CBN/Commercial Banking - Abia ThinkTank News

Apr

2024

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 WHY THE PREVIOUS ACT WAS AMENDED The repealed Student Loan Act, 2023, had some challenges bordering on governance and management, purpose of the loans, eligibility criteria for applicants, method of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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By Abia ThinkTank

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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By Abia ThinkTank

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…

Apr

2024

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By Abia ThinkTank

We Will Bring Down Inflation – Tinubu Assures Nigerians

Economy, CBN/Commercial Banking, News Flash

We Will Bring Down Inflation – Tinubu Assures Nigerians President Bola Ahmed Tinubu has assured that his administration will bring down the inflationary trend in the economy. Tinubu said this while hosting the leadership of the All Progressives Congress (APC) to an IFTAR dinner on Wednesday, April 3. He said: “…and it is the hard job that you promised the people of Nigeria when you were campaigning for me, you promised them a good result. I have to work for it, no magic wand. “I campaigned on hope, I have to rest on that hope and push for that hope…

Apr

2024

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By Abia ThinkTank

Court Adjourns Binance Tax Evasion Case To April 19

Crime, Business, CBN/Commercial Banking, Economy, Judiciary

Court Adjourns Binance Tax Evasion Case Till April 19 A Federal High Court in Abuja has adjourned the tax evasion case involving Binance Holdings Limited and its executives. The Federal Inland Revenue Service had dragged the firm to court for tax evasion. Also joined in the suit are officials of the company, Tigran Gambaryan, and fleeing Nadeem Anjarwalla. In the suit marked: FHC/ABJ/CR/115/2024, Binance was accused of failing to register with the FIRS for the purpose of paying all relevant taxes administered by the service. The FIRS also alleged that while it was offering taxable services to subscribers on its…

Mar

2024

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By Abia ThinkTank

Zenith, UBA, Access And 4 Others Exceeds CBN Minimum Capital Requirement

CBN/Commercial Banking, Economy, News Flash

Zenith, UBA, Access And 4 Other Banks Exceeds CBN Minimum Capital Requirement Days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system, the Central Bank of Nigeria (CBN) on Thursday, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 billion. This is from the current minimum capital base of N50 billion for an international banking licence while the national bank capital requirement is at N25 billion.The regional banking licence was put at N10 billion, and the merchant…

Mar

2024

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By Abia ThinkTank

CBN Raises Commercial Banks Capital Base To N500 Billion

CBN/Commercial Banking, Business, Economy, News Flash

CBN Raises Commercial Banks Capital Base To N500 Billion The Central Bank of Nigeria has announced the increment of the capital base for commercial banks with international authorisation to N500bn and national banks to N200bn. The apex bank announced this in a statement signed by its Acting Director, Corporate Communications, Sidi Ali, in Abuja on Thursday. The CBN’s move mandates substantial increases in the minimum capital base for banks, varying by the scope of their operations. The latest policy directive specifies that commercial banks with international authorisation are now required to shore up their capital base to N500bn. She added…

Mar

2024

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By Abia ThinkTank

CBN Raises Interest Rate To 24.75%

Business, CBN/Commercial Banking, Economy, News Flash

CBN Raises Interest Rate To 24.75 Percent The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent. This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja. The new interest rate is a jump from the 22.75 percent announced by the MPC about a month ago. It is the second rate hike by the committee in two months. Details later…

Mar

2024

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By Abia ThinkTank

CBN Sell $10,000 To BDCs @ N1,251/$

Business, CBN/Commercial Banking, Economy, FGN, News Flash

CBN Sell $10,000 To BDCs @ N1,251/$ The development comes after the CBN’s prolonged ban on forex sales to BDC operators. In the circular signed by the bank’s Director of Trade and Exchange Department, Dr Hassan Mahmud, on Monday, each BDC is directed to sell the purchased dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price, which translates to a maximum selling rate of N1,269/$1. The CBN had previously announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country in February, marking a significant…