Loudmouth: Senate summons Maku over ’embarrassing comments’

by Reuben Daba Whatever the National Assembly members had during their two months recess, it surely brought out the radical bent in them. Since their return, it has been one confrontation after another with the executive arm. Just a day after the Senate used the I-word in threatening President Jonathan, the senators were at it... Read More

CBN, Eyinnaya Abaribe, Labaran Maku, senate

September 21, 2012

It’s Sanusi again: CBN pledges support for Super Eagles

by Stanley Azuakola The Central Bank of Nigeria (CBN) under the leadership of Sanusi Lamido Sanusi has become one of the most visible institutions in the country, a situation which various pundits have criticised time and time again. From donating to bomb blast victims, to universities, to flood victims, and now to Nigeria’s senior national... Read More

CBN, Mohammed Sanusi, nff, Sanusi Lamido, super eagles, Ugochukwu Okoroafor

September 21, 2012

Jonathan orders immediate stop to the planned N5,000 note, CBN bows

by Isi Esene Special adviser to the president on media and publicity, Reuben Abati on Thursday disclosed to newsmen that the president has ordered the suspension of the planned introduction of the N5,000 scheduled to come into circulation next year. According to him, the president Jonathan’s latest disposition to the issue was based on the... Read More

5000 note, Aminu Tambuwal, CBN, central bank of Nigeria, Currency, David Mark, President Jonathan, reuben abati, Sanusi Lamido Sanusi

September 18, 2012

House of Representatives says NO to N5,000 note, Oteh’s reinstatement

by Stanley Azuakola The National Assembly has returned from its two months rest. And just in case Nigerians did not take note, the House of Representatives resumed today and kicked off proceedings by ordering the Central Bank of Nigeria, CBN, to shelve its plans to print the N5, 000 notes. Feedback from the Senate’s discussion... Read More

CBN, House of Representatives, national assembly, Oteh, Oteh Arunma, senate

September 17, 2012

‘By fire, by force’: CBN introduces coins dispensing ATMs

by Akan Ido In what looks like a frantic bid to encourage the use of coins, the Central Bank of Nigeria (CBN) is planning on facilitating the introduction of Automated Teller Machines (ATMs) capable of dispensing coins into the system. The Apex bank reckons that the innovation will encourage the acceptance of coins and help... Read More

atm, Automated Teller Machine, CBN, central bank of Nigeria, Chidi Umano, coins, currency review, Dipo Fatokun, notes, Sanusi Lamido Sanusi

September 13, 2012

“We were held ransom by polymer note printers” – CBN spokesman (and other stories)

by Isi Esene The Central Bank of Nigeria (CBN), through it Deputy Governor, Operations, Tunde Lemo, today revealed that one of the reasons for pursuing the phase-off of the polymer currency notes is to halt the undue advantage held by the Australian firm printing the notes. Lemo explained that under the monopoly which the CBN... Read More

CBN, central bank of Nigeria, minting, printing, review, Sanusi Lamido Sanusi, Securency International Pty, Tunde Lemo, Ugochukwu Okoroafor

September 13, 2012

Opinion: Soludo’s solution to restructure naira

by Vincent Bamigboye A NATION’S currency is one of its most powerful symbols. Leaders will go and leaders will come but the nation’s currency remains. The American Dollar symbolises the strength, the all-pervading power of the United States of America, to the extent that all inter-governmental and international businesses the world over are done through... Read More

CBN, Charles Soludo, Currency, economy, Lamido Sanusi, naira, Vincent Bamigboye

September 12, 2012

Sanusi defends N5,000 note policy, calls Obasanjo a ‘bad economist’

by Isi Esene The governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, yesterday stood in defence of the apex bank’s currency review policy saying the widespread arguments against it are not based on sound economic logic. Reports say he also took on the former president, Olusegun Obasanjo, describing him as “a good... Read More

5000, CBN, central bank of Nigeria, CIBN, coins, Currency, note, olusegun obasanjo, Sanusi Lamido Sanusi

September 11, 2012

Activists stage coffin-carrying march against CBN’s planned N5000

by Isi Esene In a new twist to the 5000 note saga, activists from the Concerned Human Rights Nigeria (CHRN), Civil Societies for Good Governance (CSGG), Joint Action Front (JAF), United Action for Democracy (UAD), Gani Fawehinmi Foundation (GFF), United Middle Belt Youth Congress (UMBYC), among others, took to the streets yesterday protesting the planned... Read More

5000, Abuka Onalo-Omababa, cashless, CBN, central bank of Nigeria, currency review, Declan Ihekhaire, money laundering, Sanusi Lamido Sanusi

September 10, 2012

Ijeoma Nwogwugwu: The battered Nigerian naira and ‘project cure’

