cbn
The Central Bank of Nigeria has announced its decision to allocate $10,000 to each Bureau de Change operator at a rate of N1,251/$. In a circular issued by the bank’s Director of Trade and Exchange Department, Dr. Hassan Mahmud, and made available to journalists on Monday, the CBN clarified the terms of this allocation. According […]
The Senate Ad-hoc Committee, investigating the acquisition and expenditure of the N30 trillion Ways and Means loans from the Central Bank of Nigeria during the administration of former President Muhammadu Buhari, has disclosed the discovery of certain irregularities in the loan procurement process. As a result, the committee has announced its intention to summon the […]
The Central Bank of Nigeria (CBN) has lifted the restrictions on the importation of milk and dairy products. On February 11, 2020, the CBN had added milk and dairy products to the list of items not eligible for forex. However, in a notice to customers, Zenith Bank said the regulator had provided an update on eligible […]
The Central Bank of Nigeria has handed over N100bn worth of fertilisers to the Federal Ministry of Agriculture and Food Security to boost food production across the country. CBN Governor, Olayemi Cardoso, handed over the 2.15 million bags of fertilisers to the Minister of Agriculture and Food Security, Abubakar Kyari, at the headquarters of the […]
The Central Bank of Nigeria (CBN) and international airlines operating in the country are at odds over the remaining amount of unpaid ticket revenue trapped in Nigeria. While the CBN claims to have settled all verified claims, amounting to $136.73 million, the International Air Transport Association (IATA) insists approximately $700 million remains outstanding. On Tuesday, […]
The Nigerian naira has plunged to a record low of N1348.63 per dollar, marking a staggering 51.21% depreciation since last Friday and raising alarm bells across the nation. This historic low defies ongoing efforts by the Central Bank of Nigeria (CBN) and the federal government to stabilize the currency, leaving many wondering what lies ahead […]
Amidst revenue pressures facing the 2024 national budget, the Federal Government, has indicated that it would no longer allow Central Bank of Nigeria, CBN, to print money by Ways and Means to fund the budget deficit. Disclosing this in a chat with journalists in Lagos, the Minister of Budget and National Planning,, however, indicated that the […]
The Economic and Financial Crimes Commission, EFCC, on Thursday, filed an amended 20-count charge against the suspended governor of Central Bank of Nigeria, CBN, Godwin Emefiele in an FCT High Court. Earlier, EFCC dragged Emefiele to court on six counts. They bordered on alleged breach of procurement procedure in the award of the contract to […]
The Federal Government has again amended the charges against the former Central Bank of Nigeria Governor, Godwin Emefiele. The new charges include forgery, conferring of corrupt advantage, and criminal breach of trust among others. The government had initially filed 19 charges against the former CBN governor bordering on procurement fraud but later pruned it down […]
Commercial banks in Nigeria have initiated the process of recovering loans distributed under the COVID-19 relief program, which aimed to support households and Micro, Small and Medium Enterprises (MSMEs) impacted by the pandemic. While this process is underway, reports have emerged of some beneficiaries experiencing unexpected deductions from their accounts without prior notification from the […]
