CBN

Inflation hits 16.5%, highest in 11 years

Nigeria’s inflation rate has increased to 16.5% in June, the highest in almost 11 years. This increase is presently making the task of the Central Bank of Nigeria, CBN, more difficult in an economy which is at risk of contracting this year. According to the National Bureau of Statistics, the inflation rate in Nigeria’s economy... Read More

CBN, inflation, National Bureau of Statistics, Nigerian Economy, prices

EFCC probes 25 persons over $219k cash withdrawal

The Economic and Financial Crimes Commission, EFCC, is investigating the Director General and 24 other officials of a Federal Government parastatal under the Foreign Affairs Ministry. The DG and members of staff have been questioned over the withdrawal of $219,000 (about N66 million) from the account of the Nigerian Technical Cooperation Fund, NTCF. The money... Read More

$219000 cash withdrawal, 24 members of staff, CBN, DG, EFCC, Nigerian Technical Cooperation Fund, NTCF

THE YNAIJA TRACKLIST: PDP wants Sheriff arrested | ASUU rejects JAMB points system | Container kills 7 in Lagos | More

From the papers today- a tracklist JAMB cannot decide admission process for autonous universities- ASUU Guardian FG condemns murder of Nigerians in diaspora Vanguard Container tumbles off, kills 7 people Punch CBN insists all Nigerian banks are safe YNaija Governor Ambode wants Muslims to sustain the morality displayed during Ramadan Punch Army reopens key Borno... Read More

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adeboye, APC, Buhari, CBN, EFCC, egal, Federal Government, law, London, Militants, newspapers, nigerians, nuhari, Osinbajo, PDP, police, review, sheriff, shinkafi, skye, tracklist

CBN to Nigerians: ‘No need for panic withdrawals from any bank’

Following rumours making the round on social media platforms that some banks in Nigeria were facing distress, the Central Bank of Nigeria, on Wednesday, decried the reports as unfounded and untrue. The apex bank made this known in a statement signed by Isaac Okorafor, Ag. Director, Corporate Communications. The CBN said the appointment of a new board and... Read More

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bank, CBN, distress, Issac okorafor, nigerians, rumours, Skye Bank, w]panic withdrawal

The Big 5: These are the stories you should be monitoring today

These are the top five stories to monitor today. Ramadan fast continues Absence of the new moon has caused the Islamic leaders in Nigeria to move the Ramadan celebration to Wednesday. 2. House of Rep condemns FG’s approach to IDP situation The House of Representative has condemned the efforts being made by the federal government... Read More

Buhari, CBN, fast, FG, house, IDP, Ramadan, Sherff

The CBN is not interfering in new exchange rate regime – Emefiele

Governor of the Central Bank of Nigeria, Godwin Emefiele, on Monday, said that the apex bank is not interfering in the recently introduced foreign exchange regime, with claims that the prices are determined by market forces. The CBN governor stated this while speaking at a press conference in Lagos. He noted that it was necessary to... Read More

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bank, CBN, Emefiele, Forex, Governor, interfere, market

Nigerians will not buy airline tickets in foreign currency anymore – This is why

Airlines operating in Nigeria have been warned by the Nigerian Civil Aviation Authority (NCAA) to desist from selling flight tickets in foreign currencies with immediate effect. The NCAA had apparently got wind of some of the practices of some airlines that reject naira only to accept foreign currencies in payment for their tickets. In a... Read More

airlines, CBN, dollar, economy, money, naira, plane

Opinion: 6 success factors for state government’s TSA implementation

By Jubril Gawat Top on the 22 stringent conditions dished out by the Federal Government, which the 36 states must fulfill to be eligible to draw from the N90 billion set aside to bail out states facing severe financial difficulties, is the implementation of Treasury Single Account (TSA). Most Nigerian states are broke and unable... Read More

banks, CBN, nigeria, states, TSA

‘Tell EFCC to leave Fani-Kayode for his wife’ | Lawyer tells court

The trial of a former minister of aviation, Femi Fani-Kayode resumed on Friday, at a Federal High Court in Lagos with the defense counsel explaining to the presiding judge, Justice M.S Hassan why his client should get bail. Fani-Kayode was charged to court by the Economic and Financial Crimes Commission (EFCC) for allegedly being complicit... Read More

CBN, corruption, EFCC, fani-kayode, Nemadi Usman, trial

CBN to give N3m loan to NYSC members

The Central Bank of Nigeria of Nigeria has disclosed that it set aside N2.5 billion loan for members of the National Youth Service Corps with profitable business ideas. According to the apex bank, the money was set from the N220 billion Micro, Small and Medium Enterprises Development Fund and that it would be given to corp members... Read More

