by James Sambo The Central Bank of Nigeria (CBN), has officially devalued the Naira. The devaluation took place overnight, as the Nigerian currency will now trade at an official rate of N199 per US Dollar. More to follow on this story…
by Ranti Joseph The Federal Government has reduced the collateral requirement for the N220billion Micro Small and Medium Enterprises (MSMEs) fund from 75% to 50% and also dropped the interest percentage to banks from 3% to 2%. The reduction in collateral requirement is expected to progressively reduce between six to nine months. Also two per... Read More
by Godwin Akanfe The Central Bank of Nigeria has issued a circular which has effectively closed the interbank market. As at the morning of Friday, February 13, only one-way, zero margin deals will be allowed as the regulator says it will be giving an intervention imminently. According to the circular, if traders have legitimate transactions,... Read More
by Jewel Stephen Trading on the interbank market was temporarily suspended on Wednesday as the Naira continued it’s downward trend against the dollar. The Naira is reported to have dropped to N205 to a dollar, forcing market operators to engage a circuit breaker and allow the market cool off. As at the point of filing... Read More
by Chi Ibe We hope that this would not be a short-lived honeymoon and we shall not once again see ourselves thrust into gutter politics by either or both candidates. Let’s be clear – what the former Central Bank governor, Charles Soludo did last week was as far from altruistic as America is from post-racial.... Read More
Katsina Government college has released the secondary school statement of result of the presidential aspirant of the All Progressives Congress, Muhammadu Buhari. Buhari sat for the exam and graduated from the school, which was formerly known as ‘Provincial Secondary School, Katsina’, in 1961. News platform, Premium Times obtained the computer printout and statement of result, signed... Read More
by Tunji Andrews As the Nigerian economy continues to be hit by several shocks, the all share index of the Nigerian stock exchange dipped to new lows on Thursday, after falling for the fourth consecutive day to close at 31,062.03 compared to 32,203.62 of the previous day’s trading. The All Share Index lost a 3.54%... Read More
by Tunji Andrews Indications of the official website of the Central Bank of Nigeria, has indicated that the country’s external reserves fell to $35.8bn on December 9, down 19.5%, down from the $44.5bn it was at same period in 2013. Off the back of the CBN’s intense defence of the Naira, which has seen the... Read More
by Tunji Andrews The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, CON has restated the commitment of the Bank to ensuring the provision of affordable financial services to the low income and under-served active adult population. Mr. Emefiele made the assertion in a keynote address at the 2014 Financial Inclusion Conference organized... Read More
by Tunji Andrews Deputy Governor of the Central Bank of Nigeria, Kingsley Chiedu Moghalu, whose 5 year tenure in the office had run out, indicated that he wouldn’t be seeking an extension in office. In a statement published in several dalies, Moghalu said that he was leaving the bank for higher endeavours after. This came... Read More
by Isi Esene The Nigerian Export-Import Bank (NEXIM) has reacted to allegations made against it by veteran boxer, Bash Ali accusing it of frustrating his efforts to undertake a record breaking fight purportedly supported by the Federal Government. In his open letter to President Goodluck Jonathan a few days ago, Ali said since the inauguration of... Read More
by Laila Ibrahim The Central Bank of Nigeria, is to provide a seed funding of N100 billion to assist states in establishing mini modern ranches across the federation. This, is to ensure the establishment of infrastructure for grazing to curb the errant movement of nomadic farmers and ensure the production of healthy meat for consumption.... Read More
by Tunji Andrews The nation Nigeria on Thursday, took another leap forward in achieving it’s democratic potential as Ayodele Fayose was sworn in as the 4th democratically elected Governor of Ekiti State at the Olu Kayode Stadium in Ado Ekiti. With so much to look forward to, the people of Ekiti looked on with hope... Read More
by Tunji Andrews Provisional data indicated that growth in key monetary aggregate was sluggish in the second quarter of 2014. Over the level at the end of the preceding quarter, broad money supply, (M2), grew by 1.5%, compared with 0.2% at the end of the preceding quarter. The development reflected, largely, the 1.1% and 4.5%... Read More
