Tag: CBN

Outrage in CBN, as Cardoso’s female consultants override directors, earn millions

Aminu Imam
Outrage in CBN

Senior staff members at the Central Bank of Nigeria, (CBN), are expressing outrage over the immense power wielded by female consultants arbitrarily hired by its governor, Olayemi Cardoso. The consultants, identified as Nkiru Balonwu and Daphne Dafinone, reportedly issue directives to departmental directors and earn exorbitant salaries, far exceeding those of senior executives. Sources within the bank allege that Ms. Balonwu takes home a staggering ₦50 million per month, while Ms. Dafinone earns ₦35 million, surpassing the combined salaries of multiple directors. The consultants’ roles remain undefined, yet they have…

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CBN waives non-refundable license renewal fee for BDCs

Aminu Imam
CBN approves waiver

The Central Bank of Nigeria, (CBN), yesterday announced that it has approved the waiver of non refundable annual license renewal fees for existing Bureaux-De-Change (BDCs) in the country. The apex bank disclosed this in a circular to all BDC operators and stakeholders in the financial services industry. The circular, signed by the Bank’s Acting Director, Financial Policy and Regulations Department, John Onojah, stated: “This is to inform all existing bureaux-de-change that, further to the Regulatory and Supervisory Guidelines for Bureau-De-Change Operations in Nigeria, 2024, and the ongoing transition to the…

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CBN fines 9 banks ₦150m each for ATM cash scarcity

Aminu Imam
CBN fines

The Central Bank of Nigeria, (CBN), has sanctioned nine Deposit Money Banks (DMBs) with fines totalling ₦1.35bn for failing to ensure cash availability via Automated Teller Machines, (ATMs) during the festive season. According to a press statement issued by the Acting Director of Corporate Communications of the Bank, Mrs. Hakama Sidi Ali, each of the banks was fined ₦150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines. The affected banks include Fidelity Bank Plc, First Bank Plc; Keystone Bank Plc; Union Bank Plc; Globus Bank…

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Cash scarcity: CBN threatens to sanction banks with empty ATMs, selling new notes

Aminu Imam
CBN threatens banks

The Central Bank of Nigeria (CBN) has directed banks to prioritise cash disbursement through Automated Teller Machines (ATMs) and desist from selling new naira notes to hawkers, while threatening to sanction non-compliant banks. The apex bank gave the directive in a circular to banks on Friday, titled: Mystery shopping & spot checks on cash disbursement activities of deposit money banks (DMBs). Ahead of the Yuletide seasons customers of Nigerian banks are currently experiencing cash scarcity in the banking halls and are forced to patronise roadside Point of Sales (PoS) operators,…

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Rivers: Court bars CBN from releasing allocations to State govt.

Aminu Imam
Rivers Court bars CBN

A Federal High Court in Abuja yesterday restrained the Central Bank of Nigeria (CBN) from further releasing monthly financial allocations to Rivers State government. The order also affected the Accountant-General of the Federation (AGF), Zenith Bank and Access Bank, where the State government is also a depositor. Justice Joyce AbdulMalik, in a judgment, held that the receipt and disbursement of monthly allocations since January 2024 by Gov. Siminalayi Fubara of Rivers is a constitutional somersault and aberration, which must not be allowed to continue. The judge held that the presentation…

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“Old Naira notes remain legal tender” CBN debunks Dec. 2024 deadline claims

Aminu Imam
CBN on old Naira

The Central Bank of Nigeria, (CBN) has debunked reports claiming that the old series of N200, N500, and N1,000 banknotes will cease to exist as legal tender by December 31, 2024. In a statement issued on Thursday by the Acting Director of Corporate Communications, Sidi Hakama, the apex bank noted that the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023 to extend the use of old naira banknotes still holds indefinitely. According to the statement, The attention of the Central Bank of Nigeria (CBN) has been…

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H’Reps tasks CBN on new N1,000, N500, N200 notes, as old ones will no more be legal tender after Dec. 31

Aminu Imam
H'Reps tasks CBN on Naira

The 10th House of Representatives has asked the Central Bank of Nigeria(CBN) to make available more new notes of N200, N500 and N1,000 as well as begin a gradual withdrawal of the old notes from circulation. This resolution comes as the country approaches the December 31, 2024, deadline for the old notes to cease being legal tender, a ruling upheld by the Supreme Court. Recall that the CBN had in 2022, preceding the general elections changed the N200, N500 and N1000 notes based on the approval of former President Mohammadu…

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“Your money is safe in banks”, CBN assures Nigerians

Aminu Imam
CBN assures

The Central Bank of Nigeria, (CBN), has affirmed the safety of funds in Nigerian banks, emphasising the stability of the countrys banking sector. This comes in the wave of false news reports targeting Guaranty Trust Holding Company Plc (GTCO) business activities, financial results, and executive management. According to a statement issued by its Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, yesterday, the CBN emphasised its commitment to the stability of the countrys financial system, highlighting that regular stress tests are conducted to identify potential vulnerabilities in banks. This…

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‘Tinubus claim on N30tr debt misleading; merely restructured, not cleared’ – Report

Aminu Imam

President Bola Tinubu’s claim during his October 1 speech, that his administration has cleared the N30 trillion Ways and Means debt inherited from the previous government has been revealed as misleading. Recall that in his Independence Day speech, President Bola Tinubu claimed that his administration cleared the N30 trillion Ways and Means debt inherited from the previous government. stating that the debt was eliminated, and the debt-service ratio reduced from 97% to 68%, while maintaining foreign reserves at $37 billion. However, a report by the Joint Senate Committee on Banking,…

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‘CBN’s interest rate hikell worsen Nigerias situation’ – MAN

Aminu Imam
MAN on CBN

Says manufacturing companies operating below 30% The Manufacturers Association of Nigeria (MAN) has expressed concerns over the Central Bank of Nigeria (CBN) decision to increase the Monetary Policy Rate (MPR) from 26.75% to 27.25 percent. In an issued statement on Friday, the association said the decision has far-reaching implications for the manufacturing sector in Nigeria. MANs Director General, Segun Ajayi-Kadir, explained in the statement that the continued increase in interest rates, which now totals 15.75 percentage points since May 2022, would compound the challenges faced by the sector, including rising…

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