Tag: CBN
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CBN/RIFAN working towards crashing price of rice – official
The Central Bank of Nigeria (CBN) and Rice Farmers Association of Nigeria (RIFAN), disturbed by the increase in price of rice, have concluded plans to crash the price in all markets across the country. Dr Musa Olasupo, an Assistant Director in CBN and a member, CBN Rice Value Team made this known on Tuesday in…
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CBN releases framework for financing of mass metering
Central Bank of Nigeria (CBN) has released its framework for National Mass Metering Programme (NMMP). The framework was released by the Development Financing department of the apex bank through its official website on Monday. It stated that introduction of the Service-Based Tariff (SBT) in the Nigeria Electricity Supply Industry (NESI) effective Sept. 1, had put…
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Zamfara, CBN enter into N5bn gold deal
Gov. Bello Matawalle of Zamfara says that his administration has entered into a N5 billion gold supply deal with the Central Bank of Nigeria (CBN). The governor made the disclosure on Tuesday in Gusau, at a press conference to present the 31-kilogramme Zamfara processed gold. He said that the state government would, at an agreed…
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Holding Company: Sterling Bank obtains CBN’s approval in principle
Sterling Bank Plc. has obtained Central Bank of Nigeria’s approval in principle to restructure as a holding company. The bank’s Chief Executive Officer, Mr Abubakar Suleiman, disclosed this in a statement posted on the Nigerian Stock Exchange website. Suleiman said the bank’s desire to operate as a holding company was driven by its plan to…
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FOREX: CSOs urge CBN to ensure level playing ground for oil marketers
A consortium of Civil Society Organisations (CSOs) has asked the Central Bank of Nigeria (CBN) to ensure level playing ground for all oil marketers in accessing Foreign Exchange (FOREX) for importation of petroleum products. The group disclosed this in a communique relased after its meeting in Abuja, on Tuesday. The News Agency of Nigeria (NAN)…
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Ex-CBN director lauds CBN on benchmark interest rate reduction
Dr Titus Okunrounmu, a former director, Budgetary Department of Central Bank of Nigeria (CBN), has commended the Monetary Policy Committee (MPC) of the Apex Bank for reducing Benchmark Interest Rate (BIR) from 12.5 per cent to 11.5 per cent. Okunrounmu made the commendation in an interview with the News Agency of Nigeria (NAN), in Ota,…
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COVID-19: Financial expert urges CBN to support banks
A financial expert, Mr Okechukwu Unegbu, has urged the Central Bank of Nigeria (CBN) to increase support for commercial banks to address the impact of COVID-19 pandemic on the sector. Unegbu, a past President of Chattered Institute of Bankers of Nigeria (CIBN), made the call in an interview with News Agency of Nigeria (NAN) on…
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Buhari to CBN: Don’t give Kobo for food, fertilizer imports
President Muhammadu Buhari on Thursday ordered the Central Bank of Nigeria ”not to issue a kobo” of the country’s reserves for the importation of food items and fertilizer. Malam Garba Shehu, one of the President’s spokesmen, in a statement in Abuja on Thursday, said the president gave the order at a meeting of the National…
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CBN resumes sales of foreign exchange to licensed BDC operators
The Central Bank of Nigeria (CBN) says it has commenced the sales of foreign exchange to the Bureau De Change (BDC) operators in the country. The CBN made this known in a circular signed by Dr Ozoemena Nnaji, Director Trade and Exchange Department, and addressed to authorised dealers and BDC operators on Thursday. The bank…
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Governor of Central Bank of Nigeria, Godwin Emefiele Breaking New Grounds
By Rev Solomon Semaka In 2015, when Muhammadu Buhari assumed office as the president of the Federal Republic of Nigeria, he came with a lot of enthusiasm and that messianic wand to change the story of Nigeria that was on the verge of collapsing especially economically. As a new sheriff in town, President Buhari made…