by Tunji Andrews Provisional data indicated that foreign exchange inflow through the CBN in the second quarter of 2014 amounted to US$12.67 billion, representing an increase of 23.9% and 34.1% above the levels in the preceding quarter and the corresponding quarter of 2013, respectively. The development relative to the preceding quarter was attributed to the... Read More
by Tunji Andrews Nigerians have continued to express mixed reactions to the reported N213 billion bail-out fund meant to assist companies that bought over the unbundled Power Holding Company of Nigeria (PHCN). The N213 billion loan facility, being provided by the Central Bank of Nigeria (CBN), is expected to be repaid over a period of... Read More
by Tunji Andrews In a circular by the Central Bank of Nigeria, the regulatory body has made it’s intention to accelerate the Bank Verification Number (BVN) Project in February 2014, which is being sponsored by the Bankers Committee. The CBN in its efforts in the development of a safe, reliable and efficient payments system in... Read More
by Tunji Andrews From having virtually every full year result, covertly pointing accusing fingers at the Central bank of Nigeria, for over regulation and being insensitive to their profit margins; to being on the same page with the CBN on bank earnings, must be a really big leap forward for Nigerian banks. In wave after... Read More
by Godwin Akanfe In reaction to the proposed additional 30,000 polling units to be created by the Independent National Electoral Commission (INEC) ahead of the 2015 general election, the Ijaw Youth Council (IYC) Worldwide, has called on the Presidency to sack the Commission’s Chairman, Prof. Attahiru Jega, over an alleged gross misconduct in compliance with section... Read More
by Theophilus Ilevbare The dust raised by the stunning exposé of Australian independent negotiator, Dr Stephen Davis, on the alleged sponsors of the Boko Haram Islamic sect, indicted former Chief of Army Staff, General Azubuike Ihejirika (retd), the usual suspect, Senator Ali Modu Sheriff, former Borno State governor, and an anonymous senior official of the... Read More
by Tunji Andrews Nigeria plans to sell N100 billion ($615 million) worth of bonds with maturities ranging from 3 to 20 years at an auction next Wednesday, the Debt Management Office said on Wednesday. However, it is thought that tight liquidity and banks’ lack of access to their credit balance at the Central Bank of Nigeria... Read More
by Olorunwa Lawal Ogun state governor, Ibikunle Amosun, has put the state’s debt profile at between N35 billion and N40 billion, far from the N300 billion claimed in some quarters. Speaking on the topic: My Stewardship, during a live programme of the state – owned Television station – OGTV, Amosun claimed that his administration has... Read More
by Tunji Andrews In an interesting twist which many industry analysts feel may open the door for more comebacks, the Board of Directors of United Bank for Africa Plc (UBA) have appointed Mr. Tony O. Elumelu as Chairman of the Board of Directors of UBA. Elumelu, who is also Chairman of Heirs Holdings, the pan-African... Read More
Tunji Andrews and Cheta Nwanze explain the reason why the new N65 ATM fee is not favourable to you. Watch!
by Adekoya Boladale Few months ago, myself and numerous other writers who were not privileged to grace the sacred meeting where the ‘suspension’ of the then Governor of the Central Bank of Nigeria, Mallam (as at then was) Sanusi Lamido Sanusi was discussed postulated some factors as being the motive behind his unceremonious disengagement. Today... Read More
by Tunji Andrews The Central Bank of Nigeria has said that the introduction of the N65 charge on “Remote on us” transactions, is in the long term interests of customers, as it would ensure healthy competition amongst ATM deployed, leading to better service delivery. This was announced by Ibrahim Mu’azu, who appears to be holding... Read More
by Tunji Andrews In July 2014, the Consumer Price Index (CPI) which measures inflation, edged higher from the previous month. Prices rose by 8.3% (year-on-year), up by 0.1 percentage points from 8.2% recorded in June. This is the fifth consecutive month of year-on-year increases in the Headline index. The faster pace of price increases recorded... Read More
by Tunji Andrews The emergence of Godwin Emiefele as the 11th governor of the central bank of Nigeria (CBN), marked the end of probably the most controversial CBN governorship in Nigeria. The man Emefiele succeeded, Mallam Sanusi Lamido Sanusi (now Emir of Kano)- was on suspension, months before his first tenure in office was even... Read More
by Tunji Andrews The direct implication on the bank customer, who is already being charged for over the counter withdrawals below N20,000, is that he may have to hold on to more cash to avoid having to seek out ATMs. Customers, are however advised to stick to ATMs of their banks if they seek to... Read More
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