Tag: CBN

Real Reason There Is Cash Scarcity At Banks, ATMs – CBN

Ganiyu Amodu

The Central Bank of Nigeria (CBN) has assured Nigerians of an adequate supply of Naira notes in the country. The bank’s Director of Corporate Communications, Isa AbdulMumin, said this in a statement on Thursday in Abuja. The CBN was reacting to reports of naira scarcity at the counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs) in many parts of the country. READ ALSO How Channels TV Anchor’s 80 Yr-Old Dad Died In Kidnapper’s Den We Deployed 830,292 Meters In 10 Years – Ikeja Electric…

Read More

Nigeria’s Oil Revenue Sinks to N945bn, 4-Month Low Despite High Price

ADEOLA YUSUF

CBN gives breakdown of Nigeria’s low crude earnings last experienced since January, 2022, at a time Saudi Arabia is earning $1 billion daily from oil   The Central Bank of Nigeria (CBN) has revealed that federal government earnings from oil sales dropped to a four-month low. CBN stated this in its latest monthly economic report for January 2022. This is worrisome despite of higher oil prices than projected in the 2022 budget. According to the CBN data, Nigeria made N945 billion in January, this is 7.8 per cent less than…

Read More

CBN, NERC, Army HQ, Nicon Luxury Hotels, Others Suffer Blackout

ADEOLA YUSUF

AEDC Apologises, blames supply disruptions on vandalism   Major power supply disruptions have rocked Abuja, Nigeria’s administrative capital, putting the Central Bank of Nigeria (CBN), the Nigerian Army Headquarters, the Nigerian Electricity Regulatory Commission (NERC), Nicon Luxury Hotels and others financial and defence institutions off the grid, Platforms Africa reports. The Abuja Electricity Distribution Company (AEDC), which confirmed this in a notice obtained by Platforms Africa, blamed the situation on the cases of serious vandalism around its network specifically in the Central Business District and around the Lifecamp Round-about Abuja,…

Read More

Nigerians Spent $39.66bn on Foreign Education, Medical Tourism in 10 Years– CBN report

Ayobami Adedinni

Nigerian spent a total of $39.66bn on foreign education and healthcare-related services between 2010 and 2020, according to the Central Bank of Nigeria data. These statistics and their impacts were cited in a financial report released last week titled, “A Simple and Factual Explanation of Nigeria’s Exchange Rate Dynamics” According to CBN’s Balance of Payments, Nigerian parents and guardians paid about $28.65bn for their wards to study abroad during the period under review. The BoP report also revealed that Nigerians paid $11.01bn for healthcare-related services in foreign countries. The amount…

Read More

Nigeria Downgrades Naira to N410.25/dollar, inflation rate hits 4 year-high

Precious Ibekwe

Nigerians are having to contend with the highest inflation rate in four years, the second-highest unemployment rate on a list of 82 countries   Nigeria’s central bank devalued the naira by 7.6% against the dollar as authorities in Africa’s biggest oil producer migrate toward a single exchange-rate system for the local currency.   READ ALSO: Naira Sheds N2, Downgrades To N480 per $1 JUST IN: Nigerian Journalist Who Slapped Interviewee In ViralVideo Arrested ‘Surety for Ogun Governor’s aide arrested in US also a suspected fraudster’   The Abuja-based Central Bank…

Read More

CBN kicks as Messy Boardroom Crisis Rocks FirstBank + Link to Oba Otudeko

Gbenga Adeoti

  Here is why depositors should worry as CBN smells rat, queries FirstBank over removal, hasty replacement of Adeduntan as MD without approval    The Central Bank of Nigeria (CBN) has queried the Board of the First Bank of Nigeria Plc for removing Dr Adesola Adeduntan, the Managing Director/Chief Executive Officer, without regulatory approval. The removal and hasty replacement of the MD, checks by Platforms Africa showed, was a result of messy Boardroom crisis rocking the bank, in which the name of ex-board chairman and a major shareholder in the…

Read More

Nigeria prints N60bn notes, ups debts to N16trn as financial crisis worsens

Aliyu Aliyu

  “In another year or so, where will we find this money that we go to Abuja to share every month?” Governor of Edo state, Godwin Obaseki, laments as financial crunch takes toll on states   The Nigerian Government has printed about N60 billion notes to augment allocation shared to states in March by the Federation Accounts Allocation Committee. The Governor of Edo State, Southsouth part of the country, Godwin Obaseki, who raised the alarm over Nigeria’s financial trouble, particularly gave the continued shrinking oil revenue as the reason. Besides,…

Read More