Tag: CBN

CBN Urges Patience Amid Economic Challenges, Assures Ongoing Efforts for Naira Strengthening

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The Central Bank of Nigeria (CBN) has implored Nigerians to exercise patience as it tirelessly works to strengthen the Naira amidst prevailing economic challenges. This reassurance was given during the 2024 public lecture titled “Recent Developments in the Nigerian Foreign Exchange Market: Issues, Options and Way Forward,” organized by the Nigerian Economic Society at the CBN Centre of Excellence Hall, University of Ibadan. Dr. Usman Opanachi, representing CBN Governor Dr. Olayemi Cardoso at the event, emphasized that whenever the Naira faces challenges, the CBN is simultaneously undergoing scrutiny. He conveyed…

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President Tinubu Nominates Cardoso and CBN Deputy Governors for MPC Roles, Seeks Senate Confirmation

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President Bola Tinubu has formally requested the Nigerian Senate to confirm the appointment of a Chairman and Members for the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC). The President’s request was transmitted via a letter addressed to Senate President Godswill Akpabio, and it was read during the plenary session in Abuja on Wednesday. The letter from President Tinubu outlined the proposed composition of the MPC, with CBN Governor Olayemi Cardoso nominated as the Chairman. Additionally, eleven other individuals were listed as members, including CBN Deputy Governors Muhammad Abdullahi,…

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Presidency Dispels Rumors of Capital Relocation: No Plans to Move Federal Capital to Lagos

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In response to recent speculations and controversies, the Presidency has categorically stated that President Bola Tinubu’s government has no intentions to relocate the nation’s capital from Abuja to Lagos. This clarification was provided by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, during a press briefing yesterday. The statement by Onanuga aimed to address the concerns and misunderstandings that arose in the wake of moves by the Central Bank of Nigeria (CBN) and the Federal Airports Authority of Nigeria (FAAN) to relocate their departments from Abuja…

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CBN Issues Warning and Threatens Sanctions Over Naira Scarcity

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The Central Bank of Nigeria (CBN) has issued a stern warning to banks and Point of Sale (PoS) operators implicated in the current Naira scarcity crisis, threatening sanctions for those found complicit. In a statement released on Thursday, the apex bank urged the public to report any infractions, particularly instances of Naira hoarding by banks and PoS operators, to the nearest CBN branch. The statement, signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, addressed the alleged collusion between some Deposit Money Banks (DMBs) and PoS operators, which…

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Reps Committee Issues Arrest Orders for Cardoso, Accountant-General, and Others

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The House of Representatives Committee on Public Petition expressed strong displeasure at the non-compliance of Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), Oluwatoyin Madein, the Accountant General of the Federation, and 17 other individuals who failed to honor the committee’s invitation. In response, the committee, led by Fred Agbedi (PDP/Bayelsa), moved to order their arrest during a session on Tuesday. The list of individuals slated for arrest includes the heads of the National Petroleum Investment Management Services (NAPIMS), Ethiop Eastern Exploration and Production Company Ltd, and…

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House of Representatives to Probe Alleged EFCC Attempt to Re-Arrest Emefiele

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The House of Representatives has taken a decisive step to investigate the reported failed attempt by the Economic and Financial Crimes Commission (EFCC) to forcibly extract former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, from the Nigeria Correctional Centre, Kuje, Abuja. This action was taken in defiance of a standing court order granting Emefiele bail. The resolution to conduct the investigation was reached following the presentation of a petition titled ‘Is the EFCC pursuing prosecution or persecution?’ The petition, submitted by the Executive Director of the Centre…

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Former CBN Governor Emefiele Remanded in Kuje Correctional Centre as Trial Resumes

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The High Court in the Federal Capital Territory has issued an order for the remand of Godwin Emefiele, the former Governor of the Central Bank of Nigeria, in the Kuje Correctional Centre. This decision comes as Emefiele stands trial on charges of alleged procurement fraud. The trial, which had faced delays on three previous occasions, finally proceeded on Friday. Initially facing 20 charges of procurement fraud amounting to N6.5 billion, the Federal Government reduced the charges to six, totaling over N1 billion, for which Emefiele was arraigned on Friday. During…

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CBN Launches Online Portal for Microfinance Bank License Applications

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The Central Bank of Nigeria (CBN) has launched an innovative online platform designed for the submission of applications for Microfinance Bank licenses. The newly introduced platform, known as the “CBN Licensing, Approval, and Other Requests Portal,” is set to replace the conventional manual process that was previously used by prospective Microfinance Bank license applicants to submit their applications to the CBN. This significant development was officially announced in a statement posted on the website of the apex bank, as confirmed by its Director of Corporate Communications, Isa AbdulMumin. The statement…

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AGF, CBN Governor, and Others Face Potential Arrest for Ignoring House of Representatives’ Summons

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The ad hoc committee of the House of Representatives, responsible for investigating non-remittances to the National Housing Fund and the utilization of funds from 2011 onwards, has issued a stern warning to chief executive officers who have failed to attend their invitations. The committee has signaled its readiness to issue subpoenas against those who did not respond. The committee has granted the defaulting banks until next Thursday to appear before it with all the necessary information. Furthermore, it has emphasized that Dr. Oluwatoyin Madein, the Accountant-General of the Federation, and…

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Reps Suggest 3% Increase in Student Loan to Address Demand

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The Ad-hoc Committee on Students Loan Fund and Access to Higher Education in the House of Representatives has announced its intention to propose a 3% increase, as opposed to the initial 1%, for student loans funded by annual revenue, as recently announced by President Bola Ahmed Tinubu. During a public hearing aimed at assessing the progress of the presidential committee established to eliminate legal obstacles obstructing Nigerian students’ access to loans, the Chairman of the Ad-Hoc committee, Hon Terseer Ugboh, disclosed this development. He addressed the Federal Ministry of Education…

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