If the aim of the central bank is to discourage big ticket or high value cash transactions, then there is no compelling need to introduce higher denominations in the economy. Sanusi Lamido Sanusi, the central bank governor, is a man who elicits a lot of passion, both personally and from the public. A lot... Read More

5000 naira note, Bismark Rewane, CBN, ijeoma nwogwugwu, inflation, Sanusi Lamido

September 10, 2012

“We are honoured, very delighted, very pleased,” – Margaret Ekpo’s family changes position on N5000 note?

by Isi Esene The family of late women activist, Margaret Ekpo whose face is to be feature on the proposed N5000 note appears to have had a sudden change of heart as they are now expressing their support for the currency review announced by the Central Bank of Nigeria (CBN). While speaking on behalf of... Read More

5000, CBN, central bank of Nigeria, Currency, Funmilayo Kuti, Gambo Sawaba, Margaret Ekpo, note, Sanusi Lamido Sanusi, SLS

September 5, 2012

Opinion: So, Sanusi, what really is the big idea?

by Tolu Lawson I read through the statement by the Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi, on the proposed currency restructuring. I noticed that his usual sharp clarity and persuasive effectiveness were missing when he made the announcement. And this is sad. What’s left is a number of genuine problems identified... Read More

CBN, Currency, monetary policy, Sanusi Lamido Sanusi, Tolu Lawson

September 2, 2012

Thanks, but no thanks: Ekpo, Kuti families oppose CBN planned currency review

by Isi Esene The planned introduction of the new N5,000 note by the Central Bank of Nigeria (CBN) continued to receive knocks from various quarters with the latest one coming from the families of the personalities whose portraits are expected to feature on the note. At the announcement of the proposed currency review, it was... Read More

CBN, central bank of Nigeria, Currency, Edward Ekpo, Funmilayo Kuti, Margaret Ekpo, Robert Ekpo, Sanusi Lamido Sanusi, Yeni Kuti

September 2, 2012

N5000 can’t buy love: Groups plan mass protest against new notes

by Isi Esene Civil society groups in the country have expressed their readiness to once again hit the streets in protest over the planned introduction of new N5,000 note by the Central Bank of Nigeria (CBN). According to reports, the groups are currently mobilizing and consulting with stakeholders to devise the best possible approach to... Read More

Amitolu Shittu, Campaign for Democracy, CBN, central bank of Nigeria, Civil Society, Debo Adeniran, Okei Joe-Odumakin, protest, Sanusi Lamido Sanusi

August 28, 2012

Ugodre Talks Figures: The new N5,000 note, a “cure” for a dying naira…?

Yesterday, the CBN announced yet another plan to coin lower denominations, introduce higher denominations and enhance the quality and appearance of some notes. This has met with some furore as pundits see it as the gradual devaluation of the Naira and an admission that the lower currencies such as N10 and N20 are loosing relevance in... Read More

CBN, five thousand naira note, naira, Ugodre

August 28, 2012

Hold it!: Senate committee orders suspension of planned N5,000 note

by Isi Esene The Senate Committee on Banking, Currency and other Financial Institutions yesterday ordered the Central Bank of Nigeria to halt its planned altering of Nigeria’s currency structure with the introduction of the N5,000 note. The Committee chairman, Mr. Bassey Otu, expressed surprise during a media briefing saying such proposed change required a comprehensive... Read More

Bassey Otu, Cashless policy, CBN, central bank of Nigeria, Chairman, Currency, denomination, Sanusi Lamido Sanusi, senate

August 24, 2012

CBN announces planned introduction of new N5000 note

by Isi Esene The governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has announced the apex bank’s plan to redesign the N50 note and introduce a N5000 denomination. The governor attributed the proposed introduction of the high denomination note to “inflationary pressures”. Sanusi also announced that three denominations – N5, N10, and... Read More

Abuja, CBN, central bank of Nigeria, Currency, Funmilayo Kuti, Hajia Gambo Sawaba, Margaret Ekpo, polymer, Sanusi Lamido Sanusi

July 24, 2012

Ijeoma Nwogwu: Barking up the wrong tree

by Ijeoma Nwogwu It’s Saturday afternoon and I have just spent the first four hours of my day reading the House of Representatives’ probe report into the “near collapse of the Nigerian capital market”. Unlike some reports of the National Assembly, reading the report of the ad hoc committee set up to investigate the remote... Read More

AMCON, banking, CBN, ijeoma nwogwugwu

July 6, 2012

“Massive” – Between the CBN and the Finance Ministry, another 44billion takes flight

by Isi Esene It appears all is not well with the FG’s Special Intervention Funds on Solid Minerals as the Senate Committee on Public Accounts declared over N44billion missing. It also alleged massive discrepancies and violations in its disbursement and utilisation. The committee revealed that the money was wrongly utilised to fund projects unrelated to... Read More

