CBN

Flashback: 2011, when Lamido Sanusi predicted this turn of events

Former Governor of Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, who later became a whistleblower before ascending to the throne of the Kano Emirate, may have been a prophet, or an economist with foresight. In a 2011 video as he defended fuel subsidy removal alongside finance minister, Ngozi Okonjo-Iweala, Sanusi could be seen prophesying... Read More

Buhari, CBN, emir, Governor, jonathan, sanusi, subsidy

Report: Buhari devalues Naira 290 to Dollar

President Muhammadu Buhari has agreed to demands to devalue the Nigerian currency to N290 against the dollar, according to SaharaReporters. This is coming just barely a day after removal of fuel subsidy by the Buhari administration, increasing the price of fuel to N145 a liter. According to the report, President Buhari made the decision together with... Read More

CBN, dollar, IMF, President Muhammadu Buhari

The CBN just issued a circular – and it tells ATM users what they already know

The Central Bank of Nigeria has issued a circular in regards to the use of Automated Teller Machines across the country. In a 48-paged document, the CBN stated the guidelines for the operation of the ATMs across the country. But the document doesn’t really tell you anything groundbreaking. This for example: The Standards – Standards... Read More

atm, banks, CBN, money, nigeria

Forex: How Nigeria lost $10bn in 4 months to ‘unlicensed currency hawkers’

As a result of the limitations on forex by the federal government, Nigerian banks are reportedly redirecting dollar from licensed Bureaux De Change operators to unlicensed currency sellers in a dubious effort to make profit. According to an investigation conducted by The Nation, the country has lost about $10 billion from such practices in the... Read More

banks, BDC, CBN, nigeria

UBA, GTB, Zenith and Sterling Banks fined N3.2bn by CBN [DETAILS]

A collective fine of N3.2bn has been imposed on United Bank for Africa Plc, Zenith Bank Plc, Guaranty Trust Bank Plc, and Sterling Bank Plc by the Central Bank of Nigeria. The four leading financial institution were said to have committed various kinds of regulatory infractions during the 2015 financial year. UBA – the most... Read More

CBN, gtb, Sterling, UBA, zenith

EFCC boss, Ibrahim Lamorde, to be investigated by EFCC | YNaija.com

THE YNAIJA TRACKLIST: Lamorde trial delayed due to 2016 budget | SERAP warns CBN to withdraw job offers or get sued | More Stories

El-Rufai says payroll verification exercise helped save N500 million monthly. Leadership Lamorde trial delayed due to 2016 budget. Punch NEPC to create 1.5 million jobs in the next five years. Vanguard Withdraw job offers or face legal action-SERAP warns CBN. Leadership Sacked Imo SSG says his removal was an act of God. Vanguard This is... Read More

CBN, CCT, Imostate, Orubebeb, Oshiomhole, SSg, tracklist

SERAP to sue CBN, Emefiele over secret recruitment (READ)

Following the massive public outcry against the secret recruitment of hundreds of children and relatives of inflential political figures in the country by the Central Bank of Nigeria, an advocacy group- Socio-Economic Rights and Accountability Project (SERAP) has requested the Bank to cancel the employments or face the consequences. SERAP, in an open letter to... Read More

Buhari, CBN, Nigerian, Recrutiment, SERAP

Opinion: The hypocrisy of ‘change’ and ‘targeted’ CBN recruitment

The CBN illegal recruitment scandal jolted everyone. Not that it was anything out of the ordinary to the ears of the average Nigerian but it had an angle never-before-seen. The ‘unofficially’ official version had fingered one Mrs Chizoba Mojekwu, a former director of human resources at the bank now deployed to Capacity development and IT... Read More

CBN, mighty, Recruitment, rich, secret

House of Reps to probe ‘illegal’ secret recruitment of 909 persons into CBN

The alleged secret recruitment 909 employees by the Central Bank of Nigeria, will be investigated by the Federal House of Representatives. The Central Bank Governor, Godwin Emefiele, has been alleged to have given juicy appointments to children and relatives of highly placed individuals in the federal government and in the ruling All Progressive Congress (APC).... Read More

Featured, The News Blog

CBN, House of Reps, PROBE

‘They are people of certain classes’ | CBN defends appointment of Buhari’s nephew, 90 others

The Acting Director of Corporate Communications of the Central Bank of Nigeria, Isaac Okorafor has tried to explain the alleged nepotism of the apex bank which is reflected in the secret recruitment of the wards of some national leaders. News outlet, Sahara Reporters had uncovered the secret recruitment of some relatives of President Muhammadu Buhari,... Read More

