President Muhammadu Buhari has expressed hope that the recently launched eNaira would buoy and reposition Nigeria’s economy to attract investors. He also said the Treasury Single Account (TSA), Bank Verification Number (BVN), and National Identification Number (NIN) initiatives have reinforced his administration’s efforts in tackling corruption. Speaking at the fifth edition of … [Read more…]
A Federal High Court sitting in Awka, Anambra State, and presided over by Justice N.O. Dimgba, has ruled as discriminatory the cashless policy of the Central Bank of Nigeria on six states of the federation and the Federal Capital Territory. The states are Anambra, Abia, Lagos, Ogun, Kano and Rivers This followed … [Read more…]
The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele , has estimated that the nation would require about $10 billion annually to fix the nation’s dilapidated infrastructure to rejuvenate the economy. Emefiele, who stated this in his address at the Finance Correspondents Association of Nigeria (FICAN) 2021 annual conference and 30th anniversary … [Read more…]
With a few days to the official launch of the Central Bank Digital Currency (CBDC), eNaira, in partnership with Bitt Inc, Nigerians are anxiously waiting to experience a new banking product touted to be a game changer on the local business landscape. When the Director of Information Technology, Central Bank of Nigeria (CBN), Rukiya … [Read more…]
The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances has ballooned to N15.51tn, rising by 2,286 per cent in six years, data collated from the CBN have shown.The N15.51tn owed by the Federal Government to the central bank is not part of the country’s total public debt stock, … [Read more…]
The Central Bank of Nigeria CBN Governor, Mr Godwin Emefiele, Tuesday disclosed that the $110million weekly allocation and sale of foreign exchange to Bureau De Change (BDC) operators in the country has stopped. The Governor, who made the disclosure at a media briefing shortly after the July Monetary Policy Committee (MPC) meeting of the … [Read more…]
The Central Bank of Nigeria has approved the release of 50,000 metric tonnes of maize to 12 major producers from strategic maize reserve under the Anchor Borrowers’ Programme. According to the CBN, the release of maize to the companies, which is the third of such releases, will reduce the price of grain in … [Read more…]
The Central Bank of Nigeria (CBN) says foreign exchange (FX) utilisation for food importation dropped by half in January 2021. The CBN’s economic report on ‘Sectoral Utilisation of Foreign Exchange’ for January said a total of $160 million was spent from Nigeria’s FX on importing food in January. This represents a 48 percent … [Read more…]
There seems to be no end in sight yet to the controversy between Governor Godwin Obaseki of Edo State and the Federal Government over the alleged printing of N60 billion by the government to augment its March monthly allocations to the states and local governments, as Obaseki yesterday dared the Federal Government to face … [Read more…]
The ‘Naira for Dollar’ policy of the Central Bank of Nigeria (CBN) has led to positive accretion to the foreign reserves exactly one month after takeoff. The foreign reserves, on April 1, stood at $34.85 billion, representing $404 million increase compared to $34.41 billion on March 11. The uptick in reserves has been … [Read more…]
According to recent figures on the Central Bank of Nigeria’s (CBN) website, on March 1, 2021 the external reserve was $34,998,144,389 but by March 16, it had shrunk to $34,475,618,425. Since January 25, 2021 when the reserve stood at $36,469,940,426.08 it has been on a steady decline to the current $34,475,618,425. In other words, … [Read more…]
Aggregate foreign exchange inflow into the country in the fourth quarter of 2020 rose to $23.60bn from $21.46bn in the third quarter, figure from the Central Bank of Nigeria revealed on Tuesday. The CBN stated in its report on ‘Foreign exchange flows through the economy’ for the fourth quarter that though there was an … [Read more…]