Tag: CBN governor Emefiele

Emefiele explains why foreign reserves dried up

Aminu Imam

…Says forex earnings into it dipped from $3bn to zero  The official foreign exchange receipt from crude oil sales into Nigeria’s official reserves has dried up steadily from above US$3.0 billion monthly in 2014 to an absolute zero dollars today, governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, has revealed. He disclosed this at the 57th annual Bankers Dinner, organised by the Chartered Institute of Bankers of Nigeria, CIBN, in Lagos at the weekend. He noted that the Nigerian foreign exchange market is in the middle of a…

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Naira Redesign: “Nigerians will fill uncountable forms to withdraw large amounts” – Emefiele 

Aminu Imam

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has said the apex bank will henceforth take cashless policy seriously, noting that people will fill countless forms and provide their data before they can withdraw large amounts. Emefiele also said the redesign of the N200, N500 and N1, 000 notes was not targeted at any individual or group of people in the country. He stated these on Wednesday while fielding questions from State House reporters after the launch of the redesigned naira notes by President Muhammadu Buhari at the Council…

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Naira redesign: ‘CBN Governor has my backing’ — Buhari 

Aminu Imam

President Muhammadu Buhari has thrown his weight behind the decision of the Central Bank of Nigeria (CBN), to redesign and re-issue new Naira notes. Recall that the CBN Governor, Godwin Emefiele, had on Wednesday, said that the apex bank would redesign the N200, N500 and N1000 notes. He had said the action was taken in order to take control of the currency in circulation, as well as security concerns. Recall further that the Minister of Finance, Budget and National Planning, Zainab Ahmed, had last week told the Senate Committee on…

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Middle-Belt Youth group pass ‘vote of confidence’ on Emefiele on planned Naira redesign

Aminu Imam

A group, the Middle-Belt Youth Vanguard, has passed a vote of confidence on the Central Bank (CBN) Governor, Mr. Godwin Emefiele, following the announcement by the Governor that plans have been finalized and approval obtained from the President to redesign the higher denominations of the Naira. Leading other members of the body in a National Congress, the leader of the group Godwin Meliga told newsmen that “the vote of confidence was unanimous as members were excited by the prospects and benefits of the policy to the economy”. Meliga further highlighted the points…

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Inflation: CBN raises benchmark interest rate to 15.5%%, highest in 20 yrs

Aminu Imam

The policy-setting committee of the Central Bank of Nigeria (CBN), the Monetary Policy Committee has raised its Monetary Policy Rate, (MPR), also known as interest rate, from 14 percent to 15.5 percent, to tame rising inflation. The CBN Governor, Godwin Emefiele, made the announcement yesterday, during a media briefing at the apex bank’s headquarters in Abuja, after the Committee’s meeting. He said 10 members of the committee voted for the rate hike. The monetary policy rate is the baseline interest rate in an economy, whereby every other interest rate used…

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“CBN’s policies have turned Nigeria from rice-importing to rice-exporting country” – Emefiele

Aminu Imam

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the apex bank under his watch has now become an exporter of rice following the impacts of its several policies, particularly its Anchor Borrowers Programme, (ABP), adding that it was working to boost the industrial capacity of the country. Emefiele, who disclosed this while speaking at a seminar for Finance Correspondents and Business Editors, with the theme: “Policy Options for Economic Diversification: Thinking Outside the Crude Oil Box”, yesterday, noted that the CBN has taken major leaps…

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Arewa youths hail Emefiele for helping Buhari deliver on economic agenda

Aminu Imam

A group operating under the aegis of the Arewa Consultative Youths Movement (ACYM) has hailed the Governor of the Central Bank of Nigeria, (CBN), Dr. Godwin Emefiele, for helping President Muhammadu Buhari to deliver on the economic agenda. The group, in a statement on Wednesday signed by its President, Kabiru Yusuf, noted that President Buhari himself has admitted during an interview with Bloomberg News that Emefiele is doing well. The statement read in part: “We commend Dr. Emefiele for helping the President to deliver on his economic agenda.” “We have…

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Buhari backs Emefiele, says CBN governor following ‘alternative economic model’

Aminu Imam

President Muhammadu Buhari has finally reacted to calls for the removal of the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over his apparent partisanship. Recall that Emefiele, in May, disclosed his interest to be the presidential candidate of the ruling All Progressives Congress, (APC), even when he had not resigned. Amid calls for his removal, Emefiele asked a court to declare him fit to seek the country’s top job without leaving office. The lawsuit failed. The apex bank governor allegedly only backed down after the president subsequently…

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Emefiele bags Forbes ‘Best Of Africa Lifetime Achievement’ award

Aminu Imam

Forbes New York has honoured the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, with the Forbes ‘Best of Africa Lifetime Achievement Award‘.  In its letter of award to Emefiele and signed by the president, Customs Solutions Media for Forbes Media, Mark Furlong, Forbes disclosed that it decided to honour the CBN governor on the grounds of his remarkable performance and pacesetting achievements at the apex bank. Forbes in partnership with Foreign Investment Network (FIN) also issued Emefiele with its Certificate of Distinction.  It added that Emefiele has…

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2023 Presidency: Rice farmers association, Friends and Support Groups buy APC nomination form for Emefiele

Aminu Imam

The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has put to rest months of speculations about his presidential ambition, as he picked the All Progressives Congress (APC) Expression of Interest and Nomination forms for the 2023 presidential race. Without fanfare, three groups picked the N100 million forms on behalf of the CBN Governor at the Abuja International Conference Centre yesterday. The groups, Rice Farmers Association of Nigeria, (RIFAN), Friends of Emefiele, and Emefiele Support Group, said Emefiele is the only responsible and responsive person to succeed President Muhammadu Buhari…

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