business

NAMA boss charges airline operators to embrace cashless policy

Ihesiulo Grace 12 February 2019 0

Chukwuemeke Iwelunmo The managing director of the Nigerian Airspace Management Agency (NAMA) Capt Fola Akinkuotu, says there is no going back on the cashless policy of the Federal Government in a bid to ensure total compliance to the presidential directive on the implementation of Treasury Single Account (TSA). Speaking at a sensitization forum with agents […]

Business

ABCON Portal goes live, integrate BDCs, CBN, others

Ihesiulo Grace 6 February 2019 0

Motolani Oseni As part of effort to improve the level of compliance of the Bureaux De Change (BDCs) operations in the country with set of regulations, the Association of Bureaux De Change Operators of Nigeria (ABCON) on Tuesday launched its Live Run Automation Portal, which would automate all BDCs Operations with those of Nigeria Inter-bank […]

Business

CBN boosts Forex market with fresh $210m FX injection

Ihesiulo Grace 28 November 2018 0

The Central Bank of Nigeria (CBN) on Tuesday, November 27, 2018, intervened in the wholesale segment of the foreign exchange market, offering the sum of $100 million to dealers in that window. In the latest round of intervention, which was made public on Tuesday, the CBN also made interventions of $55 million each in the […]

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2019 polls: CBN reads riot act to banks over money laundering

Ihesiulo Grace 23 November 2018 0

…Says heavy penalty awaits any erring banks …MPC holds interest rate at 14%, CRR at 22.5%, Liquidity at 30% The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) in the country to be extremely careful not to violate the money laundering Act, stressing that any bank which breaches the act “will be […]

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CBN lifts Forex market with fresh injection of $210m

Ihesiulo Grace 14 November 2018 0

The Central Bank of Nigeria (CBN) in its latest round of intervention, has injected the sum of $210 million in the inter-bank foreign exchange market. Figures obtained from the CBN on Tuesday indicated that the authorized dealers in the wholesale segment of the market received the sum of $100 million while the Small and Medium […]