Tag: CBN

Fresh Recapitalisation: Bank CEOs, others in merger, acquisition talks

Aminu Imam

Indications emerged on Saturday that the Chief Executive Officers (CEOs) and other top executives of Deposit Money Banks had begun moves to raise fresh capital to bolster their respective institutions’ capital base in line with the pronouncement of the Governor of the Central Bank of Nigeria, (CBN), Dr. Olayemi Cardoso. It was gathered from top sources in the banking industry that the top executives might have also commenced preliminary merger and acquisition talks, as some of the big banks are eyeing some weaker ones for possible acquisition, while some middle…

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CBN’s ban on 43 items: ’Nigeria lost $1.4bn in 8 years’ – Cardoso

Aminu Imam

The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso said Nigeria lost a total of $1.4bn in 8 years over CBN’s ban on 43 items. Cardoso disclosed this at the 58th Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday, in Lagos. According to him, the 43 items were never explicitly prohibited from importation or sale in Nigeria. He, however, explained that the apex bank had implemented restrictions on accessing foreign exchange for the importation of these items. Cardoso emphasised that the…

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CBN unfolds plans for fresh bank re-capitalisation exercise - Cardoso

Aminu Imam

The Central Bank of Nigeria (CBN) says it is planning to implement a new round of banking re-capitalisation for the Deposit Money Banks, (DMBs). CBN Governor, Olayemi Cardoso, announced this at the 58th Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN), which was held on Friday night in Lagos. The planned re-capitalisation means that DMBs will be required to raise additional capital to meet the demands of Nigeria’s economy. Cardoso noted that President Bola Ahmed Tinubu in his Policy Advisory Council report on the national…

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‘State Govts. open security vote accounts with CBN’ – NFIU

Aminu Imam

Governors will henceforth draw their security votes from the Central Bank of Nigeria (CBN). The development followed the agreement reached earlier in the year between the 36 State governors and the Nigerian Financial Intelligence Unit, (NFIU). With the agreement, the governments in the States were mandated to open dedicated accounts for their governors’ security votes with the apex bank. The opening of such accounts will enable the NFIU to monitor cash withdrawals for security purposes by the governors. Amid mounting concerns from Nigerians, regarding alleged withholding of cash palliatives, the…

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“CBN doesn’t have a magic wand to solve current economic challenges” – Cardoso

Aminu Imam

Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has stated the Bank does not have a magic wand to solve Nigeria’s current economic challenges. The apex bank’s chief said this in an emailed speech on Tuesday according to reports from Reuters. He said, “The CBN does not have a magic wand that can be waved at the current economic challenges”. Nigeria currently battles a depreciating naira, double-digit inflation poised to reach 30% according to KPMG analysis, and an N87 trillion debt. However, he explained that the CBN can…

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Saudi Arabia pledges to invest in Nigeria’s refineries, support CBN – FG

Aminu Imam

The Federal Government has said that the Government of the Kingdom of Saudi Arabia has pledged to invest in revamping the country’s refineries to get them working and reforming the Central Bank of Nigeria, (CBN). According to a press statement by the Minister of Information and National Orientation, Mohammed Idris, on Friday, the pledges were made by the Saudi Crown Prince, Mohammed bin-Salman, at a bi-lateral meeting with President Bola Tinubu on the sidelines of the Saudi-Africa Summit in Riyadh. The duo met on the sidelines of the Saudi-Africa Summit…

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CBN ‘lacks experience’ to conduct monetary policy under float – EIU

Aminu Imam

The Economist Intelligence Unit (EIU), an arm of The Economist of London, has predicted that the Federal Government will go back to a system where they have more control over the exchange rate. The EIU made the prediction in its latest report about the Nigerian currency, the naira. Recall that last month, the Central Bank of Nigeria (CBN), complying with the Federal Government’s directive, announced the unification of all segments of the foreign exchange (FX) market, signalling the end of its control of the foreign exchange market. Since then, the…

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Saudi Arabia to support CBN with substantial FX deposit – FG

Aminu Imam

The Saudi Arabian government has promised to finance the renovation of Nigeria’s refineries and to continue the government’s foreign currency (FX) reforms. These promises were made by Saudi Crown Prince Mohammed bin-Salman during a private meeting with President Tinubu in Riyadh, outside the Saudi-Africa Summit. The Saudi government would provide a sizeable foreign exchange deposit to support the Central Bank’s ongoing reforms of Nigeria’s foreign exchange regulation and increase Nigeria’s forex liquidity. Prince bin-Salman commended the economic reforms being implemented by President Tinubu, and expressed the commitment of the Saudi…

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“Old, new Naira notes remain legal” – CBN

Aminu Imam

The Central Bank of Nigeria (CBN) says that all banknotes remain legal tender after reports of anxiety among some members of the public over the legality of old naira banknotes. In an issued statement yesterday, the apex bank’s Director, Corporate Communications, Isa AbdulMumin, said the old naira notes should not be rejected, as they will be issued alongside redesigned banknotes in adequate quantities to banks for the benefit of their customers. The CBN said: “Our attention has again been drawn to reports of a scarcity of cash across some major…

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“Reduce inflation, economic hardship on Nigerians” – Sanusi urges CBN

Aminu Imam

Former governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has urged the current governor, Olayemi Cardoso, to enact monetary policies aimed at mitigating inflation and alleviating the hardships experienced by Nigerians. Sanusi made this recommendation in a statement issued on Sunday after he led the Impact Investing Community team to the CBN headquarters in Abuja. He emphasised that the Central Bank’s actions have the potential to address the economic difficulties faced by Nigerians, provided the right monetary policies are put in place. He urged the leadership of…

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