Tag: CBN

Nigeria’s external reserves hit $36.23bn on higher crude oil prices

Aminu Imam

Nigeria’s foreign exchange reserves have risen from $34.94 billion last November  to $36.23 billion by January 21, 2021 on the back of increase in global crude oil prices. The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who disclosed this at the end of the Monetary Policy Committee (MPC) meeting of the Bank, said the increase reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of coronavirus (Covid-19) vaccines by most developed economies. He added that the nation’s economy and its global…

Read More

CBN disburses N10bn intervention funds to Kano industries affected by pandemic

Aminu Imam

The Central Bank of Nigeria, (CBN), has disbursed the sum of N10billion to Kano companies affected by the pandemic, through a consortium of Kano Investment and Diaspora, in partnership with the Foreign Commonwealth Development and the Manufacturers Association of Nigeria (MAN). This was disclosed on Monday in Kano by the DG of KanInvest & Diaspora, Hajiya Hama Ali, in a meeting on the Kano Turnaround Project. She said the target of the funds would be 50 companies and that the Kano agency would work with the affected companies to determine…

Read More

CBN provides N10bn intervention funds to Kano to revive industries –Consortium

Abdul-Azeez Ahmed Kadir

Kano Investment and Diaspora, in partnership with the Foreign Commonwealth Development ((LINKS) and Manufacturers Association of Nigeria (MAN) have secured a N10 billion intervention fund from the Central Bank of Nigeria (CBN) to revive companies impacted by the Covid-19 pandemic. Speaking at the sensitization meeting on Kano Turnaround Project in Kano, the Director General of KanInvest & Diaspora, Hajiya Hama Ali said the programme, which was designed to revive companies that had been affected by COVID-19 pandemic, would target at least 50 companies. She explained that the CBN initially donated…

Read More

CBN cancels operating licences of 42 microfinance banks

Aminu Imam

The Central Bank of Nigeria, (CBN), has revoked the operating licences of 42 microfinance banks in the country. The Nigeria Deposit Insurance Corporation, (NDIC), disclosed this on Friday in an announcement on its website titled: ‘Notice of closure of 42 microfinance banks’. It stated: “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020. “The Nigeria Deposit Insurance Corporation, the official liquidator of the…

Read More

Nigerian banks migrate to new cheque standards, as old ones expire 31 Dec.

Aminu Imam

Nigerian banks are migrating in the New Year, into brand new cheque standards, on the order of the Central Bank of Nigeria, (CBN). According to First Bank of Nigeria Plc, in a notification to customers, as from 1st January, 2021, the old cheques will expire. Access Bank Plc also told customers that the old cheques will not be accepted after 30th December of this year. The new cheques come with unique features and have expiry dates; they also have cheque digits included on the MICR code line. The CBN has…

Read More

Naira falls to 620 against Pound, as Euro rises

Aminu Imam

The Naira tumbled to 620 against the British Pound sterling at the parallel market on Thursday, even as the Euro rose to N565.The Naira fell by 2.1 percent against the pound from 607 on Wednesday, and by 1.4 per cent against the euro from 560.The local currency was, however, stable against the dollar at the parallel market as it traded at 478/$1. It dropped from 475/$1 on Tuesday to 478/$1 on Wednesday. The Central Bank of Nigeria has kept the official exchange rate at N379/$1 since August, when the naira was…

Read More

CBN gets court order to freeze accounts of #EndSARS promoters

Aminu Imam

The Federal High Court sitting in Abuja has granted the Central Bank of Nigeria, (CBN)’s request to freeze the accounts of 19 individuals and a public affairs company linked to the #EndSARS protests. The request, granted by Justice Ahmed Mohammed, was filed by the CBN on October 20. Some of the affected individuals include Bolatito Racheal Oduala, Chima David Ibebunjoh, Mary Doose Kpengwa, Sa’adat Temitope Bibi, Bassey Victor Israel, Wisdom Busaosowo Obi, Nicholas Ikhalea Osazele, Ebere Idibie, Akintomide Lanre Yusuf, Uhuo Ezenwanyi Promise and Mosopefoluwa Odeseye. Others are: Adegoke Pamilerin…

Read More

CBN releases guidelines for N75bn youths investment fund

Aminu Imam

Says its rice interventions have created over 1.3m jobs – CBN The Central Bank of Nigeria (CBN) has released guidelines for the implementation of the proposed N75 billion Nigerian Youth Investment Fund (NYIF). The CBN, in a statement issued by its Development Finance department, stated that the fund would be used effectively to respond to the challenge of youth’s employment in Nigeria. According to the statement, the major objective of the plan was to address fragmentation of youth’s initiatives that prevent assessment of impact. The apex bank said that the…

Read More

Buhari directs CBN to suspend forex for food items, fertilizer

Ishaku Yohanna

President Muhammadu Buhari on Thursday warned the Central Bank of Nigeria (CBN) not to fund requests to import food and fertilizers into the country. Buhari gave the directive at a meeting of the National Food Security Council at the State House, Abuja, where he re-emphasised his earlier verbal directive to the apex bank, saying he will now pass it down in writing that ”nobody importing food should be given money.” The fresh directives comes as the Federal Government rolls out the Economic Sustainability Plan and sets goals for National Food…

Read More

Naira strengthens against dollar ahead of CBN FX sales to BDCs

Ishaku Yohanna

The naira has strengthened at the parallel market to N448 against the dollar after the Central Bank of Nigeria (CBN) announced that it would resume dollar sales to bureau de change operators. Before the announcement, the naira had been trading as low as N480 against the dollar. Upon resumption, the apex bank said BDCs must not exchange the naira at more than N386/$ to end-users. The CBN said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for…

Read More