Tag: CBN

Forex: CBN crashes dollar, releases $6.7bn to banks

Aminu Imam

The Nigerian currency, the Naira, is experiencing a resurgence against the dollar, as the federal government begins to clear backlogs. The foreign exchange (forex) market witnessed a significant turnover of $2.23 billion in October. The naira also rebounded on the parallel and official markets, as CBN reportedly supplied banks with $6.7 billion to clear backlogs. The volume of dollars traded in the Nigerian Foreign Exchange Market (NAFEM) window increased by 23.8% monthly to $2.23 billion in October 2023 from $1.8 billion in September, showing an increase in Forex inflows. FMDQ data…

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CBN denies plan to re-denominate Naira

Aminu Imam

The Central Bank of Nigeria (CBN) has debunked the rumours that it plans to redenominate the country’s legal tender, the Naira, with effect from January, 2024. This following the wide circulation of a text message in social media yesterday suggesting that the apex bank intends to redenominate the currency. The CBN said for the avoidance of doubt; there is currently no plan by the Bank to restructure and redenominate the naira. The apex bank’s Director of Corporate Communication, Dr. Isa AbdulMumin, in a statement released, said: “We are concerned that this…

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Senate considers Bills seeking to bar CBN governor, deputies from politics

Aminu Imam

Bills seeking to prevent the governor of the Central Bank of Nigeria (CBN) and deputy governors of the apex bank from participating in politics have passed second reading in the upper legislative chamber. The senate passed the Bills yestetday  after it considered two similar Bills sponsored by Sunday Karimi, senator representing Kogi-West, and Darlington Nwokocha, senator representing Abia-Central. Recall that in the lead-up to the last general election, the immediate past governor of the CBN,  Godwin Emefiele, purchased the presidential nomination and expression of interest forms of the All Progressives…

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Dollar supply drops by 86.99% after CBN restored 43 items

Aminu Imam

Dollar supply, which rose sharply to $407.66 million on Thursday, the same day the Central Bank of Nigeria (CBN) lifted the forex ban on 43 items, dropped by 86.99 percent on Friday. Data from the FMDQ showed that the dollar supply, which reflected the volume of transactions at the Investors and Exporters (I&E) forex window, declined to $53.02 million on Friday from $407.66 million the previous day. The CBN, on Thursday, restored the 43 items prohibited from access to foreign exchange (FX), eight years after, a move seen to usher…

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CBN: Senate confirms Cardoso as Governor, 4 deputies

Abdul-Azeez Ahmed Kadir

The Senate confirmed the appointment of Dr Olayemi Cardoso as the Governor of the CBN on Tuesday. It also confirmed the nomination of  Emem Usoro, Muhammad Dattijo, Philip Ikeazor and Dr Bala Bello as the bank’s deputy governors. Their confirmation followed the consideration and approval of a motion moved by Senate Leader, Senator Opeyemi Bamidele (APC-Ekiti Central). Before their confirmation, the Senate suspended its orders to facilitate the admittance of the nominees into the chamber. Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Abdullahi Gumel led…

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New CBN Governor, Yemi Cardoso, assumes office

Aminu Imam

The newly appointed Governor of the Central Bank of Nigeria (CBN), Dr. Yemi Cardoso, has formally assumed office. According to a statement issued by apex Bank’s Director of Corporate Communication, Dr. Isa AbdulMumin, disclosed this in a statement today, yesterday, Dr. Cardoso would occupy the office in an acting capacity pending the confirmation of his nomination by the National Assembly. The statement confirmed the resignation of Godwin Emefiele as CBN governor. Similarly, Folashodun Shonubi, who acted as CBN governor after Emefiele’s suspension, also resigned along with all the deputy governors…

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Anchor Borrowers Scheme: Panic grips beneficiaries of CBN’s N1.1 tr loan, as Tinubu’s deadline ends

Aminu Imam

Reports have indicated that the Jim Obazee-led Special Investigative Panel constituted by President Bola Tinubu in July to probe and reset the Central Bank of Nigeria (CBN) has extended its dragnet to companies and establishments owned by top shots at the apex bank including its board members. According to the report, some of the companies were used as conduits for anchor borrowers’ loans and foreign exchange rackets; Consequently, cronies of CBN top shots are in panic mode as investigators and security operatives pick them up one after the other for…

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Tinubu nominates new CBN governor, management team for Senate confirmation

Aminu Imam

President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria, (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate. According to a press statement released yesterday by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, the directive is in accordance with Section 8(1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria,…

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CBN Forensic Audit: Presidential Investigation Panel hunts ‘conspirators’ in alleged N7tr frauds linked to top officials

Aminu Imam

The probe into the Nigerian financial system which could emerge as the biggest financial fraud in the history of the country is currently heating up, as the team of special investigators set up to probe the Central Bank of Nigeria (CBN) and related entities are working to unravel a slew of crimes, already estimated at over N7 trillion. Recall that President Bola Ahmed Tinubu appointed former Chief Executive of the Financial Reporting Council of Nigeria (FRC) and forensic auditor, Jim Obazee, as “Special Investigator” of the CBN and related entities…

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CBN denies ‘policy’ to crash exchange rate to N1.25/$

Aminu Imam

The Central Bank of Nigeria, (CBN), has debunked a report that it is planning to introduce a new naira policy that will crash the dollar exchange rate to N1.25 kobo. This is in response to a report that circulated online yesterday, which claimed that the apex bank is mulling out a new FX policy. According to the report, the policy is scheduled for November 2023 and will “better anchor inflation expectations and make for easier conversion to other major currencies”. The report also said the policy will “reverse the tendency for…

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