Buhari, CBN, children, north, Sahara Reporters

How CBN governor gave ‘juicy appointments’ to children of APC leaders, government officials

About 91 persons are alleged to have been recently offered ‘juicy appointments’ into the Central Bank of Nigeria (CBN) through the influence of highly placed individuals in the federal government and in the ruling All Progressive Congress (APC). According to Sahara Reporters, the process through which the individuals were offered the appointments was highly selective. Among... Read More

CBN, Emefiele, job appointment

BREAKING: Explosion rocks CBN Calabar

A gas explosion rocked a section of the Central Bank of Nigeria (CBN) office in Calabar, Cross River state on Friday morning. The CBN spokesman, Isaac Okorafor, who confirmed the incident, also revealed that no death was recorded from the incident. He further added that the fire has been successfully put out. “There is a gas... Read More

calabar, CBN, Fire, Gas explosion

Plot to defraud CBN uncovered [DETAILS]

The Central Bank of Nigeria has announced the discovery of a highly sophisticated plan to defraud the apex bank by some criminally-minded elements. The CBN however, disclosed on Thursday, that the plot has been aborted by officials of the bank. It was also revealed that all the key personnel of the CBN involved in the... Read More

CBN, Corporate Communications, defraud, Mr. Isaac Okorafor

Opinion: Nigerians apathy and the result of ‘No Banking Day’

In September 2003, the National Association of Telecommunication Subscribers (NATCOM) and the Consumer Rights Project (CRP) spearheaded a campaign for Nigerians to switch off their mobile telephones in protest of the high tariffs charged by the two dominant networks back then – MTN and ECONET. The protest was as a result of the delay in... Read More

banks, Cafon, CBN, charges, money, nigeria

‘$20bn lying idle in bank accounts of Nigerians’ – CBN

About $20bn (N3.94tn) is lying idle in different domiciliary accounts of Nigerians, the Central Bank of Nigeria revealed on Thursday. The disclosure was made by the Deputy Governor, Financial System Surveillance, CBN, Dr. Joseph Nnana, during a meeting of the Joint Appropriation Committees of the National Assembly with government officials on the 2016 budget. Nnana... Read More

$20bn, bank accounts, CBN, CBN NNPC clash over alleged diversion, lying idle, nigerians

Former CBN Director kidnapped

A former Director of Foreign Operations at the Central Bank of Nigeria (CBN), Joseph Ogedegbe is reported to has been abducted by unidentified gunmen at St. Michael’s Anglican Church in Emevor, Isoko North Local Government Area (LGA), Delta State. According to Sahara Reporters, the 91-year-old Ogedegbe, who retired from the CBN in 1978, was ambushed... Read More

CBN, former Director, kidnapped, retired

February 27, 2016

CBN governor reshuffles Central Bank management

Governor of the Central Bank of Nigeria, Godwin Emefiele, has reshuffled the Directors of the bank and assigned them to new positions, following accusations of mismanaging the Nigerian economy and foreign exchange. The Director of Corporate Communications, Alh. Ibrahim Muazu, has been moved to the Strategy Management Department (SMD), while his office remains vacant, as... Read More

CBN, economy. reshuffle, Governor, management

February 19, 2016

‘There’s no ban on forex for school fees, medical bills’ – CBN

The Central Bank of Nigeria has stated that, at the moment, there is no ban on the allocation of foreign exchange for the payment of medical bills abroad and school fees. The disclosure was made on Friday, by the Director, Corporate Communications of the CBN, Alh Muazu Ibrahim. According to Ibrahim, the CBN was compelled... Read More

CBN, Forex, medical bills, school fees

February 16, 2016

Fresh bailout request: Aregbesola slams PDP… but denies nothing

Governor of Osun state, Rauf Aregbesola has condemned the Peoples Democratic Party in the state for questioning his fresh request for bailout funds from the Central Bank of Nigeria. The Peoples Democratic Party in Osun state through a statement released by the Director of Publicity, Diran Odeyemi had criticised Aregbesola for begging the CBN for... Read More

APC, CBN, Osun State, PDP, RAUF AREGBESOLA

February 15, 2016

Opinion: Reviving the dying economy of Nigeria, the snoring giant

On January 28th, 2016 Channels Television aired a community programme where a man in Benin, Edo State with little education and has never left the shores of Nigeria was able to build an operational unmanned aerial vehicle (UAV), commonly known as drone, without any special training using everyday tools and parts within his environment. This... Read More

CBN, economy, naira

February 12, 2016

Opinion: The fiddling, fumbling Godwin Emefiele

The number one banker in a West African nation is currently fiddling with his country’s currency whilst it’s economy burns. He is doing it exactly the same way Emperor Nero fiddled with his fingers hundreds of years ago whilst Rome was burning to ashes. Godwin Emefiele, the CBN Governor of Nigeria is the villain I’m... Read More

