Tag: Central Bank of Nigeria

Why CBN Approved N2bn for Artisans in Imo

Abibat Babalola

The Central Bank of Nigeria, CBN, has approved the sum of N2 billion to the Imo State government for the empowerment of artisans in the state. The Commissioner for Labour and Productivity, Ford Ozumba, disclosed this to newsmen on Tuesday in Owerri, while announcing the Imo 2022 Entrepreneurial Product Expo in partnership with CBN. READ ALSO: 33.4 million Nigerians trade crypto, jettison CBN ban Nigerians Spent $39.66bn on Foreign Education, Medical Tourism in 10 Years– CBN report e-Naira’ll be accessible By All, CBN Says As Buhari unveils e-Currency He said…

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Why CBN should pay N100m Greenfield Students’ Ransom to Bandits – Gumi

Aliyu Aliyu

  A popular cleric in Northern Nigeria, Sheik Ahmad Gumi, has given reasons he asked the Central Bank of Nigeria (CBN) to pay the N100 million demanded by bandits on kidnapped students of Greenfield University, Kaduna, Northwestern part of the country. Gumi had in a report by PUNCH urged the government not to take the threat by the kidnappers of students of Greenfield University, Kaduna lightly. He said the Central Bank of Nigeria should pay the N100m ransom being demanded by the kidnappers of the students. One of the bandits,…

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Awosika opens up 42 hours after sack by CBN as FirstBank Board Chairman

Precious Ibekwe

  The immediate past Chairman of the Board of First Bank of Nigeria Limited, Dr. Ibukun Awosika, has opened up on her relationship with the First Bank Group family 42 hours after she was fired by the Central Bank of Nigeria (CBN). Awosika, who spoke in a statement, titled: “My FBN Group Journey,” made her position known two days after the Governor of the CBN, Godwin Emefiele, announced her sack alongside other Board members, including Oba Otudeko. Emefiele also announced the reinstatement of the Managing Director/CEO of the Bank, Adesola…

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Naira Slips, Trades N460 to $1 at Parallel Market

Aliyu Aliyu

  The Nigeria’s currency, Naira, slipped at the parallel market as it exchanged at N460 to one dollar as of the close of work on Monday, October 19, 2020. This came as country’s external reserves which stood at $35.75 billion as of October 02 lost $78.34 million to close at $35.67 billion as of October 16. The naira had exchanged to the dollar on Friday for 458/$. This is as the country’s external reserves continued to maintain its downward trend. Figures obtained from the Central Bank of Nigeria revealed that…

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Nigeria orders Banks’ Takeover of Electricity Bill Collections from DisCos

Efe Wellington

DisCos, as power distributors are known, were said to have owed both Nigeria Bulk Electricity Trading (NBET) Plc and the Transmission Company of Nigeria (TCN) over N930 billion in outstanding payment for power supply to them Nigeria has directed commercial banks in the country to take over collections of electricity bills with immediate effect in a bid to recoup outstanding debt owed by electricity distribution companies (DisCos) to power generating firms. Analysts said the move made by the Central Bank of Nigeria (CBN) is a reminiscence of appointment of liquidation…

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It’s Official, Nigeria devalues Naira, currency now N380 to $1

Tim Bauer

Nigeria, Africa’s biggest crude oil exporter, has officially devalued its currency, Naira, against the dollars. The country’s apex bank, Central Bank of Nigeria (CBN), which announced the devaluation of the official exchange rate for the second time this year, sank Naira value by N20. Information on the website of the central bank reveals the CBN adjusted the official exchange rate to N380/$1 from N360.1/$1. The adjustment occurred on Thursday August 6th 2020. This suggest the CBN may have unified the exchange rate in line with the promise made by Godwin Emefiele, the…

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