News

Excess charges: Enugu House of Assembly slams banks, tasks CBN

Ihesiulo Grace 14 February 2018 0

Members of the the Enugu State House of Assembly, Tuesday, slammed commercial banks over what they called unwarranted charges being imposed on customers. This was sequel to a motion moved at plenary by the sponsor, Rt. Hon. Chinedu Nwamba representing Nsukka East Constituency, which was

Business

CBN canvasses abolishing offshore banks in Nigeria

Ihesiulo Grace 14 February 2018 0

*Seeks more powers to revoke licences *Concurs with Reps on stiffer penalties for banks The Central Bank of Nigeria (CBN) is seeking the abolition of offshore banks operating in the country without been licensed locally, saying that such facilities serve as conduits for money laundering. CBN Governor, Godwin Emefiele made the request on Tuesday, at […]

Business

Banks must sell forex at N360/$1- CBN

Ihesiulo Grace 14 February 2018 0

.. Stop commission, fees charges on forex sale The Central Bank of Nigeria (CBN) in a new circular has directed all Deposit Money Banks (DMBs) operating in the country to comply with the agreement of the Bankers Committee to begin sale of foreign exchange for invisibles at N360 per dollar, as well halt collection of […]

News Top Stories

Reps probes $5bn under remittance by CBN, sugar import waiver abuse

Ihesiulo Grace 12 February 2018 0

The House of Representatives ad hoc committee constituted to investigate the Central Bank of Nigeria (CBN) for alleged under remittance of over $5billion into the federation account began its work at the weekend. The ad hoc committee, headed by the Chairman House Committee on Customs, Hon James Faleke, has fashioned out a work plan on […]

Business

CBN intervenes in Retail SMIS with $325.64m

Ihesiulo Grace 10 February 2018 0

The Central Bank of Nigeria (CBN) has again intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $325.64 million. Figures obtained from the Bank on Friday, indicated that the amount released was for requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors. The figures were confirmed by […]

Business Money

Forex: Banks ordered to halt commission charges, harmonise FX rate at N360/$1

Ihesiulo Grace 7 February 2018 0

The Bankers committee of the Central Bank of Nigeria (CBN) has directed commercial banks operating in the country to stop commission charges from Nigerians on sales of Personal Travel Allowance (PTA), Basic travel Allowance (BTA), among others, as foreign exchange rate now hamonised at N360 to the US Dollar. The bankers committee, which includes all […]

Business

CBN injects $210m into Forex Market to strengthen the naira

Ihesiulo Grace 6 February 2018 0

In its desire to ensure the availability of forex and also meet customers’ requests in THE various segments of the market, the Central Bank of Nigeria (CBN), has injected another sum of $210million into the inter-bank Foreign Exchange Market. Figures obtained from the apex bank on Monday, indicate that the CBN offered $100m to authorized […]

News Top Stories

Anxiety as Senate delays confirmation of 60 nominees over Magu

Ihesiulo Grace 5 February 2018 0

.Nominees for CBN, ICPC, PenCom, ICPC, NDDC, others affected .We’re acting within the purview of our powers -Senate .Presidency keeps mum, as Joe-Odumakin wants Senate to confirm Magu Controversy is now trailing the stance of the Senate to put further confirmation of about 60 nominees from President Muhammadu Buhari on hold, pending action of the […]

Business

CBN May Not Cut Rates To Keep Foreign Investors-Ebo

Ihesiulo Grace 27 January 2018 0

In spite of expressed optimism by the governor of the Central Bank of Nigeria (CBN) that the bank will begin a gradual cut in monetary policy rates by the end of the second half of the year, the Chief Executive of Afrinvest Securities Limited, Ayodeji Ebo says a rate cut will be unlikely due to […]

Top Stories

Central bank of Nigeria hints of possible rate cut in H2 2018 on easing inflation

Ihesiulo Grace 24 January 2018 0

Godwin Emefiele, Nigeria’s central bank governor indicated Wednesday, January 24, 2018 that there could be an interest rate cut before July this year as inflation rate continues its decline. “I want to think that between the end of the first and second quarter, we should begin to see easing,” Emefiele said, adding that once inflation […]