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Business, CBN, certificate, corp, entrepreneurship, loan, nysc

How we lost over N50bn in one week – Dangote

Africa’s richest man and President of Dangote Group, Aliko Dangote revealed on Saturday, that his company lost N50 billion to the recently introduced flexible foreign exchange policy. The Central Bank of Nigeria (CBN) last week Monday, put an end to the dual exchange rate regime and introduced a single window for the trade in naira. Speaking when Vice... Read More

CBN, Dangote, forex policy, Loss, naira, VP Osinbajo

We’ll soon go after banks, MDs – EFCC boss, Magu

The Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, on Friday, expressed his resolve to fight the war against corruption to the very end, noting any Nigerian that commits economic crime will pay for it. The anti-graft chief said the EFCC will be going after bank workers and against banks who commit any form... Read More

banks, CBN, corruption, EFCC, gratft, halliburton.arrest, Magu, prosecute

Opinion: FG’s tubers of yam and 4 other things

By Simon Kolawole The naira has just been effectively devalued — so why are some people jubilating? The way economists, financial experts, bankers and analysts were celebrating on Wednesday would make you think crude oil price had just hit $120 per barrel and Nigeria’s production level has risen to 2.5mbpd. But no. The CBN had... Read More

Buhari, CBN, dollars, economy, Emefiele, money, naira, simon kolawole

efcc freezes accounts

The Big 5: These are the stories you should be monitoring today

These are the top five news stories to monitor today. 1) Ex-militants say Jonathan’s associates behind militancy The Movement for the Emancipation of the Niger Delta (MEND) has reiterated its earlier assertion that associates of former President President Goodluck Jonathan are behind the recent raise in militancy. 2) Obanikoro sues EFCC Following the invasion... Read More

banks, CBN, EFCC, Forex, jonathan, MEND, Militants, Obanikoro

CBN does a turnaround, allows all banks to be primary forex dealers

The Central Bank of Nigeria (CBN) is believed to have thrown the door open for all banks in the country to be Foreign Exchange Primary Dealers (FXPD). After the CBN unveiled the new forex policy guidelines on Wednesday, it was discovered that some of the conditions for banks was to have two of the following... Read More

banks, CBN, CBN guidelines, Forex dealers, FXPD

The week ahead – A light has appeared at the tunnel’s end

The CBN has finally let go of pegs on the naira, allowing the market forces to determine the true value of the local currency against other currencies across the world. Godwin Emefiele, governor of the CBN, said that the bank will operate a single trading window, which will take off on June 20, 2016, adding... Read More

CBN, dollar, Godwin Emefiele, naira, NBS, SBM Intelligence

Oluwatosin Olaseinde: With the new forex policy, Nigeria is now open for business (Y! Naira&Kobo)

Finally, details of the much awaited FX market structure announced in the May MPC meetings are here. The CBN has finally addressed its primary function to maintain stability for the country’s price and money, issuing legal currency and maintaining foreign reserves to ensure the international value of the domestic currency. Other functions of the CBN... Read More

’50 Naira Hundred Naira’, Business, CBN, economy, Forex, naira&kobo, new policy, nigeria

A citizen’s guide to the new CBN forex policy

Governor of the Central Bank of Nigeria, Godwin Emefiele, on Wednesday, June 15, announced the new flexible exchange rate market. To many Nigerians who don’t fully grasp the complexities of the forex market, below is a simplified guide – from the Presidency – which would help with a better understanding. The market shall operate as... Read More

CBN, exchange rate, forex policy, Godwin Emefiele, nigeria

15 things to know about CBN’s new forex policy

The Central Bank of Nigeria on Wednesday, released guidelines for the new flexible foreign exchange policy. The announcement was made by governor of the apex bank, Godwin Emefiele, during a press conference in Abuja. The CBN governor disclosed that the new policy will officially begin on Monday,June 20. Here are 15 key things to know... Read More

CBN, FG, Forex, guidelines, new, nigeria, policy

Just in: CBN allows Naira to float

After more than a year of trying to control the Nigerian currency, the Central Bank of Nigeria (CBN) has finally hands off the Naira to allow market forces to determine the true value of the currency. This was made known by the governor of the apex bank, Godwin Emefiele, during a press conference in Abuja,... Read More

bank, CBN, Emefiele. naira, float, market force

Morning Devotion: What LeBron and CBN have in common – #TheDecision

Joachim MacEbong talks about that LeBron and CBN have in common. #TheDecision Take a listen. https://soundcloud.com/ynaijaonline/morning-devotion-episode-26 [Recap from yesterday] Ban on rice importation causing hunger, Electricity operators take NERC to court, Buhari reverses on forex policy and PDP move from crisis to crisis. Take a listen. https://soundcloud.com/ynaijaonline/morning-devotion-episode-25

