Tag: CBN

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 country’s 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 country’s financial system, highlighting that regular stress tests are conducted to identify potential vulnerabilities in banks. This…

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‘Tinubu’s 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 hike’ll worsen Nigeria’s 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. MAN’s 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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Nigeria’s External Reserves hit 22-month high, to $37.31bn — CBN

Aminu Imam
CBN HQ

Nigeria’s external reserves have reached a 22-month high of $37.31bn, reflecting significant foreign inflows into the country’s economy. Data from the Central Bank of Nigeria (CBN) revealed that as of September 18, 2024, the reserves hit the highest level since November 4, 2022, when they stood at $37.36bn. This marks a notable recovery in Nigeria’s foreign currency position. On a year-to-date basis, the country’s reserves surged by 12.99 per cent, or $4.29bn, from the $33.02bn recorded at the start of the year on January 2, 2024. Data from the CBN…

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CBN slashes cybersecurity levy to 0.005% on electronic transactions

Aminu Imam
CBN on levy

The Central Bank of Nigeria, (CBN), has reduced the cybersecurity levy on electronic transactions from 0.5% to 0.005% as part of its fiscal guidelines for 2024-2025. This adjustment follows the earlier controversial introduction of the levy, which faced significant opposition from the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and bank customers. The reduction follows President Bola Tinubu’s directive in May to review and suspend the original levy due to widespread protests, and a subsequent demand from the House of Representatives for its withdrawal. Despite the backlash, the CBN…

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CBN defies NASS, maintains 5% ‘Ways & Means’ Advance limit

Aminu Imam
CBN defies NASS

The Central Bank of Nigeria, (CBN), has confirmed that it will sustain its ‘Ways and Means’ advances to the Federal Government at a 5 percent limit for the fiscal years 2024-2025. This information is based on the ‘Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025’, published by the apex bank yesterday. The latest development is contrary to a Bill passed by the National Assembly which raised the maximum borrowing percentage in the Act from 5 to 10 percent. The guideline aligns with the Medium-term Expenditure…

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CISLAC condemns CBN leadership’s extravagant spending

Aminu Imam
CISLAC condemns

…Urges reduction in cost of governance The Civil Society Legislative Advocacy Centre, (CISLAC), has condemned the Central Bank of Nigeria (CBN) leadership, including its governor, Yemi Cardoso, for extravagant spending amid Nigeria’s economic challenges. Recall that last week, reports have surfaced that Cardoso and his deputies, who were nominated and confirmed by the Senate in September 2023, have spent over N10 billion on ultra-modern armoured vehicles. According to sources, Cardoso recently procured six armoured Lexus LX 600 2023 models for himself and his deputies. Insiders revealed that Cardoso personally acquired…

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