CBN
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BDCs back CBN’s directive stopping use of domiciliary accounts as collateral
The Association of Bureaux de Change Operators of Nigeria has expressed support for the Central Bank of Nigeria’s directive to banks to stop the use of domiciliary accounts as collateral for naira loans. President of ABCON, Aminu Gwadabe, revealed the association’s stance in a statement on Thursday, pointing out that…
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Textile import, seven others gulp N1.4tn after CBN ban reversal
Nigerians spent N1.39trn on the importation of seven out of the 43 items earlier restricted by the Central Bank of Nigeria from accessing foreign exchange on its official platform in the fourth quarter of 2023, findings have shows. This was as citizens imported goods worth N4.29trn in 2023, indicating an…
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Senate gives panel six weeks to probe N30tn CBN loans
The Senate President, Godswill Akpabio, has charged the panel members investigating the N30tn “Ways and Means” loans secured from the Godwin Emefiele-led Central Bank of Nigeria by the Federal Government not to leave any stone unturned, saying the panel must unravel everything about the facility. The panel was also charged…
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Emefiele Took Billions Of Dollars From Nigeria’s Foreign Reserve Without Buhari’s Approval
Presidential spokesperson Ajuri Ngelale has made startling allegations against the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, accusing him of depleting the country’s foreign reserve without the consent of former President Muhammadu Buhari. Speaking in an exclusive interview with TVC, Ngelale asserted that Emefiele made significant…
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Many Approvals From CBN Under Emefiele Had No Buhari’s Signature, Brought Nigeria To Where It Is Presently – Presidency
Ngelale said Buhari’s negligence in what was happening in the CBN brought the economy to where it was presently. The Bola Tinubu Presidency has said many approvals for fund release within the Central Bank of Nigeria (CBN) under Godwin Emefiele did not have the signature of former President, Muhammadu Buhari.…
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Submit returns or face sanctions, CBN warns mortgage banks, others
The Central Bank of Nigeria has warned all primary mortgage banks in the country regarding the timely submission of regulatory returns. This was as it also issued a stern warning to Development Finance Institutions and Microfinance Banks. In a press release issued on its website dated March 5 with reference…
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Court orders CBN to pay German ₦63.7m, $10,000 for illegal detention
The Federal High Court in Abuja has ordered the Central Bank of Nigeria to pay a German, Martin Gegenheimer, the sums of ₦63.7m and $10,000 for illegal arrest and detention by the Nigerian Immigration Service in 2020 during the COVID-19 period. According to a report on Channels Television, the court…
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Further interest rate hike not good for economy — Comercio Partners
Comercio Partners Limited, an investment banking firm has cautioned against further interest rate hike by the Central Bank of Nigeria, CBN, saying such a move is not good for the economy. Giving this warning at the media launching of the Comercio Partners Macroeconomic Outlook for 2024, with the theme, “Finding Rain…
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CBN stops banks from referencing unaudited accounts in adverts
The Central Bank of Nigeria, in its recently revised consumer protection framework, has mandated financial service providers to comply with minimum standards in their advertising and promotional materials. One of the requirements is that FSPs should not make reference to unaudited financial statements in their sales promotion. Unaudited financial statements…
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BDAN urges banks to comply with CBN directives of FX exposures
The Bank Directors Association of Nigeria (BDAN) has called on banks to fully comply with the recent directive of the Central Bank of Nigeria, CBN, on their maximum foreign currency exposures. Making this call in a statement issued yesterday, BDAN commended the directive of the CBN and other recent forex measures,…