Senate yesterday took steps to curb alleged recklessness of the Central Bank of Nigeria (CBN) on use of intervention funds. The upper chamber frowned at alleged expenditure of ₦1.23trillion by the apex bank in 2015 without recourse to law. The amount, the lawmakers said, far exceeds five per cent of CBN total revenue in 2014 […]
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The naira closed flat at ₦386 against the United States dollar on the parallel market on Monday, the same rate it closed on Friday. This was despite a $457.3m injection into various segments of the forex market by the Central Bank of Nigeria on Monday. The central bank has continued to supply into the foreign […]
Read More Gap between the official and black market rates is shrinking – courtesy of the Central Bank of Nigeria (CBN), which has pumped over $4 billion into the interbank, bureaux de change, wholesale spot and forwards auction. The injection has been in the last three months. The exchange rate gap yesterday narrowed to ₦80 from ₦214 […]
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The Senate on Monday took a swipe at the Central Bank of Nigeria and beneficiaries of the N120bn released to the aviation sector out of the N500bn intervention fund for the power and the Small and Medium-scale Enterprises sectors in 2011. According to Punchng, The Senate Committee on Aviation and Anti-Corruption, at a public hearing, […]
Read More The National Assembly yesterday raised concern about the implementation of the N500 billion special intervention fund, a cardinal programme of the Buhari administration. The lawmakers were categorical that though the plan by the Federal Government to spend N500 billion on vulnerable Nigerians is laudable, its implementation will pose problems. According to The Nation, Chairman, Senate Committee […]
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