[su_dropcap]T[/su_dropcap]he Central Bank of Nigeria has dedicated about N26bn to support the production of sugar in the country as part of measures to promote economic diversification. The CBN Governor, Mr. Godwin Emefiele, stated this during a facility tour of the new completed Sunti Golden Sugar factory located in Sunti, Niger State. A statement from the bank on […]
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[su_dropcap]T[/su_dropcap]op-rated Canadian-made private jets chartered regularly by the immediate past Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, are now being flown by the new Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, and the Central Bank of Nigeria’s Governor, Mr. Godwin Emefiele, investigations by Punchng showed. The development brings to question the new administration’s criticism […]
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The Central Bank of Nigeria has described claims by some airlines that they are unable to access foreign exchange to repatriate the proceeds of their operations as untrue. A number of airlines operating on international routes from the country had claimed that their inability to access forex was hampering their operations and was responsible for […]
Read More [su_dropcap]T[/su_dropcap]HE Monetary Policy Committee of the Central Bank of Nigeria on Tuesday announced a tightening of the monetary policy stance by increasing the Monetary Policy Rate by 100 basis point from 11 per cent to 12 per cent. It also increased the Cash Reserve Ratio by 250 basis points from 20 per cent to 22.5 […]
Read More The House of Representatives on Thursday began an investigation into the alleged ‘secret’ recruitment of 909 employees by the Central Bank of Nigeria. The controversial recruitment was reportedly carried out by the apex bank on the directive of the Governor, Mr. Godwin Emefiele, with a reasonable number of the beneficiaries being children and relatives of […]
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CENTRAL Bank of Nigeria (CBN) yesterday said the suspension of some of its personnel over alleged fraud was to enable it carry out unfettered investigation into the matter, The Nation reported.. The bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, explained that the suspended personnel had to undergo administrative procedure because they processed the said payment. He […]
Read More TOTAL value of funds lost by commercial banks in the country to fraud last year stood at N2.2 billion, the Central Bank of Nigeria (CBN) has said. It however added that it is a massive drop from N6.6 billion recorded the previous year. The apex bank’s Director, Banking and Electronic Payments, ‘Dipo Fatokun, who stated […]
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The Central Bank of Nigeria (CBN) , has extended the Bank Verification Number , (BVN), registration exercise for Nigerian Banks’ Customers leaving outside thev country to June 30, 2016. According to a circular posted on the banks’ website, Thursday, the decision to extend the deadline which was initially January 31, was as result of low […]
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THE ongoing conflict between stakeholders and the Central Bank of Nigeria over the export repatriation policy, which came into force in February 2015, has forced some non-oil exporters to abandon the sector, while others have gone underground to carry out informal exports, our correspondent has gathered. The CBN had in a circular signed by its […]
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The total domestic credit from the banking sector to the economy dropped by 0.8 per cent to N21.3trn as of the end of October 2015, statistics obtained from the Central Bank of Nigeria have revealed. The CBN in its economic report for October stated that the drop in credit to the economy was a reflection […]
Read More The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday warned Nigerians to brace for a longer period of low revenue from oil sources, which would necessitate hard and uncomfortable choices. The committee, in a communique issued at the end of its first meeting for the 2016 fiscal period in Abuja, observed that […]
Read More CENTRAL Bank of Nigeria, CBN, has refused to bow to the pressure to devaluate the Naira, as it announced, Tuesday, its decision to retain the Monetary Policy Rate, MPR at 11 per cent. It has an asymmetric corridor of +200 and -700 basis points. The Governor of the bank, Mr. Godwin Emefiele, told journalists at […]
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