CBN, central bank of Nigeria, lawan, Ministry of Finance

June 25, 2012

Editorial: “It’s time for Sanusi to moderate his exuberance”

by Hauwa Gambo Today’s editorial by The Punch took Central Bank governor, Sanusi Lamido Sanusi to the cleaners for his dramatic show of traditional office at the bank’s headquarters last week. “The attempt by a CBN spokesman to explain away Sanusi’s regalia episode underscores the fickleness of the act,” the paper insists. “No CBN official... Read More

CBN, central bank, controversy, lending rates, sanusi

June 20, 2012

Opinion: We are the cause of our own problems

Of course, every leadership is a product of its citizenry. They do not fall from the skies. It is from amongst us that we ‘elect’ them. Chinedu Anarado The mood pervading the country is quite gloomy. Everyone whose origin can be traced to the geographical entity called Nigeria can be said to be in a somber mood. Indeed, it... Read More

CBN, corruption, dana crash, june 3, nigeria, opinion

June 10, 2012

Shame on heartless Lamido Sanusi, by Yinka Odumakin

by Yinka Odumakin Sanusi has not visited the crash scene where eight of his staff lost their lives. All that mattered to him was the chieftaincy he was about to take. Does the blue blood in Sanusi’s veins so royal it cannot be touched by the sorrows of others? How cold would these fellows be if they... Read More

banker, CBN, Dana, emir, kano, sanusi

May 16, 2012

Be very afraid: “Stock market will always crash”- says Soludo

by Lekan Olanrewaju Whilst allegations and counter-allegations are traded over the House of Reps probe into the capital market crisis, another party, in the person of former Central Bank of Nigeria Governor, Charles Soludo, has come out to deliver something of a prophecy of doom. Appearing before the House of Reps committee investigating the near-collapse of the... Read More

CBN, Charles Soludo, Nse, SEC

May 1, 2012

Bobo Omotayo: “Our P.O.S Machine is down!” (30 Days, 30 Voices)

The CBN ‘Cashless Lagos’ initiative has further allowed creditors like me owe more as one-man businesses across Lagos have been slow to embrace this new state-of-play. Two mojitos and one rib-eye steak later, I was pleasantly hit by the words, “Our P.O.S. machine is down!” Not like I was genuinely trying to pay for the... Read More

Bobo Omotayo, CBN, P.O.S MACHINE, YNaija 30 Days

April 26, 2012

Akintunde Oyebode: There is nothing to write (YNaija FrontPage)

I am proud of the diversity of my friends; their careers and personalities. Perhaps that’s why I was not surprised to discover a friend I erroneously thought to be a finance geek, is actually a well-disguised smuggler. Last month, he informed a few of us of a plan to visit Nigeria for a few days... Read More

angry, CBN, House of Reps, nnpc

April 16, 2012

“We haven’t saved a thing!” – Sanusi says it’s time to remove fuel subsidy totally

by Lekan Olanrewaju The governor of the Central Bank of Nigeria, professor Lamido Sanusi has advocated for the full removal of subsidy on petroleum products, saying that the current system is not feasible, and could possibly lead the country to go broke. In a new interview with Reuters, he delivered something of a “prophecy of doom”,... Read More

CBN, Lamido Sanusi, subsidy

March 28, 2012

$37.5 billion: Nigeria’s foreign reserves rise by 7 percent

by Lekan Olanrewaju According to information on the CBN website, Nigeria’s foreign exchange reserves have risen by seven percent to $37.534 billion. The bank has stated that one of its key aims is to shore up reserves to protect against shocks. The figure is up from $34.9 billion on March 19 and from $34.8 billion last... Read More

CBN, Foreign Reserves, Forex

March 13, 2012

Report : CBN withdraws N150 Billion from circulation

by Lekan Olanrewaju In line with the new cashless economy policy, the Central Bank Nigeria (CBN) this weekend withdrew a total of N150.1 billion from circulation, through sale of treasury bills. According to Bloomberg, the CBN sold N42.97 billion of 91- day bills at a yield of 14.81 per cent, one basis point higher than the 14.80 per... Read More

Cashless Scheme, CBN, Currency

February 24, 2012

“3 billion currency notes printed yearly” – Nigerian Security Printing and Minting Company

The Managing Director of the Nigerian Security Printing and Minting Company has stated that three billion pieces of currency notes are printed yearly by the company. Mr Ehi Okoyomon on Thursday spoke at an e-Payment Thought Leadership Breakfast series organized by Intermarc consulting and said while a portion of this figure is kept in vaults... Read More