CBN
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Non-existing entities, other infractions make up $2.4bn FX backlog – Cardoso
The governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, has said that about $2.4bn of the $7bn foreign exchange backlog he met when he got into office were from non-existing entities, requests without import documents among other infractions. Cardoso said this on Monday during an interview on Arise…
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CBN orders banks to sell excess dollars in 24 hours
Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024. The CBN, which made the disclosure in a new circular released on Wednesday, also warned lenders against hoarding excess…
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Foreign medical, school bills gulped $1.58bn in six months – CBN
Nigerians spent $1.58bn on health tourism, foreign education, and other personal matters in six months, data from the Central Bank of Nigeria have revealed. The data from the apex bank’s Balance of Payment compilation spanning the first six months of 2023 showed that Nigerians spent $245.68m on overseas health-related issues,…
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Foreign airlines repatriate N795bn in six months – CBN report
Foreign airlines repatriated N795.48bn from Nigeria in six months, data from the Central Bank of Nigeria have shown. Data from the apex bank’s Balance of Payment compilation revealed that airlines withdrew (as debits) $1.76bn (converted to naira at N451/$) in the first and second quarters of 2023. Total credit to…
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Northern elders kick against mass transfer of CBN staff to Lagos
The Northern Elders Forum (NEF) has stated that the planned relocation of key Central Bank of Nigeria (CBN) departments to Lagos will only serve to further strengthen the already dominant position of Lagos, while potentially weakening the significance and role of Abuja. NEF said such a movement would lead to…
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CBN settles $2bn forex backlog
The Central Bank of Nigeria (CBN) says it has paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum in its bid to clear the backlog of outstanding foreign exchange liabilities The apex bank said it has also cleared up the entire liability of 14 banks and started…
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Disquiet in CBN as new management plans relocation of major departments to Lagos
There is growing disquiet within the Central Bank of Nigeria (CBN) following revelations of plans by the new management to relocate major departments from the Abuja headquarters to the former headquarters in Lagos. The decision, spearheaded by CBN Governor Yemi Cardoso, has reportedly unsettled staff members, particularly married women, leading…
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Your funds are safe in banks, CBN assures depositors
The Central Bank of Nigeria, CBN, has assured banks customers that their funds are safe in the banks.This assurance came on the back of some media reports hinting about a recommendation for the Federal Government to take over some CBN-supervised financial institutions. CBN, in a press statement yesterday signed by…
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How Emefiele Used Proxies To ‘Buy’ Union, Keystone, Polaris Banks
The sacked governor of the Central Bank of Nigeria (CBN), Godwin Emefiele allegedly used proxies and purchased Union Bank of Nigeria (UBN), a report by Jim Obazee, the special investigator appointed by President Bola has shown. The late Alhaji Ismaila Isa Funtua, an ally of former President Muhammadu Buhari, was…
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Naira Scarcity Worsens As Banks Limit Withdrawals, ATMs Run Dry
Residents of Lagos, Abuja, Kano, Katsina, Jigawa and Adamawa and in other parts of the country are expressing concerns over their inability to withdraw huge cash in their banks, raising fears of scarcity as experienced during the naira swap. This has also affected business transactions in local markets, especially in…