CBN/Commercial Banking

CBN Owing FG N5.3 Trillion Unremitted Operating Surplus, Refused To Pay – OAGF The Office of the Accountant General of the Federation (OAGF) has told the House of Representatives Committee on Public Accounts that the Central Bank of Nigeria was indebted to the government by N5.3 trillion, representing unremitted revenue from its operating surplus. Director, Revenue and Investment, in the OAGF, Makinde Mogaji disclosed this while responding to questions from members of the committee when the Accountant General of the Federation, Shamsedeen Babatunde Ogunjimi, appeared before the Committee to defend audit queries from the office of the Auditor General for…

20 States Win $27 Million World Bank-backed Performance Incentives The World Bank-supported HOPE Governance Programme, will disburse 27 million dollars as performance-based incentives to 20 states that achieved the Year Zero Disbursement-Linked Results (DLRs). The National Coordinator of the HOPE Governance Programme, Dr Assad Hassan, disclosed this in Abuja on Tuesday during a retreat for Commissioners, Permanent Secretaries, and Directors of Budget and Planning. A statement on the outcome of the retreat was made available to newsmen by Mr Joe Mutah, Communications Officer HOPE Governance Programme. The HOPE Governance Programme is a 500-million-dollar World Bank-supported initiative domiciled in the Federal…

CBN Approves BDCs’ Return To Forex Market, Allows Purchase Of Up To $150,000 Weekly The Central Bank of Nigeria (CBN) has authorised licensed Bureau De Change (BDC) operators to resume participation in the Nigerian Foreign Exchange Market (NFEM), in a move aimed at improving liquidity and enhancing access to foreign exchange in the retail segment. The approval was contained in a circular signed by the Director of the Trade and Exchange Department, Dr Musa Nakorji. The circular stated that each licensed BDC is permitted to purchase up to $150,000 weekly, subject to compliance with existing operational guidelines. Under the new…