Tag: Central Bank of Nigeria

“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…

Read More

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…

Read More

Amid hardship, CBN governor, deputies get N10bn bulletproof SUVs’ – Sources

Aminu Imam
CBN bulletproof SUVs

As Nigeria struggles with economic hardship and inflation, Central Bank of Nigeria (CBN) Governor, Yemi Cardoso and his four deputies have reportedly acquired bulletproof SUVs worth over N10 billion. According to reports, the CBN governor and his deputies were nominated and confirmed by the Senate in September 2023. It was gathered that Cardoso recently procured six armored Lexus LX 600 2023 models for himself and four deputies at the cost of over N10 billion. Insiders said each of the apex banks deputy governors Emem Usoro, Philip Ikeazor, Bala Bello…

Read More

CBN report warns of rising financial pressures on Nigerians

Aminu Imam
CBN HQ

A recent report from the Central Bank of Nigeria, (CBN) has warned of further financial strain for Nigerians. This information was detailed in the apex bank’s ‘July 2024 Inflation Expectations Survey Report’, published on the CBNs official website on Tuesday. The report noted that more Nigerians may rely on borrowing to cover increasing expenses over the next six months.It indicated that household expenditures will continue to rise through the remainder of 2024 and into January 2025. The survey on household expectations revealed that numerous Nigerian families may deplete their lifetime…

Read More

CBN approves merger of Providus and Unity banks

Aminu Imam
Providus, Unity banks

The Central Bank of Nigeria, (CBN), has approved the merger of Providus Bank and Unity Bank Plc, marking a significant development in Nigerias financial sector. The announcement, which was made on Tuesday, in an issued statement signed by theCBN’s Acting Director of Corporate Communications, Hakama Sidi, said the decision aligns with the provisions of Section 42 (2) of the CBN Act, 2007″. The statement from the CBN read: The Central Bank of Nigeria has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc…

Read More

CBN raises interest rate to 26.75% amid soaring inflation

Aminu Imam
CBN raises interest rate

The Central Bank of Nigeria, (CBN), has again raised the Monetary Policy Rate (MPR), which measures interest rates by 50 basis points, from 26.25% to 26.75% amid soaring inflation and skyrocketing food prices. CBN Governor, Olayemi Cardoso, announced this after the apex banks 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday. The MPC also pegged the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45%, while that of merchant banks was put at 14%. The liquidity ratio was pegged at 30%. The apex bank also adjusted the…

Read More

?”Worst of naira volatility over” – Cardoso

Aminu Imam
Cardoso on Naira

Central Bank of Nigeria, (CBN), governor,, Yemi Cardoso, says hes relatively pleased about the rare calmness the naira has witnessed in the past months. In an interview with BloombergTV yesterday, Cardoso, who is the apex bank’s Monetary Policy Committee (MPC) Head, expressed optimism that the excessive volatility of the naira may not resurface again. I do believe that we have more or less seen the worst in terms of volatility, he stated. We are also very alive to observing the way and manner in which that market operates, and ensuring…

Read More

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 banks 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).…

Read More

‘?Tinubus 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…

Read More

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…

Read More