World Bank to CBN: Interest rate hikes may not effectively combat inflation The World Bank has said that there is a possibility the monetary policy tightening by the Central Bank of Nigeria (CBN) would not rein inflation. In its global economic prospects report released on Wednesday, the Bretton Woods institution[Read More…]
Court orders interim forfeiture of 3 posh Abuja properties valued at N11.14bn link to Emefiele Justice Chukwujekwu Aneke of a Federal High Court sitting in Lagos has ordered an interim forfeiture of properties valued about N11.14 billion linked to the embattled former Governor of the Central Bank[Read More…]
CBN sacks 200 workers amid hardship The Central Bank of Nigeria has reportedly sacked 200 of its workers amidst the prevailing economic hardship faced by Nigerians. A senior member of staff who preferred anonymity at the Apex bank, confirmed this development to the press on Friday night. “Over 200[Read More…]
Court orders interim forfeiture of N830m, $4.7m, properties linked to Emefiele The federal high court in Lagos has ordered an interim forfeiture of $4,719,054, N830,875,611, and other assets linked to Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN). The Economic and[Read More…]
CBN orders BDCs to reapply for licenses, sets 6-month deadline The Central Bank of Nigeria (CBN) has directed Bureau De Change (BDC) operators to re-apply for new licenses This was revealed on Wednesday in a revised guideline for BDC operations, signed by Haruna Mustafa, director of the Financial[Read More…]
Emefiele arraigned for printing naira notes without ‘strict approval’, pleads not guilty The former governor of the Central Bank of Nigeria, Godwin Emefiele has pleaded not guilty to charges of printing N684 million notes at a rate of N18.96 billion without the proper approval. Emefiele was[Read More…]
CBN: Nigeria records $282m diaspora remittances in Q1 2024 The Central Bank of Nigeria (CBN) reported $282.61 million in total direct foreign exchange (FX) remittances in the first quarter (Q1) of 2024, which is a 6.28% decrease from the $301.57 million remittances recorded in Q1 2023. The data was obtained[Read More…]
CBN speaks on Inflation Rate The Central Bank of Nigeria’s governor, Olayemi Cardoso, has assured that the Monetary Policy Committee will take all necessary measures to combat and control the country’s ongoing inflationary pressures. The CBN’s hawkish stance on inflation had become obvious from the first MPC[Read More…]
CBN orders Banks to suspend charges on Deposits till September The Central Bank of Nigeria (CBN) has ordered deposit money banks and financial institutions to suspend processing fee on deposits till September 30, 2024. In a circular, the apex bank ordered that financial institutions suspend processing charges imposed[Read More…]
CBN directs banks to charge 0.5% cybersecurity levy The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to implement a 0.5 percent cybersecurity levy on transactions. This is contained in a circular signed by Chibuzor Efobi, director of payments system management and Haruna Mustafa, director of[Read More…]
