Tag: CBN

Court documents reveal how ‘$6.2m stolen from CBN’ was shared

Aminu Imam
CBN dollars

Court documents have revealed how $6,230,000 cash allegedly stolen from the Central Bank of Nigeria (CBN), on February 8, 2023, was shared. Recall that President Bola Tinubu had set up a special investigative team, led by Jim Obaze, to probe the tenure of Godwin Emefiele, former CBN governor. The team had claimed that $6.2 million was removed from the apex bank’s vault under the guise of paying election observers. Emefiele is standing trial on a 20-count amended criminal charge preferred against him by the Economic and Financial Crimes Commission, (EFCC).…

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‘?Tinubu’s govt. engaging in mass sack of Igbo staff in CBN’ – ADF

Aminu Imam
ADF

The Alaigbo Development Foundation (ADF) has accused the government of Bola Tinubu of engaging in mass sack of Igbo staff of the Central Bank of Nigeria, (CBN). The Foundation which made the allegation in a statement by its secretary, Chief Abia Onyike, on Monday, said the purge was a calculated effort to wipe out the Igbo elements occupying directorship positions in the apex bank as, according to it, there is virtually no Director of Igbo extraction left in the CBN after the mass sack. The statement reads: “The AlaIgbo Developmbent…

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CBN sacks 200 senior staff, Directors, weeks after laying-off 200 workers

Aminu Imam
CBN sacks

No fewer than 200 staff of the Central Bank of Nigeria, (CBN), were yesterday relieved of their duties, which is an addition to the long list of on-going disengagements in the apex bank. This adds to the list of 200 staff sacked by the bank between March 15 and April 11, 2024. The termination of appointments affects Directors, Deputy Directors, Assistant Directors, Principal Managers, Senior Managers and lower-ranking staff. Impeccable sources, who are staff of the apex bank, confirmed the sack yesterday, saying that those sacked are not less than…

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CBN withdraws licences of BDCs, orders fresh applications

Aminu Imam
CBN on BDCs

The Central Bank of Nigeria, (CBN), has announced the withdrawal of the licences of existing bureau de change operators. In a new guidelines released by the apex bank on Wednesday, the apex bank directed the affected operators to reapply for fresh licences. According to the new guidelines, signed by the apex bank’s Director of the Financial Policy and Regulation department, Haruna Mustafa, “All existing BDCs shall re-apply for a new licence according to any of the tiers or licence category of their choice, as provided in the guidelines”. The apex…

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Rising Inflation: CBN raises interest rate to 26.25%

Aminu Imam
CBN rates

The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has raised the Monetary Policy Rate (MPR) by 150 basis points to 26.25 percent, from 24.75 percent in March, in order to further tackle rising inflation. CBN Governor, Olayemi Cardoso, who disclosed this yesterday, at the 295th MPC press briefing in Abuja, said the decision to raise the benchmark interest rate was to tame the country’s soaring headline inflation which increased to 33.69 percent in April. CBN had continued tightening of monetary instruments to bring down inflation. The 295th MPC…

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CBN names 11 pre-shipment agents for crude oil, gas exports

Aminu Imam
advisors reports 1

Eleven pre-shipment monitoring and evaluation agents have been designated by the Central Bank of Nigeria (CBN) for Nigerian oil and gas exports. The appointment was announced by the Director, Trade and Exchange Department of the apex bank, in a circular dated May 13, 2024, and it took immediate effect. According to the circular, there would be 9 pre-shipment inspection agents and two monitoring and evaluation agents. The list of the nine Pre-Shipment Inspection Agents from the circular are: Neroli Technologies Limited: Qua Iboe, Forcados, and Bonny; Holborn Oil and Gas…

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Naira defies CBN’s interventions, depreciates to N1,510/$

Aminu Imam
Naira dollar

The depreciation of the nation’ s currency, the Naira, persisted over the weekend, with the currency trading at N1,510 to a dollar in the parallel market and 1,466.31 at the official market. This marks a notable decline from its previous levels, with the exchange rate increasing by N40 between Thursday and Friday alone. Despite recent efforts and interventions by the Central Bank of Nigeria (CBN) to stabilise the naira, including supplying dollars to Bureau-De-Change (BDC) operators to boost liquidity, the currency has continued to weaken. Just a few months ago,…

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CBN orders bank to deduct ‘cybersecurity levy’ on all electronic transfers

Aminu Imam
CBN HQ

The Central Bank of Nigeria, (CBN), has imposed 0.005 percent ‘Cybersecurity Levy’ all on electronic transfers. The development is contained in a circular issued by the CBN’s Director of Payment Services, Uzoma Efobi, and addressed to all banks and payments services operators in the country on Monday. According to the apex bank, the deductions would become effective from the next two weeks and that the deductions shall be applied at the transaction origination. They will be put together and paid into the Cybersecurity Fund held by the CBN. The apex…

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‘Nigerians hoarding 94% cash’ – CBN

Aminu Imam
Naira slumps

Nigerians are holding onto cash at an unprecedented rate, with a staggering 94 percent of the country’s currency outside the banking system. This trend was revealed by the Central Bank of Nigeria (CBN)’s, in its latest March, 2024 Money and Statistics data. The figures paints a concerning picture of declining trust in the banking system and potential risks to the nation’s economic growth. According to the data on the CBN website, the amount of physical money (M1) in circulation has skyrocketed compared to the previous year. In January 2024, it…

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‘Nigeria’s galloping inflation impediment to economic growth’ – CBN

Aminu Imam
CBN HQ

The Central Bank of Nigeria, (CBN), says it’s making frantic efforts to address the nation’s galloping inflation which has engendered cost of living crisis and slowed down the economy. The apex bank asserted that Nigeria cannot attain the level of economic prosperity it desires without tackling rising inflation. Speaking on the bank’s second episode of the talk podcast on its YouTube page, the Acting Director of the CBN’s Banking Supervision Department, Dr. Adetona Adedeji, noted inflation hinders economic growth. He disclosed that the bank prioritised combating inflation over tackling rising…

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