News Top Stories

CBN disowns Emefiele Twitter Handles

Ihesiulo Grace 11 January 2018 0

The Central Bank of Nigeria (CBN) has disowned a purported Twitter handles linked to the CBN Governor, Mr. Godwin Emefiele, describing them as fake. The CBN pointed out that the Twitter handles bearing the name and photograph of Emefiele were fake and targeted at misleading unsuspecting members of the public. The Acting Head, Corporate Communications, […]

Business

How BDC operators dump CBN’s window for parallel market

Ihesiulo Grace 10 January 2018 0

New facts have emerged on how the Bureaux De Change Operators in Nigeria are currently shunning the Central Bank of Nigeria’s (CBN’s) Foreign exchange (forex) market for a more profitable parallel market rate, findings by The Daily Times have revealed. Before now, Association of Bureaux De Change Operators of Nigeria (ABCON) has several times, called […]

Business

Nigeria’s economic expansion persist rapidly in December — CBN

Ihesiulo Grace 4 January 2018 0

The Central Bank of Nigeria, CBN yesterday released its Purchasing Managers Index (PMI) survey for December which indicated continuous rapid expansion of economic activities during the month. The report showed that the Manufacturing PMI and Non-Manufacturing PMI rose to the highest level in more than three years. While the Manufacturing PMI rose to 59.3 percent […]

News Top Stories

External reserves gain $12.9bn in 1 year despite FX intervention

Ihesiulo Grace 1 January 2018 0

…Nigeria’s reserves rise to $38.73bn …Inflow from Diaspora remittances contributes to forex reserves As 2017 winds down giving way to 2018, Nigeria’s external reserves have recorded total gain of nearly 50 per cent or $12.9 billion in one year, despite continuous interventions by the Central Bank of Nigeria (CBN) in recent times to support the […]

News Nigeria

CBN, RIFAN collaborate to crash price of rice

Ihesiulo Grace 28 December 2017 0

The National President, Rice Farmers Association of Nigeria (RIFAN), Alhaji Aminu Goronyo, has assured Nigerians that the market prices of locally produced rice will soon crash. Goronyo who made this known Wednesday in Abuja, also said that the price of a 50kg bag of locally produced rice would plummet from N18, 000 to between N6,500 […]

News

CBN refutes allegation of $5bn diversion, says it’s not possible

Ihesiulo Grace 22 December 2017 0

The Central Bank of Nigeria (CBN) has denied allegations by the House of Representatives that it did nit remit over $5 billion into the Federation Account describing the issue as “feign imagination.” The House had on Wednesday accused the CBN of non-remittance of over $5 billion into the federation account and has resolved to set […]

Politics Top Stories

Reps accuse CBN of not remitting $5bn into federation account

Ihesiulo Grace 21 December 2017 0

*Set up ad hoc c’ttee to probe infraction The House of Representatives on Wednesday accused the Central Bank of Nigeria of non-remittance of over $5 billion into the federation account and has resolved to set up an ad hoc committee to investigate the alleged infraction by the apex bank. The ad hoc committee is expected […]

Technology

9mobile Sale: No room financially, technically deficient coys – NCC

Ihesiulo Grace 19 December 2017 0

The NCC has insisted that there is no going back on the handover of 9Mobile to the preferred bidder, adding that technically and financially unstable company stand no chance. This was made known by the Executive Vice Chairman of NCC at the 82nd edition of Telecoms Consumers Parliament in Abuja recently. Dambatta confirms that five […]

Business News

Heritage Bank receives CBN’s ‘Sustainable Banking Award’ in agric

Ihesiulo Grace 19 December 2017 0

Heritage Bank Plc, Nigeria’s Most Innovative Banking Service Provider has been bestowed with the inaugural Nigeria Sustainable Banking Award convened by the Central Bank of Nigeria (CBN) “For Sustainable Transaction of The Year in Agriculture.” The award, which was in recognition of its outstanding success and leadership in Nigeria’s sustainable development in 2017 was

Agriculture Nigeria

Edo govt, CBN devote N500m to de-risk agric investments

Ihesiulo Grace 14 December 2017 0

The Edo State Government in collaboration with the Central Bank of Nigeria, CBN, has initiated a N500 million Commercial Agricultural Credit Scheme, CACS, to de-risk investments in agriculture in the state. This was disclosed in a statement on Friday by the Special Adviser on Media to the Governor of Edo State, Crusoe Osagie. The statement […]