Tag: CBN

Emefiele Investigation: CBN Deputy Gov. A’isha Ahmad released after DSS questioning

Aminu Imam

It has emerged that online reports alleging the arrest and detention of the Deputy Governor of the Central Bank of Nigeria (CBN) in-charge of Financial System Stability (FSS), A’isha Ahmad are not factual. However, the reports of her detention by the Department of State Services (DSS) have been revealed as fictitious. According to a CBN source who spoke on condition of anonymity, the CBN DG just like other officials participated in the ongoing routine interviews as part of a larger investigation into activities of the former CBN Governor by the…

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Take currency swap seriously; reduce reliance on US dollars Economist urges CBN

Aminu Imam

An economist, Prof. Akpan Ekpo, has urged the Central Bank of Nigeria, (CBN), to take seriously the currency swap agreement with Peoples Bank of China, (PBoC) to reduce reliance on dollars for trade. Ekpo, a former Director-General of West African Institute for Financial and Economic Management, (WAIFEM), gave the advice while speaking with the News Agency of Nigeria, (NAN), yesterday in Lagos. According to him, This is the time to implement the Nigeria-China currency swap so that we dont put all our eggs in one basket. Nigerians who are dealing with…

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Judicial Review: UK court authorises SSS victim to seize $21m from CBN account with JP Morgan in New York

Aminu Imam

A court in the United Kingdom (UK) has authorised a British-Nigerian, Louis Williams Emovbira, allegedly abused and defrauded by the State Security Service (SSS) in 1986, to seize $21 million and nearly 20,000 from Nigerias central bank account domiciled with the firm, JP Morgan in the United States, according to court filings. By the judgment of Justice Mary Clare Moulder, Mr Emovbira has the UKs legal backing to approach JP Morgan in New York and seize $21,231,960.74 and 19,763.130 from the Central Bank of Nigerias account domiciled in the top…

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CBN launches Forex Price Verification portal

Aminu Imam

…Makes price verification report compulsory for dealers The Central Bank of Nigeria, (CBN), has launched a go-live foreign exchange price verification system portal. The apex bank made this known in a statement, titled: Go-live of the Central Bank of Nigeria Price Verification System Portal and released by the banks Director of Trade and Exchange Department, O. S. Nnaji. The CBN stated that with effect from August 31, 2023, all applications for Forms M shall be accompanied by a valid Price Verification Report generated from the Price Verification Portal, adding that…

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CBN Investigation: Experts urge FG to engage audit firms

Aminu Imam

Some financial experts have advised the Federal Government to engage a consortium of audit firms to investigate the Central Bank of Nigeria, (CBN). The experts spoke with newsmen yesterday in Abuja against the backdrop of the appointment of a private investigator, Osayande Obaze, the former Chief Executive Officer of the Financial Reporting Council (FRC), to probe the CBN. Some stakeholders said that the law empowered the FRC to carry out such investigation, adding that going outside the FRC to appoint an individual could send the wrong message. According to the…

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Round Tripping: How NNPC spent $150m on monthly petrol fraudulent importation – CBN

Aminu Imam

The Central Bank of Nigeria, (CBN), has said about $150 million is spent monthly by the Nigerian National Petroleum Corporation (NNPC) on petrol importation into the country. Principal Manager at the apex bank, Osagie Clement, revealed this on Wednesday, when he appeared before the House of Representatives ad-hoc Committee investigating the fuel price hike. He said the CBN has no control over the price of either Premium Motor Spirit (PMS) or the dollar, adding that as a result of low demand, consumption of PMS has reduced by 30 percent. Clement,…

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Emefiele: Tinubu names Special Investigator to probe CBN

Aminu Imam

President Bola Tinubu has appointed a special investigator, Jim Osayande Obazee, to probe the Central Bank of Nigeria (CBN) and related activities. The President made the appointment via a letter addressed to Obazee, who is the Chief Executive Officer of the Financial Reporting Council of Nigeria, (FRCN). Tinubus letter read: In accordance with the fundamental objective set forth in Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), this administration is today, continuing the fight against corruption by appointing you as a Special Investigator, to…

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Expect a return to a CBN-controlled exchange rate system EIU

Aminu Imam

…Says Naira should trade N815/$1 in 2024 The Economic Intelligence Unit (EIU) has predicted in its latest report about the Nigerian currency, the naira, that it believes the Nigerian government will go back to a system where they have more control over the exchange rate. This, it said, is to try and stop the naira from losing its value much further. The EIU pointed out that the Central Bank of Nigeria (CBN), which manages the countrys money, doesnt have much experience handling a flexible exchange rate system. Before President Bola…

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CBN withdraws licenses of 2,698 BDCs, as Naira continues free fall

Aminu Imam

The Central Bank of Nigeria (CBN) has released a new list of Bureau de Change (BDC) dealers, with the number of approved operators reduced to 2,991. BDCs in Nigeria are the major influencers of exchange rate. The document, titled: Approved BDCs, revealed that the licenses of 2,698 BDCs have been withdrawn. The CBNs decision to withdraw the licenses of 2,698 BDCs comes as the naira continues to free fall. The naira fell to N795.28 at the Investors and Exporters FX window and was even weaker when it closed at N809…

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CBN warns of risks to Nigerias International Financial System

Aminu Imam

The Central Bank of Nigeria (CBN) has urged banks and other financial institutions to be vigilant and alert to possible emerging risks resulting from the circumvention of measures taken to protect the international financial system. The CBN stated this in an administrative circular dated June 6, 2023, and signed by CBN Director, Financial Policy and Regulations Department, Chibuzo Efobi, which was addressed to banks and Other Financial Institutions (OFIs) following the outcome of the Financial Action Task Force (FATF) plenary held between June 21-23, 2023. The CBN further alerted the…

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