Another Naira devaluation looms as CBN moves to harmonise exchange rates

CBN moves to harmonise exchange rates

Another Naira devaluation looms as CBN moves to harmonise exchange rates     Indications are rife that the Central Bank of Nigeria (CBN) may have commenced the process of harmonizing various exchange rates adopted by the apex bank over the years or further devalue naira. This insinuation became a general thought when it was discovered that as at Friday, the apex band had removed the N379/$1 official exchange rate from it’s website and the CBN Official rate was last updated on May 10, 2021 on the FMDQ Experts have interpreted…

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FULL TEXT: Why we sacked FirstBank board — Emefiele

FULL TEXT: Why we sacked FirstBank board — Emefiele

FULL TEXT: Why we sacked FirstBank board — Emefiele   Nigeria’s premier bank, First Bank, has for years been plagued by “bad credit decisions, significant and non-performing insider loans and poor corporate governance practices”, the Central Bank of Nigeria has said. The regulator sacked the board of the bank and its holding company on Thursday, in a dramatic move that came a day after the bank named a new managing director. In a speech to journalists, CBN governor, Godwin Emefiele, said First Bank maintained healthy operations up until 2016 financial…

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Breaking: CBN sacks FirstBank board over removal Adeduntan as MD/CEO

CONaira 4 Dollar SchemeVID-19 healthcare funds

CBN Sacks FBN Board over removal of MD/CEO     The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has sacked the entire members of the board of First Bank Holding and First Bank Nigeria Ltd. Emefiele, in his speech broadcasted on national television cited insider abuse, insider credit and breakdown of corporate governance as the reason behind the apex bank’s move. The CBN governor further announced the reinstatement of ousted MD/CEO of First Bank LTD, Dr Sola Adeduntan who was sacked as the MD of the interim…

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CBN to sanction banks, BDCs for rejecting old, lower dollar notes

CBN moves to harmonise exchange rates

CBN to sanction banks, BDCs for rejecting old, lower dollar notes The Central Bank of Nigeria (CBN) has said it will sanction foreign exchange dealers that reject old and lower denominations of the dollar notes. It gave the warning on Tuesday in a circular to all Deposit Money Banks (DMBs), Bureau De Change Operators (BDCs) and the general public signed by the Director, Currency Operations Department, CBN, Ahmed Umar, titled ‘The rejection of old, lower denomination of United States dollar by DMBs/ forex dealers’. The circular read, “The Central Bank…

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CBN gets court’s approval to freeze 11 FCMB accounts

FULL TEXT: Why we sacked FirstBank board — Emefiele

CBN gets court’s approval to freeze 11 FCMB accounts   Justice Ahmed Mohammed of the Federal High Court, Abuja, has granted an interim order allowing the Central Bank of Nigeria (CBN) to direct FCMB to freeze 11 bank accounts linked to an individual and five firms for a period of 45 days pending the outcome of an investigation being carried out by the apex bank. According to a copy of the judge’s ruling posted on CBN’s website, owners of the affected accounts are Albert Austin Ugochukwu, Belfour Energy & Allied…

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Banks begin usage of revised cheques today as old one phase out

revised cheques

Banks begin usage of revised cheques today as old one phase out     Banks have notified customers that effective on Thursday (today), the old cheque leaflets will no longer be acceptable for clearing. They also urged the customers to get the new revised cheque standard leaflets introduced by the Central Bank of Nigeria (CBN) Earlier, the apex bank had extended the phase-out date for old cheque books from January 1 to March 31. The banking regulator said this became imperative due to the effect of the COVID-19 pandemic. In…

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CBN disburses N94.34bn COVID-19 healthcare funds

CONaira 4 Dollar SchemeVID-19 healthcare funds

CBN disburses N94.34bn COVID-19 healthcare funds   The Central Bank of Nigeria has disbursed N94.34bn out of the N100bn credit intervention for the healthcare industry which it introduced as part of its measures to cushion the impact of the coronavirus pandemic on the economy. This CBN disclosed this in its report from its recent Monetary Policy Committee meeting which was presented by the CBN Governor, Mr Godwin Emefiele, in Abuja. Part of its report read, “Under the N100bn Health Care intervention Fund, the bank has disbursed N94.34bn, and is willing…

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CBN shifts forex transactions to I&E window

CBN moves to harmonise exchange rates

CBN shifts forex transactions to I&E window     The Central Bank of Nigeria (CBN) has shifted official forex transactions to the Investors’ & Exporters (I&E) forex window, it was learnt yesterday. The apex bank’s  adoption of a new flexible exchange-rate policy for official transactions effectively marks the third devaluation of the naira in a year. The exchange rate in the Investors and Exporters Window ( I&E window ) also called the Nigerian Autonomous Foreign Exchange -NAFEX has remained at N410/$1 since February. The naira exchanges at N486 to dollar…

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CBN raises SMEs fund to N300bn as beneficiaries get N149.21bn

CBN raises SMEs fund to N300bn as beneficiaries get N149.21bn

CBN raises SMEs fund to N300bn as beneficiaries get N149.21bn   The Central Bank of Nigeria (CBN) today announced its decision to raise the Targeted Credit Facility (TCF) for households and small and medium enterprises from N150 billion to N300 billion. It also stated that the bank had disbursed a total of N149.21 billion to SMEs and households across the country under the TCF. Godwin Emefiele, the governor, CBN, disclosed this at a seminar for finance editors and correspondents held virtually in Lagos and Abuja simultaneously. Emefiele, who was represented…

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In retrospect: Nigeria attracted $2.14bn forex in Q4 2020

Nigeria’s forex inflow suffers 54% decline in January

In retrospect: Nigeria attracted $2.14bn forex in Q4 2020   The Nigerian economy attracted a total sum of $2.14 billion as foreign exchange inflow in the fourth quarter of 2020, pushing the total forex to $23.60 billion from $21.46bn in the third quarter, figure from the Central Bank of Nigeria revealed. The CBN stated this in its report on ‘Foreign exchange flows through the economy’ which was obtained by Business Metrics on Wednesday. The report showed that for the fourth quarter, despite that there was an increase in foreign exchange…

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