CBN, economy, Godwin Emefiele

February 8, 2016

Opinion: TSA- enhancing autonomy, research and transparency

At no point in the history of contemporary Nigeria has government been able to fully account for all its funds, at once, from a single consolidated view, until now. Thanks to the Treasury Single Account, TSA, which makes this possible. The TSA initiative is not only to the advantage of the federal government and its... Read More

CBN, nigeria, Treasury Single Accounts, TSA

February 8, 2016

Sanusi faults Buhari, CBN economic policy, says corruption is being encouraged (READ)

The Emir of Kano, Muhammad Sanusi, who is also the immediate past governor of the Central Bank of Nigeria, has described President Muhammadu Buhari’s endorsement of the CBN forex policy, as an encouragement of corruption. In a recent discussion with Financial Times, while praising the president’s removal of “wasteful and corrupt fuel subsidies”, the Emir... Read More

Buhari, CBN, Economics, sanusi

February 6, 2016

TSA: ‘We mopped up over N2.2trn in 3 months’ – Buhari

President Muhammadu Buhari says his administration has been able to save N2.2 trillion for the country, within three months, through the enforcement of the Treasury Single Account, TSA. Buhari revealed this on Thursday night, in London during a meeting with Nigerians resident in the city. President Buhari said that when he took over, the Nigerian... Read More

Featured, The News Blog

CBN, nigeria, president buhari, Reps question ministry’s N2.6bn warehoused in CBN, TSA

January 26, 2016

The naira will not be devalued by CBN – Emefiele

The Monetary Policy Committee (MPC) on Tuesday, voted against the devaluation of the Nigerian currency- naira. The decision puts to bed the speculations regarding the steps the Central Bank of Nigeria intends to take as the naira crashes further. According to the CBN Governor, Godwin Emefiele- instead of devaluing the naira, CBN would lower the... Read More

CBN, Governor, naira

January 20, 2016

Economic downturn: FG to charge N50 on bank transactions

by Emeka Nwankwo In a move by the Federal government to create non-oil revenue, the Central Bank of Nigeria has mandated all commercial banks, as well as financial institutions, to collect N50 stamp duty from bank customers for money paid into their accounts. This was contained in a circular sent to all Deposit Money Banks... Read More

banks, CBN, FG, N50, nigeria, postal stamp, transactions

January 18, 2016

Jonathan made CBN the ATM of the Presidency – Soludo

Erstwhile Governor of the Central Bank of Nigeria, Prof. Chukwuma Soludo, has accused the administration of former President Goodluck Jonathan of running the Central Bank of Nigeria like the late Ugandan dictator, Idi Amin Dada. Soludo also said the former presidency turned the CBN into a cash-producing Automated Teller Machine. The former CBN governor stated this in an interview... Read More

Featured, The News Blog

atm, CBN, Charles Soludo, Goodluck Jonathan, Presidency

December 28, 2015

THE YNAIJA TRACKLIST: Shehu Sani adopts 60 children | ‘2016 budget doesn’t need crude oil’ | Man struck by a train, survives | More stories

Amaechi says FG will complete Abuja-Kaduna railway in2016. Leadership Nigerian troops, Boko Haram engage in a gun battle in Maiduguri. This Day Obasanjo has a word for the rich. YNaija FG wants to involve EFCC, DSS in prosecution of pipeline vandals. This Day Shiite members seek release of El-Zakzaky. Leadership CBN explains why Naira ATM cards was... Read More

Amaechi, CBN, Fayemi, FG, Kachikwu, petrol, Shiite, tracklist

December 28, 2015

Why ban on ATM card use abroad can’t be reversed – CBN

The Central Bank of Nigeria says it has no power to reverse the restriction placed on the use of Automated Teller Machine cards abroad. The apex bank said it’s in support of the Deposit Money Banks’ decision to place a restriction on the use of ATM cards abroad. The CBN said the move which will... Read More

abroad, atm, ban, CBN, Nigerian students abroad

December 27, 2015

5 reasons why it’s a bad idea to ban use of ATM cards abroad – Ben Murray-Bruce

Senator Ben Murray-Bruce says the proposed ban on the use of Nigerian ATM cards abroad, will adversely affect average Nigerians, who have come to depend on it for various modes of foreign transactions. Murray-Bruce, advised the Central Bank of Nigeria and the Federal Government that ‘politically exposed people’ like himself should be stopped from using... Read More

abroad, atm, Ben Murray Bruce, BVN, CBN, nigeria

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