CBN/Commercial Banking

EFCC Arrests 34 Suspected Currency Speculators In Abuja

EFCC Arrests 34 Suspected Currency Speculators In Abuja Operatives of the Economic and Financial Crimes Commission, EFCC on Friday arrested 34 suspected currency speculators for alleged foreign exchange fraud at the Wuse Zone 4 area of the Federal Capital Territory, FCT Abuja. The suspected currency traffickers were arrested in a sting operation following credible intelligence about illegal sales of dollars, Dele Oyewale, spokesperson for the anti-graft agency said in a statement. The suspects were arrested by EFCC operatives attached to the Taskforce on Currency Mutilation, Dollarization of the Economy and Forex Malpractice. According to the statement, the arrest of the…

Apr

2024

Nigeria Set To Receive Fresh $2.2 Billion World Bank Loan

CBN/Commercial Banking, Economy, Good Governance, News Flash

Nigeria Set To Receive Fresh $2.2 Billion World Bank Loan The Federal Government is set to receive around $2.2 billion single-digit interest loan from the World bank and another budget support facility from the African Development Bank. Minister of Finance, Wale Edun, disclosed this during a press briefing at the end of Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting in Washington DC, the United States on Saturday. Speaking on the sources of international funding to the Nigerian economy, Edun listed diaspora remittances, foreign portfolio investments, and facilities from the World Bank and other international development partners. He…

Apr

2024

FG, States, LGs Share N1.123 Trillion In March

Economy, CBN/Commercial Banking, FGN, News Flash

FG, States, LGs Share N1.123 Trillion In March The Federation Account Allocation Committee has disbursed a total of N1.123tn to the federal, state, and local governments for March 2024. The allocation, derived from a gross total of N1.867tn, marks a critical distribution of funds aimed at supporting various government tiers. This was revealed in a statement signed by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga, on Friday. Details later…

Apr

2024

CBN Reduces Banks’ LDR To 50%

CBN Reduces Banks’ LDR To 50% The Central Bank of Nigeria has announced a review of the loan-to-deposit ratio (LDR) for banks, from 65 percent to 50 percent to align with the current monetary tightening. The CBN disclosed this in a circular on Wednesday titled ‘Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian Economy’, signed by Adetona Adedeji, its acting director of the banking supervision department.

Apr

2024

FG Begins Disbursement Of N200 Billion Palliative Loans

CBN/Commercial Banking, Economy, FGN, News Flash

FG Begins Disbursement Of N200 Billion Palliative Loans The Ministry of Industry, Trade and Investment says it has begun disbursement of the Presidential Conditional Grant Scheme to verified applicants after an exhaustive selection process. The government, through the Bank of Industry, had said it would be disbursing three categories of funding totalling N200bn to support manufacturers and businesses across the country. In a progress report posted on the trade minister’s official X (formerly Twitter) handle on Tuesday, Doris Aniete stated that an unspecified number of beneficiaries have received their grants, adding that by Friday, April 19, another significant disbursement will…

Apr

2024

Huge Appreciation As Naira Gains 7.2% Against Dollar At Official Market

Huge Appreciation As Naira Gains 7.2% Against Dollar At Official Market Naira on Friday experienced huge appreciation at the official market, trading at N1,142.38 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, revealed that the Naira gained N88.23. This represents a 7.16 per cent gain when compared to the previous trading date on Monday, April 8, exchanging at N1,230.61 to a dollar before the Sallah holiday. The total daily turnover increased to $281.34 million on Friday up from $125.55 million recorded on Monday, according to…

Apr

2024

Naira Best-Performing In April, To Exchange Below N1,000 Per Dollar – Goldman Sachs

Naira Best-performing In April, To Exchange Below N1,000 Per Dollar – Goldman Sachs Goldman Sachs has described Naira as the best-performing currency this month (April), saying the currency will exchange below N1,000 per Dollar. The firm disclosed this in its latest report on Nigeria’s economic realities. According to a report by Goldman Sachs economists, with the appreciation rate of the Naira in the foreign exchange market, the currency may exchange below N1,000 per Dollar in the coming months. The report stated that the Naira rallied 12 per cent against the Dollar in April, adding to its 14 per cent surge…

Apr

2024

I Collected $3 Million Cash For Emefiele – CBN Employee Tells Court

CBN/Commercial Banking, Crime, Economy, News Flash

How I Collected $3 Million Cash For Emefiele – CBN Employee Tells Court A Central Bank of Nigeria (CBN) employee has disclosed how he collected $3m cash for Emefiele. The witness, Mr Monday Osazuwa, on Friday told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars cash in tranches. Osasuwa, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr Rotimi Oyedepo (SAN), said he was a dispatch rider in Zenith Bank in 2001 before he joined the CBN in 2014.…

Apr

2024