CBN
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The Central Bank of Nigeria (CBN) has established a minimum operating capital requirement for International Money Transfer Operators (IMTOs) at $1 million for foreign entities and an equivalent amount for local IMTOs. This significant development was outlined in the revised guidelines for the operation of IMTOs, which were officially released on January 31, 2024. According…
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The former Accountant General of the Federation, Ahmed Idris, has accused the EFCC of deceiving him to admit to the allegations of N109bn fraud against him. The ex-AGF claimed that the EFCC told him they wanted to use him to get the minister of finance and some other governors. Idris and his co-defendants are standing trial…
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The Central Bank of Nigeria (CBN) on Wednesday said the Net Open Position (NOP) limit of banks’ overall foreign currency assets and liabilities both on and off-balance sheet should not exceed 20 percent short or 0 percent long of shareholders’ funds unimpaired by losses using the gross aggregate method. This was disclosed in a circular…
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Good morning from MZIESBLOG! Here is today’s summary from Nigerian Newspapers: 1. Indications emerged on Thursday that the Central Bank of Nigeria leadership will hold meetings with the shareholders of Union Bank of Nigeria, Polaris Bank and Keystone Bank this weekend or early next week as a follow-up to the sack of the boards of directors…
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The Central Bank of Nigeria, CBN, on Wednesday disolved the boards of Union Bank, Keystone Bank and Polaris Bank. All affected banks are involved in the special investigations into how the CBN was run under the ex-CBN governor, Godwin Emefiele. Sidi Hakama, the acting Director of Corporate Communications at CBN, disclosed this in a statement…
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As the 2023 financial year winds up, the Office of the Accountant General of the Federation (OAGF) has issued a stern notice to all Ministries, Departments, and Agencies (MDAs) regarding the closure of 2023 accounts and the commencement of 2024 budget access. The notice came in the annual Federal Treasury Circular with reference number TRYA7&B7/2023/OAGF/CAD/026/Vol.V/823…
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The Central Bank of Nigeria (CBN), has assured the banking public that Nigerian banks are buoyant. The CBN said this in a statement issued by its Acting Director, Corporate Communications, Hakama Sidi Ali. Ali’s statement was informed by reports in sections of the Nigerian media that some Deposit Money Banks had failed the apex bank’s…
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The Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, said monetary policy measures put in place by the apex bank would substantively tackle Inflation in the next two quarters. Cardoso disclosed this on Friday during his remark at the 58th Bankers Dinner of the Chartered Institute of Bankers of Nigeria in Lagos. According…
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The Central Bank of Nigeria, CBN, has postponed the meeting of its Monetary Policy Committee, MPC, for the second time since September 2023. Isa Abdulmumin, the director of corporate communications of the apex bank, confirmed that the MPC meeting will not be held. Since the appointment of Olayemi Cardoso, the meeting of the MPC –…
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The Central Bank of Nigeria insisted its monetary policy reforms had impacted the deceleration of prices in the country despite the rising inflation rate. MEZIESBLOG reports that Nigeria’s October inflation, which stood at 27.33 per cent, represents an 18-year high. But, the apex bank’s Director of Corporate Communications, Isa AbdulMunin, reacting to the National Bureau…
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Nigeria’s currency, the Naira, on Wednesday slumped to N1080 per Dollar at the foreign exchange parallel Market. Dayyabu Ashiru, a Bureau De Change operative in Wuse Zone 4, disclosed this to reporters. According to him, the naira depreciated between N1,060 and N1,100 to the Dollar in the BDC market. “We are selling between N1060-N1080 to…
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The Central Bank of Nigeria, CBN, on Thursday restored the 43 items previously prohibited from access to foreign exchange (FX). Isa AbdulMumin, Director of Corporate Communications at CBN, disclosed in a statement on Thursday. The apex bank reiterated its commitment to ending the foreign exchange crisis. It added that it is working towards an FX…
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The newly confirmed Central Bank of Nigeria, CBN, Governor, Dr. Olayemi Cardoso has disclosed plans to shore up the country’s Gross Domestic Product, GDP, to $1 trillion in eight years. Cardoso spoke while answering questions from senators during his screening and confirmation as the governor of the apex bank. Those confirmed as deputy governors are:…
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The planned arraignment of the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, stalled at the Federal Capital Territory High Court, Abuja, on Thursday. Although Emefiele was present, the arraignment could not be held as the second defendant, Saadat Yaro, was absent. Counsel to the Federal Government and Director of Public Prosecution…
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The Central Bank of Nigeria’s Monetary Policy Committee has moderately hiked monetary policy rates to 18.75 per cent. The acting Governor of the Central Bank of Nigeria, Mr Folashodun Shonubi, disclosed this on Tuesday at the press briefing at the end of the 292nd MPC meeting. MEZIESBLOG recalls that the Central Bank of Nigeria (CBN),…
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A Federal High Court sitting in Lagos on Tuesday granted the immediate past Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele bail. The court granted Emefiele bail in the sum of N20 million and a surety in like sum. This followed a two-count charge of illegal possession of firearm levelled against him by…
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