CBN/Commercial Banking - Abia ThinkTank News

Apr

2024

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…

Mar

2024

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By Abia ThinkTank

NSA Arrest Officials Responsible For Escape Of Binance Executive

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

NSA Confirms Escape Of Binance Executive, Arrests Officials Responsible The Office of the National Security Adviser (ONSA) has confirmed the escape of Nadeem Anjarwalla, the Binance regional manager for Africa. A statement by Zakari Mijinyawa, head of strategic communication at ONSA, said “preliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passport”. “The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,” the statement reads. Nadeem Anjarwalla, one of the two Binance executives detained in Nigeria for alleged…

Mar

2024

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By Abia ThinkTank

Binance Speaks As FGN Declared Crypto Giants Official Missing

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

Binance Speaks As FG Declares Crypto Giant’s Official Missing Global cryptocurrency exchange platform, Binance has reacted to reports that its official, Nadeem Anjarwalla, had escaped from detention in Nigeria. Confirming the report, spokesperson for Binance, Samantha Fuller, said that Anjarwalla was no longer in Nigeria. The crypto exchange said its concern continues to be the safety and well-being of its employees, and it is actively collaborating with Nigerian authorities to swiftly resolve the matter. “We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees, and we are working…

Mar

2024

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By Abia ThinkTank

Naira At N400 To Dollar Unrealistic – Kingsley Moghalu

CBN/Commercial Banking, Economy, News Flash

Naira At N400 To Dollar Unrealistic – Kingsley Moghalu A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has faulted the position of those expecting naira to stabilise at N400 to the dollar, describing it is unrealistic He wrote, “Those who want the Naira to be N400 to the $ are living in a dream world. Even discounting for the negative impact of speculative attacks on the value of the Naira, the exchange rate will (and should) reflect its market value in reality, not the artificiality that the Emefiele era central bank sought to maintain to please…

Mar

2024

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By Abia ThinkTank

N193 Billion Intervention Loans In Nigeria Declared Lost – CBN

CBN/Commercial Banking, Business, Economy, News Flash

N193 Billion Intervention Loans In Nigeria Declared Lost – CBN A report by the Central Bank of Nigeria, CBN, has revealed that out of the total loans of N10.3 trillion disbursed as intervention, N193 billion has been declared lost, and another N418.9 billion remains doubtful According to a CBN report published in September 2023, the bank’s intervention funds breakdown over the years is detailed. According to the report, out of the N10.3 trillion in intervention funds, less than N4.4 trillion has been repaid. In contrast, approximately N5.8 trillion remains outstanding. Some loans are tenured, meaning they only fall due when…