#TheDecision, Buhari, CBN, Electricity, Forex, joachim macebong, Lebron, morning devotion

CBN to unveil new Forex guidelines today

The Central Bank of Nigeria, on Tuesday, announced that it will release a new Foreign Exchange (FOREX) guideline on Wednesday, June 15. The bank made the announcement on Tuesday, through its Twitter account. The CBN had tweeted: #CBN set to release new Guidelines on flexibility in the Foreign Exchange Market structure on Wednesday, June 15, 2016... Read More

bank, CBN, Forex, guideline, Monetary police

‘Ambitious’ Wike gets the nod for another multi-billion naira loan

The Rivers State House of Assembly, on Friday, granted the request of Governor Nyesom Wike to borrow N12 billion from the Central Bank of Nigeria According to the Punch, the loan request was passed by the lawmakers after an extensive debate was done. Arguing for the loan request, members of the House pointed out that... Read More

approve, borrow, CBN, corruption, Governor, lawmakers, loan, request, Rivers State, wike

Foreign Airlines: “When they were not here, were we not flying?” – Amaechi

Foreign airlines are having a difficult time operating in Nigeria and some were recently reported to have ended their operations in Nigeria. The reason for this is attributed to the inability of foreign carriers to repatriate their revenues to their home countries. This is as a result of the federal government’s foreign exchange policy that... Read More

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CBN, economy, Foreign airlines, Forex, IATA, nigeria, Rotimi Amaechi

Opinion: The GEJ Central Bank of Nigeria, the economy and Buhari’s cross

By Dele Awogbeoba On the third of June 2014, Godwin Emefiele became the governor of the Central Bank of Nigeria. Godwin Emefiele heads a Monetary Policy Committee where 10 of the 12 members (the permanent secretary of the ministry of finance and the Accountant-General of the federation being the only members appointed by President Buhari)... Read More

CBN, CRR, economy, Goodluck Jonathan, nigeria, President Muhammadu Buhari

‘Buhari has done what he promised’ – Garba Shehu

The Senior Special Assistant (Media and Publicity) to President Muhammadu Buhari, Garba Shehu, on Sunday, dismissed the widespread insinuation that the President failed to list individuals from whom stolen assets were recovered from. The Presidential spokesperson in a statement posted on his Facebook page noted that President Buhari has kept his words and has given... Read More

asset, Buhari, CBN, facebook, Garba Shehu, list, looted, Promise

Opinion: Who is afraid of Fani-Kayode?

By Jude Ndukwe The current travails of Femi Fani-Kayode in the hands of the Economic and Financial Crimes Commission, EFCC, had long been expected. In fact, with developments leading to his arrest, Fani-Kayode thinks the EFCC came too late. This is because owing to the current administration’s aversion to criticism even of the slightest and... Read More

Buhari, CBN, corruption, diezani, EFCC, fani-kayode, fear, nigeria, securty, tyrant

Ladies and gentlemen, fuel scarcity is about to return

by Chi Ibe Oil marketers have still not resumed the importation of petrol despite the sharp increase in its pump price. The Cable is reporting a government source who describes it as “a stab in the back” . To resolve the foreign exchange crisis affecting the Nigerian National Petroleum Corporation (NNPC) as only importer of... Read More

CBN, central bank, Fuel, fuel scarcity, importation, NPC, pump price, subsidy

Senate wants Adeosun and Emefiele to explain why the economy is in a mess

The Senate has requested the presence of the Minister of Finance, Kemi Adeosun and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele before it to explain the current state of the country’s economy to the senators. The Senate today discussed the current state of the country’s economy after the Chairman, Senate Committee... Read More

adeosun, CBN, dollars, economy, Finance, Forex, naira, recession, Saraki, senate, senators

Morning Devotion: A new Oshodi loading, a confusing CBN decision & more on Fayose

This morning Joachim discusses the new look Oshodi is going to have as well as CBN current decision and more on Fayose. Take a listen. https://soundcloud.com/ynaijaonline/morning-devotion-episode-11

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ambode, CBN, Fayose, joschim macebong, Monetary Policy Committee, morning devotion, oshodi

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