Tag: Central Bank of Nigeria

CBN appoints Osita Nwanisobi, Fasoranti, Habib, others as Directors

Aminu Imam

The Central Bank of Nigeria (CBN) has confirmed the appointment of Mr. Osita Nwanisobi as the Director, Corporate Communications Department, with effect from August 25, 2021. Nwanisobi had acted in an acting capacity since October 2020, when his predecessor, Isaac Okorafor, retired from service. The apex also appointed Mrs. Elizabeth Omolara Fasoranti as the Director, Branch Operations; Dr. Abdulkadir Abdullahi Jibril as Director, Medical Services and Mrs. Rashidat Jumoke Monguno, who now directs affairs in the Consumer Protection Department (CPD). Other appointees include Mrs. Amina Habib, who is now the…

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CBN orders banks to publish names, BVN of forex defaulters

Aminu Imam

The Central Bank of Nigeria, (CBN), has directed banks to publish names of customers who try to break the rules on Foreign Exchange (Forex) acquisition on their website. The apex bank issued the circular to all banks lamenting that it has “received and noted with concern reports of sharp practices by some unscrupulous customers to circumvent the new CBN policy on the sale of forex for overseas personal and business travel on Monday”. The CBN said some of the unwholesome practices, “include the use of fake visas and cancellation of…

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Gas value-chain: FG, CBN unveil N250bn intervention facility for investors

Aminu Imam

The Federal Government has introduced a N250 billion intervention facility to stimulate finance and motivate investors in the gas value-chain. The Permanent Secretary, Ministry of Petroleum Resources, Bitrus Nabasu, disclosed this while briefing newsmen yesterday, in Abuja. He said the partnership is between the Ministry of Petroleum Resources and the Central Bank of Nigeria (CBN). He said the large-scale projects under the intervention would be financed under the Power and Airlines Intervention Fund, (PAIF), in line with existing guidelines and regulations of the Fund. According to him, the small-scale projects and retail…

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CBN stops selling forex to Bureaux-de-Changes operators 

Aminu Imam

…Retains lending interest rate at 11.5% The Central Bank of Nigeria (CBN) has announced the stoppage of the sale of foreign exchange to Bureaux-de-Changes, (BDCs), accusing international bodies operating in Nigeria of sabotage. The CBN governor, Godwin Emefiele, who disclosed this yesterday, shortly after the Monetary Policy Committee (MPC) meeting, accused BDCs of deliberate economic sabotage and misusing the weekly $20,000 allocation to them. He also said CBN will no longer renew licences of BDCs. The apex bank also accused international agencies and embassies operating in Nigeria of illegally patronising…

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CBN releases 50,000 metric tonnes of maize to curb scarcity

Aminu Imam

The Central Bank of Nigeria, (CBN), in its bid to moderate and control the prices of maize in the Nigerian market, has approved the release of 50,000 metric tonnes of maize to 12 major producers, from the Strategic Maize Reserve under its Anchor Borrowers’ Programme. The release of maize to the companies, which is the third of such, is also intended to check the activities of middlemen that are hoarding the product and causing artificial scarcity. A statement obtained from the CBN listed recipients of the grains to include Premier…

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Rice prices to fall as CBN, RIFAN distribute 27,000 metric tonnes 

Aminu Imam

Prices of rice is expected to fall in the coming days as the Central Bank of Nigeria, (CBN) and the Rice Farmers Association of Nigeria, (RIFAN), plan to distribute 27,000 metric tonnes of rice paddies directly to millers nationwide. The direct allocation from RIFAN warehouses across 16 States of the Federation is sequel to the earlier sale of paddy aggregated as loan repayment under the Anchor Borrowers’ Programme (ABP) to millers from the rice pyramids unveiled in Niger, Kebbi, Gombe and Ekiti States. According to the Acting Director, Corporate Communications…

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Naira tumbles by 51.95% despite CBN’s defence measures

Aminu Imam

…As apex bank agrees to mint currency for The Gambia The value of Nigeria’s currency, the Naira, to the US Dollar fell from 196.99 in December 2015 to 410 in April 2021, reflecting a 51.95% decline despite the various foreign exchange policies introduced by the Central Bank of Nigeria, (CBN), to strengthen the currency. According to a monthly document posted on the CBN’s website, the value of Naira at the inter-bank forex market stood at N196.99, as of December 2015. Recall that last month the CBN officially adopted the NAFEX…

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CBN denies plan to nationalise Unity Bank

Aminu Imam

The Central Bank of Nigeria (CBN) yesterday described as “fake news”, a media report that it was considering nationalising Unity Bank Plc. CBN’s spokesman, Osita Nwanisobi, in a statement, advised customers and other stakeholders of the bank to disregard the report, describing it as the handiwork of mischief-makers. He said, “The report is fake news; there is no iota of truth in it”, adding that the public should disregard such news. The report had claimed that the apex bank’s target examination of Unity Bank showed that the Tier-2 lender is…

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CBN to empower cultivation of 80,000 hectres of cotton – Emefiele

Aminu Imam

The Governor of the Central Bank of Nigeria, (CBN), Godwin Emefiele, says the Bank aims at empowering the cultivation of 80, 000 hectres of cotton in 2021. Emefiele made this known yesterday, in a series of tweets on CBN official handle, while commending stakeholders in the Cotton, Garment and Textile (CTG) sector for their efforts to resuscitate the sector for economic growth. According to the apex bank’s boss, this will be with an average output of 120, 000 metric tonnes at 1.5 metric tonnes per hectre. He said that the…

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N2bn disbursed to over 7,000 beneficiaries under Youth Investment Fund – CBN

Aminu Imam

The Central Bank of Nigeria (CBN) has stated that a total of N2.04 billion has been disbursed to 7,075 beneficiaries under the National Youth Investment Fund, (NYIF). A total of 4,411 beneficiaries were individuals and 2,646 were small and medium enterprises (SMEs). This was contained in a communique issued by the apex bank at the end of its two-day Monetary Policy Committee (MPC) meeting on Tuesday. Recall that the Federal Executive Council, (FEC), in 2020 had approved a N75 billion ‘Youth Investment Fund’, targeted at young people between ages 18-35…

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