The Central Bank of Nigeria, (CBN), has handed over N100bn worth of fertilisers to the Federal Ministry of Agriculture and Food Security to boost food production across the country. CBN Governor, Olayemi Cardoso, handed over the 2.15 million bags of fertilisers to the Minister of Agriculture and Food Security, Abubakar Kyari, yesterday, at the headquarters of the Ministry in Abuja. In his address at the handing over ceremony, Cardoso said one of the primary mandates of CBN was to maintain price stability, stressing that the cost of food was a…
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Alleged N6.2m Emefiele Loot: Top INEC, Presidency officials indicted
…Pressure mounts on Tinubu to sack Obazee A recent investigation has implicated high-ranking officials from the Independent National Electoral Commission, (INEC), and the Presidency, including former President Muhammadu Buhari’s cabinet members, in the alleged distribution of a $6.2 million windfall by former Central Bank of Nigeria (CBN) governor, Godwin Emefiele. The funds were reportedly withdrawn from the CBN vault under the guise of mobilising international observers for the 2023 general elections, with beneficiaries allegedly extending to the State House and the Office of the Secretary to the Government of the…
Read More‘Forex remittances quadruple to $1.3bn in February’ – CBN
The Central Bank of Nigeria (CBN) has said overseas remittances into the country rose to $1.3 billion in February 2024 compared to $300 million in the preceding month. The Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, disclosed in a press briefing in Abuja. The CBN also reported a significant rise in foreign inflows in February 2024, driven by higher remittance payments from Nigerians living abroad and a spike in the purchase of naira assets by foreign portfolio investors. She noted foreign investors purchased over $1 billion of…
Read MoreICPC grills OAGF, CBN officials over ‘missing’ $3.4bn IMF loan
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has questioned two officials of the Central Bank of Nigeria (CBN) and one from the Office of the Accountant-General of the Federation, (OAGF), over $3.4 billion loan allegedly granted to Nigeria by the International Monetary Fund, (IMF). Reports confirmed that the anti-graft agency has also invited another set of officials from the Federal Ministry of Finance for interrogation. Recall that the Socio-Economic Rights and Accountability Project (SERAP) has approached the court over what it alleged as “the failure to probe…
Read MoreForex Crisis: CBN revokes operational licenses of 4,173 BDCs
The Central Bank of Nigeria, (CBN), has revoked the licenses of 4,173 Bureaux De Change (BDC) operators. According to the apex bank, in an issued statement by the Acting Director, Corporate Communications, Sidi Ali Hakama, the affected institutions failed to observe regulatory provisions. These, according to the bank, include payment of all necessary fees, including licence renewal, within the stipulated period in line with Guidelines; rendition of returns in line with the Guidelines, and compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing…
Read MorePlanned CBN, FAAN Relocation: ‘Northern Senators to engage Tinubu’ – Sen. Sumaila
Northern Senators’ Forum yesterday, urged Northerners to remain calm as it explores “avenues for dialogues, negotiations, and deploy legal measures to address the relocation of CBN, and Federal Airport Authority of Nigeria, (FAAN) back to Lagos. A statement signed by Senator AbdulRahman Kawu Sumaila on behalf of the Forum that was made available to Reporters in Kano explained that “Be rest assured, our actions align with the Constitutional framework and the laws of the land, as we endeavour to uphold justice and fairness”. Senator Kawu Sumaila, who is the Spokesperson…
Read More“Relocation of CBN’s departments will weaken North, other regions” – Northern Elders Forum
The Northern Elders Forum, (NEF), has stated that the planned relocation of key Central Bank of Nigeria (CBN) departments to Lagos will only serve to further strengthen the already dominant position of Lagos, while potentially weakening the significance and role of Abuja. Recall that the apex bank had announced its plan to transfer some of its departments to the nation’s commercial nerve centre, Lagos State. However, the Forum, in an issued statement, signed by its Director of Publicity and Advocacy/Spokesperson, Abdul-Azeez Suleiman, asserted that the movement would involve increased costs,…
Read MoreDisquiet in CBN over plan to relocate key departments to Lagos, render Abuja headquarters ‘useless’
There is disquiet in the Central Bank of Nigeria, (CBN), over plans by the new management to fully relocate major departments from the Abuja headquarters to the former headquarters in Lagos. It was gathered that members of staff of the apex bank, especially married women, are grumbling over the decision. It was learnt that the departments pencilled down for relocation by the CBN governor Yemi Cardoso are: Banking Supervision; Other Financial Institutions Supervision; Consumer Protection Department; Payment System Management Department and Financial Policy Regulations Department. It was also gathered that…
Read MoreEFCC operatives probe 52 companies over FX transactions with CBN
…Visits Dangote Group HQ Operatives of the Economic and Financial Crimes Commission (EFCC) yesterday conducted a search operation at the head office of the Dangote Group in Lagos as it widens investigations into the foreign exchange transactions during the tenure of former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. It was gathered that the EFCC wrote to the various companies asking for documentation on their forex transactions in the last 10 years. Details of the EFCC investigations are still sketchy, but it appears to be a blanket…
Read MoreCBN bans crypto bank account operators from cash withdrawal
The Central Bank of Nigeria, (CBN), has stated that cash withdrawals will not be possible from accounts opened for virtual and digital assets transactions. According to the apex bank, which revealed this in a new ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers’, withdrawals from these accounts will only be possible by transfer or through a manager’s cheque. In a December circular, titled, ‘Circular to all banks and other Financial Institutions guidelines on operations of bank accounts for Virtual Assets Service Providers, and signed by the Director,…
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