CBN/Commercial Banking - Abia ThinkTank News

Apr

2024

CBN Reportedly Bans Moniepoint, Opay, Kuda, Others From Taking New Customers

CBN/Commercial Banking, Economy, News Flash

CBN Reportedly Bans Moniepoint, Opay, Kuda, Others From Taking New Customers The Central Bank of Nigeria has barred some microfinance banks, including Moniepoint, Opay and Kuda, from opening new accounts and accepting new customers. The ban is over allegations that they were being used to funnel cryptocurrency and manipulate the naira’s value, sources familiar told Peoples Gazette on Monday. Sources asserted that the CBN deemed the new-account-ban necessary to curb money-laundering activities which have seen the naira again plunge against the dollar in recent days. The naira, as of Monday evening, traded at N1350 against the dollar, which is a…

Apr

2024

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By Abia ThinkTank

How Emefiele Got $600,000 Cash As Kickback From Contractors – Ex-CBN Director Reveals

CBN/Commercial Banking, Crime, Economy, News Flash

How Emefiele Got $600,000 Cash As Kickback From Contractors – Ex-CBN Director Reveals A former director at the Central Bank of Nigeria (CBN), John Ikechukwu Ayoh, has made some allegations against the embattled former governor of the apex bank, Godwin Emefiele. Ayoh made the allegations while testifying in an ongoing case of abuse of office at the Lagos High Court on Monday, April 29. Emefiele and his co-defendant, Henry Omoile, are currently facing trial on a 26-count charge. The duo have, however, pleaded not guilty to all the charges. At the court proceedings on Monday, the Economic and Financial Crimes…

Apr

2024

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By Abia ThinkTank

President Tinubu Appoints Jim Ovia Chairman Of The Nigerian Education Loan Fund

CBN/Commercial Banking, Economy, News Flash, Politics

STATE HOUSE PRESS RELEASE PRESIDENT TINUBU APPOINTS JIM OVIA AS CHAIRMAN OF THE NIGERIAN EDUCATION LOAN FUND President Bola Tinubu has approved the appointment of Mr. Jim Ovia, CFR, renowned banker and businessman, as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND). Mr. Ovia is the founder of one of Nigeria's leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians. He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana. The National Student Loan Programme…

Apr

2024

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By Abia ThinkTank

EFCC Arrests 34 Suspected Currency Speculators In Abuja

CBN/Commercial Banking, Economy, News Flash

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

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By Abia ThinkTank

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

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By Abia ThinkTank

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

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By Abia ThinkTank

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…