Tag: CBN

Despite Finance Minister’s claims, data shows FG borrowed N3.8tr from CBN in 6 months

Aminu Imam
The Central Bank of Nigeria governor Olayemi Cardoso has confirmed the next monetary policy committee meeting will be held very soon on 25 and 26 March 2024 e1709054272891

In the last six months of 2023, the Federal Government received an additional N3.8 trillion in what appeared to be a fresh Ways and Means borrowing, according to a provisional data published in the latest statistics bulletin for the 4th quarter of the year recently released by the Central Bank of Nigeria, (CBN). This is despite claims by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, that the President Bola Tinubu?administration had not borrowed money from the CBN. The CBN’s provisional data showed that the total…

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Emefiele Social Programmes: ‘Over N530bn CBN funds withheld by banks’

Aminu Imam
Emefiele funds

…Cardoso may order refund Nine major Nigerian banks are sitting on over N530 billion in unused Central Bank of Nigeria (CBN) intervention funds, despite the suspension of all CBN intervention programs by the current governor, Olayemi Cardoso. Since assuming office, Cardoso halted all development finance interventions, aiming to refocus the CBN’s efforts on its core mandate and limit its involvement in direct development financing. Under the previous administration, led by Godwin Emefiele, the CBN delved into various intervention programs, disbursing over N9.71 trillion in development finance. However, a recent investigation…

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CBN reduces Banks’ loan-to-depositratio to 50%

Aminu Imam
CBN HQ

The Central Bank of Nigeria (CBN) has issued a new directive to all Deposit Money Banks (DMBs) introducing a reduction in the loan-to-deposit ratio (LDR) to 50%. The new directive, which was disclosed by the apex bank in a circular yesterday, titled: ‘Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian Economy’, signed by its Acting Director of the Banking Supervision Department, Adetona Adedeji, is a follow-up to a circular released on January 20, 2020. This significant policy adjustment, effective immediately, marks a 15%-point decrease from the…

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Alleged Fraud: “How I collected $3m cash for Emefiele” – CBN employee

Aminu Imam
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A Central Bank of Nigeria (CBN) employee, Monday Osazuwa, yesterday, told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars cash in tranches. Osasuwa, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Rotimi Oyedepo (SAN), said he was a dispatch rider in Zenith Bank in 2001 before he joined the CBN in 2014. Osasuwa said he joined the apex bank as a senior supervisor in 2014. The witness said Emefiele…

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Major shakeup, as CBN sacks 50 more officials

Aminu Imam
CBN Cardoso

Fifty officials have been sacked from their positions in the Central Bank of Nigeria (CBN) by Governor Olayemi Cardoso. It was learned that the termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff. The latest sack adds to a long list of ongoing disengagements in the apex bank and cuts across 29 departments. According to reports, at least 117 officials have been sacked from the apex bank in the last 20 days and it is expected that the disengagement will continue for months.…

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US Dollar falls to N1,280 on black market on CBN policies

Aminu Imam

The naira has continued to appreciate as the US dollar is currently selling at N1,280 on the parallel market, following the recent foreign exchange (FX) policy measures of the Central Bank of Nigeria, (CBN). With the current rate, the Naira has gained 2.34 percent of its value against the dollar in less than one day, from N1,310 the closing rate for Wednesday. When compared to the level on February 20, 2024, the naira has gained 42.58 percent of its value against the dollar from the lowest of N1,825/$ on the…

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“Dump your dollars to avoid tears; Naira will appreciate” – Presidency warns FX speculators

Aminu Imam

The Presidency has warned forex speculators that the Naira will soon appreciate. President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, urged speculators to quickly dump their dollars to avoid “tears”. Onanuga was reacting to the Central Bank of Nigeria, CBN, disclosure that it had cleared the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso. In a statement issued on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims. Ali said the apex bank employed…

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CBN to recover N20tr bad loans by bank owners, insiders

Aminu Imam

Major Nigerian banks are in a state of panic, as the new Central Bank of Nigeria (CBN) governor, Olayemi Cardoso moves to wield his regulatory oversight by scrutinizing the over N20 trillion of loans taken by bank insiders, major owners and shareholders. It was learnt that Cardoso has sent out sets of special examiners who are currently digging into the books of the major banks. Close to the end of the first quarter of 2024, many banks have still not released their Full Year 2023 financials. This is because Cardoso…

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?‘Nigeria may not recover Anchor Borrowers N358bn loan’- Senate

Aminu Imam

The Senate has expressed the fear that Nigeria may not recover N358 billion about 30% of the N1.1 trillion Anchor Borrowers. The Senate said the N1.1 trillion has an impressive repayment rate of up to 70% but added that the rest of the 30 per cent amounting to N358 billion are loans given to low-income farmers which have very high risk. This came up yesterday at the Senate Ad-hoc Committee probing the N30 trillion Ways and Means loans to the federal government and Anchor Borrowers Programme. The chairman of the…

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CBN stops direct involvement in interventions

Aminu Imam

…Refocuses on core mandate The Central Bank of Nigeria, (CBN), has reinstated that it is realigning its focus towards its core mandate of ensuring monetary and price stability and, hence, has stopped its direct involvement in development finance interventions. The apex bank governor, Olayemi Cardoso,  had earlier on several occasions stressed the fact that the apex bank is poised to support relevant organisations that possess the expertise and capacity to intervene directly. Given the above, the CBN decided to donate fertilisers to Nigerian farmers through the Federal Ministry of Agriculture…

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