CBN/Commercial Banking - Abia ThinkTank News

Apr

2024

CBN Reduces Banks’ LDR To 50%

CBN/Commercial Banking, Economy, News Flash

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

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By Abia ThinkTank

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

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By Abia ThinkTank

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

CBN/Commercial Banking, Economy, News Flash

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

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By Abia ThinkTank

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

CBN/Commercial Banking, Economy, News Flash

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

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By Abia ThinkTank

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

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By Abia ThinkTank

Breaking: Bobrisky Jailed For 6 Months With No Option Of Fine

Crime, CBN/Commercial Banking, News Flash

BREAKING: Bobrisky Jailed For Six Months With No Option Of Fine Justice Abimbola Awogboro of the Federal High Court in Lagos has sentenced cross-dresser Idris Okuneye, popularly known as Bobrisky, to six months in jail with no option of fine. The judgement was handed on Friday morning, April 12. Recall that on April 5th, EFCC arraigned Bobrisky in court on a six-count charge ranging from Abuse of the Naira and Money laundering. The court, however, dismissed the money laundering charges but convicted him for Naira Abuse after he confessed to the crime. The court also ordered that he be remanded…

Apr

2024

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The Student Loans(Access To Higher Education) Act, 2024 In Details

CBN/Commercial Banking, Abuja, Education, News Flash

STATE HOUSE PRESS RELEASE IN DETAIL: THE STUDENT LOANS (ACCESS TO HIGHER EDUCATION) ACT, 2024 President Bola Tinubu, on Wednesday, April 3, 2024, signed into law the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024. The Act is of historic proportions as it seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths. WHY THE PREVIOUS ACT WAS AMENDED The repealed Student Loan Act, 2023, had some challenges bordering on governance and management, purpose of the loans, eligibility criteria for applicants, method of application, repayment provisions, and recovery of the loans.…

Apr

2024

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By Abia ThinkTank

CBN Sacks 8 Directors, 32 Others

CBN/Commercial Banking, Labour, News Flash

CBN Sacks 8 Directors, 32 Others The Central Bank of Nigeria (CBN) has reportedly terminated the employment of another batch of 40 staff members, primarily from the development finance department (DFD), according to Daily Trust. Details regarding the affected individuals are limited due to the late release of the termination letters. However, it was confirmed that Musa Zgabawa Bulus, an Assistant Director heading the National Collateral Registry (NCR) within the CBN, was among those affected. The NCR, an initiative aimed at enhancing access to finance for Nano, Micro, Small and Medium Enterprises (MSMEs) by leveraging movable assets, falls under the…

Apr

2024

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Lagos Court Orders Remand Of Emefiele In EFCC Custody

Crime, CBN/Commercial Banking, News Flash

Lagos Court Orders Remand Of Emefiele In EFCC Custody The Ikeja High Court in Lagos State has ordered the remand of a former governor of the Central Bank of Nigeria (CBN) Godwin Emefiele in the custody of the Economic and Financial Crimes Commission (EFCC). He is to be remanded till the next adjourned date, Thursday, April 11 when the court will give its ruling on bail. Justice Rahman Oshodi also ordered the remand of Emefiele’s co-defendant Henry Omoile at the Kirikiri Prison pending the court’s ruling on his bail on Thursday. The court ordered the remand of both men after…

Apr

2024

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CBN Stops Use Of Foreign Currencies As Collateral For Naira Loan

CBN/Commercial Banking, Economy, News Flash

CBN Stops Use Of Foreign Currencies As Collateral For Naira Loan The Central Bank of Nigeria has written to all banks in Nigeria to stop the use of foreign currencies as collateral for naira loans. It disclosed this in a circular uploaded to its website on Monday. The CBN however exempted from the ban Eurobonds issued by the Federal Government of Nigeria or Guarantees of foreign banks, including Standby Letters of Credit. Announcing the ban in a circular titled, “The Use of Foreign-Currency Denominated Collaterals for Naira Loans”, Director, Banking Supervision Department, CBN, Dr. Adetona Adedeji, said: “The Central Bank…