Tag: Central Bank of Nigeria (CBN)

BREAKING: Tinubu Nominates Cardoso As CBN Governor

Ganiyu Amodu

President Bola Tinubu has approved the nomination of Olayemi Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate. Ajuri Ngelale, Presidential Spokesman, said the directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and Four (4) Deputy Governors for the Central Bank of…

Read More

Real Reason Naira Continues To Fall – CBN

ADEOLA YUSUF

The Central Bank of Nigeria (CBN) attributed the ongoing depreciation of the Naira against the US Dollar to the prevalence of unofficial diaspora remittances. This was stated by the acting governor of the central bank, Folashodun Shonubi, during his delivery of a Distinguished Personality lecture titled “Diaspora Remittances and Nigeria’s Economic Development” at the National Institute for Security Studies in Abuja. The lecture was aimed at members of the Executive Intelligence Management Course (EIMC) 16. READ ALSO: Why ECOWAS Activated Military Action Against Niger Junta – Tinubu Why Nigerians Will…

Read More

Foreign Airlines Take Out Over $4bn From Nigeria In 15 Months

Abibat Babalola

Foreign airlines operating in Nigeria have repatriated over $4.66bn from the country in 15 months, according to data from the Central Bank of Nigeria (CBN). The data shows the amount of foreign exchange sold to foreign airlines by the CBN between the first quarter of 2022 and the first quarter of 2023. Foreign airlines need to buy foreign exchange from the CBN to enable them to transfer their ticket sales proceeds to their respective home countries. There are currently about 25 foreign airlines that fly into Nigeria, offering various destinations…

Read More

Meter Manufacturers Seek Government Support

Abibat Babalola

In other to boost electricity meter usage and encouraged local content driven, the Momas Electricity Meters Manufacturing Company Ltd. (MEMMCOL), has called on the Federal Government to increase its support and encouragement to indigenous meter manufacturers, to bridge the nation’s metering gap. Chairman, MEMMCOL Kola Balogun, made the appeal at the graduation ceremony of 10 youths on a five-week Printed Circuit Board (PCB) training course in Lagos. It would be recalled that the Nigerian Electricity Regulatory Commission (NERC) said that the country’s metering gap currently stands at over five million.…

Read More

Sanwo-Olu Warns Banks, Lagosians Against Rejection Of Old Naira Notes

Abibat Babalola

The Lagos State Governor, Babajide Sanwo-Olu, has warned against the rejection of old Naira notes. The warning came on a day the Supreme Court declared the old Naira notes as still valid for business transactions. The followed the observation raised by the lawyer to the Kaduna, Kogi and Zamfara States Governments, Abdulhakeem Mustapha (SAN), at the Supreme Court in a case against the Attorney General of the Federation. The three states brought the case against the AGF following the hardship faced by Nigerians over the redesign of the N200, N500…

Read More

17 Year-Jinx Broken As Buhari Approves $350m Cabotage Funds Disbursement

Abibat Babalola

Disbursement takes place in a few days through Union, Polaris, Zenith, UBA and Jaiz banks       President Muhammadu Buhari has approved the immediate disbursement of $350m Cabotage Vessel Financing Fund (CVFF) to indigenous ship owners after 17 years of waiting. The Minister of Transportation, Muazu Sambo, made the disclosure, yesterday, at the flag off ceremony of the third phase of the Nigerian Seafarers Development Program (NSDP) TERRA 2, held at the Naval Dockyard, in Lagos. Sambo said the disbursement would take place in a few days, adding that…

Read More

Naira Redesign: 3 Governors Under EFCC Watch Over Hidden Billions, Bawa Reveals

Abibat Babalola

Three serving state governors in Nigeria are being monitored over their moves to launder stashed billions of naira through table payment of salaries to workers, Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, told Daily Trust in an exclusive interview on Thursday. He said raid on Bureau De Change operators will be sustained, urging Nigerians to support the system, for the benefit of all. Daily Trust reports that the Central Bank of Nigeria (CBN) had on October 26 announced that the country’s currency would be redesigned to…

Read More

GOCOP Confab ’22: Delta, Lagos, NIMASA, Chevron, NDDC, Access Bank, Unity Bank, Glo Join Partners

Abibat Babalola

Lagos, 26 September, 2022: The momentum has continued to rise for the sixth annual conference of the Guild of Corporate Online Publishers (GOCOP) as more corporate partners have lent their support for the event scheduled for Thursday, October 6 at Sheraton Hotel, Ikeja-Lagos. The chairman, 2022 Conference Committee, Mr. Ken Ugbechie revealed on Monday that the latest partners comprised Delta State and Lagos State, in addition to the Nigerian Maritime Administration and Safety Agency (NIMASA), Chevron Nigeria Limited, and Niger Delta Development Commission (NDDC). A press statement by GOCOP Publicity…

Read More

Nigeria’s Debt Stocks Hit N45.25tr

Ganiyu Amodu

Nigeria’s debts rose by about N4 trillion in the past five months to take the portfolio to N45.25 trillion, it was learnt at the weekend. An official data reviewed by The Nation yesterday indicated that the government raised about N3.34 trillion through its regular issuance of domestic debt instruments between April and August. The depreciation of the naira also impacted the external debt stocks. READ ALSO: SAD: Two Pupils Killed As School Fence Collapses in Lagos Lagos Storey Building Sinks, 9 Escape Death As Rainfall Persists Examining Uju Anya’s vitriol…

Read More

Dollar Remittance: Presidency Wades Into CBN, NNPC ‘Feud’

Abibat Babalola

The presidency has waded into the controversy raging between the Central Bank of Nigeria (CBN) and the Nigeria National Petroleum Corporation Limited (NNPC). The presidency has waded into the controversy raging between the Central Bank of Nigeria (CBN) and the Nigeria National Petroleum Corporation Limited (NNPC) over the dwindling fortune of the naira, Daily Trust gathered from reliable sources yesterday. The CBN on Friday blamed the non-remittance of dollars to foreign reserves by NNPC as the reason for the plunge of the naira in the official and parallel markets. READ…

Read More