• RECESSION: CBN attacked Sanusi, claiming its former boss were behind economic crisis

    RECESSION: CBN attacked Sanusi, claiming its former boss were behind economic crisis

    The Central Bank of Nigeria on Saturday blamed past political office holders who failed to take steps to save the country for Nigeria’s present economic woes.

    The CBN said this in reaction to the several accusations of the Emir of Kano, Alhaji Muhammadu Sanusi II, on the state and handling of the economy.

    Chief among the accusations by Sanusi, a former Governor of the CBN, was that there are five exchange rates in the country.

    The CBN said it does not allocate dollars […]

  • Beware of Fake Dollar Notes – CBN Warns

    Beware of Fake Dollar Notes – CBN Warns

    The Central Bank of Nigeria (CBN) has warned Nigerians against fake 100 banknotes of Hong Kong Dollar (HK$100) in circulation.

    This was stated in an official circular issued by CBN’s acting Director of Trade & Exchange Department, WD Gotring, to all authorized dealers, Bureau De Change operators and the general public.

    CBN disclosed that they were alerted by the Hong Kong authorities on the circulation of the fake currency.

    The circular reads: “The fake notes which were printed on normal A4 paper using […]

  • Nigeria may soon become exporter of rice — CBN Director

    Nigeria may soon become exporter of rice — CBN Director

    The Central Bank of Nigeria, CBN, has stated that with the progress so far recorded through its agricultural financing policies, Nigeria will begin exporting rice to other countries before the end of next year.

    This was disclosed on Tuesday by CBN’s Acting Director, Corporate Communication, Mr. Isaac Okoroafor, during a sensitisation/awareness programme for farmers in Bayelsa State on the apex bank’s Anchor Borrowers’ Programme, ABP.

    Stating that the CBN’s ABP had started yielding fruits, he said the harvest in rice this year […]

  • Manufacturers urge CBN to reduce interest rate in the interest of the sector

    Manufacturers urge CBN to reduce interest rate in the interest of the sector

    The Manufacturers Association of Nigeria (MAN), yesterday pleaded for a rate cut to revive the sector, stressing that the Monetary Policy Rate (MPR) at 14 per cent by the apex bank would retard the sector’s growth.

    President Frank Jacobs, president of MAN, told the News Agency of Nigeria (NAN) in Lagos that the 14 per cent MPR would not boost domestic production.

    He said maintaining the present rate would prevent manufacturing from coping with the current recession.

    Central Bank Governor Godwin Emefiele had […]

  • Collateral Register: CBN has overreached its powers -Dogara

    Collateral Register: CBN has overreached its powers -Dogara

    Hon. Yakubu Dogara, Speaker of Nigeria’s House of Representatives, has stated that the Central Bank of Nigeria (CBN) cannot change the laws of the land under the pretext of promoting “sound financial system.”

    Dogara said this while speaking at the public hearing organised by the House Committee on Commerce on “A Bill for an Act to Provide For Secured Transactions” on Monday, stating that the CBN’s regulations for a collateral register, may have overreached its powers.

    Speaking on the secured transaction bill, […]

  • Naira has lost 85 percent of its value in two years – CBN

    Naira has lost 85 percent of its value in two years – CBN

    The Central Bank of Nigeria, CBN, has revealed that the nation’s currency has lost about 85 per cent of its value in the last two years, harping on the need for risks managers in banks to brace up to the risks facing the banking sector.

    The Director, Banking and Payment System, CBN, Mrs. Tokunbo Martins, stated this at the weekend in a presentation made at a round-table discussion organised by the Risk Managers Association of Nigeria, RIMAN, in Lagos.

    She said the […]

  • CBN released $867 million in October

    CBN released $867 million in October

    In continuation of its resolve to ease foreign exchange pressure on the strategic actors of the economy, the Central Bank of Nigeria (CBN) granted access to about 7,792 requests for $867 million in October.

    According to statistics obtained from the CBN’s website, the raw materials sector received about $355.75million or 40.99 per cent of the total value of forex utilisation for the month at $867.8 million..

    The data also show that other end users like the manufacturing and petroleum industries got access […]

  • Naira gets weaker as recession deepens while CBN maintains monetary policy

    Naira gets weaker as recession deepens while CBN maintains monetary policy

    Tuesday saw the naira weakening against the dollar, few hours after the CBN maintained its benchmark interest rate at 14 per cent, and endorsed the crackdown on parallel market traders by security operatives.

    It lost N5 to exchange at N470 to the dollar at the parallel market from N465 it traded on Monday, while the Pound Sterling and the Euro closed at N565 and N495, respectively.

    At the Bureau De Change window, the naira was sold at N390, CBN controlled rate, while the Pound […]

  • CBN, private sector, Niger state govt. team up to train 2000 youths

    CBN, private sector, Niger state govt. team up to train 2000 youths

    The Central Bank of Nigeria and the African Community Bridge Foundation, has disclosed that 2, 000 youth from Niger state have benefitted from its youth entrepreneurship skills acquisition programme for North Central.

    Programme Director for North Central zone, Prof. Casmiar Obialom, made this known at the inauguration of the 1st Young Entrepreneurs Fair on Tuesday in Minna, the Niger state capital.

    Obialom said: “The CBN, ACBF and Niger state government recently trained 2,000 youth from the state in various entrepreneurship skills to make them self […]

  • Monetary policy rate to remain at 14 per cent despite recession -CBN

    Monetary policy rate to remain at 14 per cent despite recession -CBN

    The CBN Governor, Mr. Godwin Emefiele, has announced the decision of the Monetary Policy Committee of the Central Bank of Nigeria committee to leave the Monetary Policy Rate unchanged at 14 per cent.

    At the end of a two-day meeting held at the apex bank’s headquarters in Abuja, Emefiele explained that all the 10 members that attended the meeting agreed to maintain the current monetary policy stance.

    Apart from the MPR which was retained at 14 per cent, the governor said the committee also […]

  • CBN distances itself from recommendation to jail foreign currency holders

    CBN distances itself from recommendation to jail foreign currency holders

    The Central Bank of Nigeria has denied being a party to a recommendation by the Nigerian Law Reform Commission which recommended a review of the Nigerian Foreign Exchange Act to the Senate, with a legislation that seeks to bar citizens from holding foreign currencies for more than 30 days.

    It also recommended that people who have foreign currencies in their possession for more than 30 days should be jailed for up to two years or pay a fine of 20 per cent of […]