CBN/Commercial Banking

President Tinubu To Launch Students Loan Scheme Thursday – Presidency

Abuja, CBN/Commercial Banking, Economy, Education, News Flash

Tinubu To Launch Students Loan Scheme Thursday — Presidency President Bola Tinubu will launch the Student Loan Scheme on Thursday, March 14, 2024. The Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale, disclosed this when he spoke on TVC’s Politics on Sunday monitored by PUNCH Online. On the programme titled ‘Counting the Cost of Presidents Tinubu’s Reforms,’ Ngelale highlighted some of the President’s welfare initiatives being implemented at the moment, saying, “Later this week, on Thursday, the President will launch the historic National Student Loan Programme.” “This is a major form of obligation reduction for Nigerians…

Mar

2024

CBN/Commercial Banking, Columns/Opinions/Letters, Economy, News Flash

Nigeria Back On Track Economically – Tony Elumelu Hails MPC Decision

Nigeria back on track economically – Tony Elumelu hails MPC decision Tony Elumelu, the Chairman of the United Bank for Africa (UBA), has asserted that Nigeria is moving in the right economic direction, citing the decisions made by the Central Bank of Nigeria (CBN) at its recent Monetary Policy Committee (MPC) meeting on February 27. During the meeting, the CBN implemented a tightening policy by raising the Monetary Policy Rate (MPR) by 400 basis points, elevating it from 18.75 per cent to 22.75 per cent. In an interview on Thursday, the business magnate expressed cautious optimism, stating that Nigeria is…

Mar

2024

Binance Set To Exit The Nigerian Market, Ceases Provision Of Services In Local Currency.

CBN/Commercial Banking, Business, Economy, News Flash

🚨BREAKING Binance Set To Exit The Nigerian market, Ceases Provision Of Services In Local Currency. ●Details 👇The platform has informed users that any remaining NGN balances will be automatically converted to Tether (USDT) stablecoin after March 8. Users are advised to withdraw, trade their NGN assets, or convert them into cryptocurrency before this deadline. In addition, trading pairs involving NGN and the ability to deposit using NGN will cease temporarily. Moreover, NGN will no longer be a supported payment method across Binance's range of services.

Mar

2024

HOR Call For Arrests Of Binance Executives Over Money Laundering, Naira Crash

CBN/Commercial Banking, Economy, National Assembly, News Flash

Reps call for arrest of Binance executives over money laundering, naira crash In a desperate move to rescue the naira, federal lawmakers in the House of Representatives have called for the arrest of the executives of cryptocurrency company, Binance, over alleged economic sabotage. This was the resolution of the House Committee on Financial Crimes during its sitting on Monday, March 4. The lawmakers resolved to recommend that the House invokes its powers to subpoena and arrest executives of Binance following their failure to appear before the committee. Chairman of the committee, Ginger Obinna Onwusibe, said executives of the company were…

Mar

2024

FG To Support Local Manufacturers With N75 Billion

CBN/Commercial Banking, FGN, Manufacturing

FG To Support Local Manufacturers With N75 Billion As part of efforts to tackle the present economic hardship being experienced by Nigerians, the federal government has set aside N75bn to support the manufacturing enterprises. This was disclosed by the Minister of Labour and Employment, Barrister Nkeiruka Chidubem Onyejeocha on the occasion of NDE special day at the ongoing 45th Kaduna International Trade Fair on Saturday. The minister represented by her Special Assistant, Administration, Barrister, Paul Abuluba affirmed that the administration of President Bola Ahmed Tinubu has embarked on urgent actions to reverse the poor trend of the economy. “President is…

Mar

2024

FGN Fines Binance $10 Billion Over Alleged Influencing Of Nigeria’s Forex Crisis

FG Fines Binance $10 Billion Over Alleged Influencing Of Nigeria’s Forex Crisis The federal government has slammed a $10 billion fine on crypto trading platform, Binance, over allegations of influencing the country’s forex crisis The special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, disclosed this Friday morning in an interview with the BBC. According to Onanuga, Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses. Onanuga noted that Binance is not registered in Nigeria and has no presence in the country. He alleged that people used the platform to arbitrarily…

Mar

2024

Tony Elumelu Of Heirs Holdings and Other Super Elites Owing Over N5 Trillion And Defaulted – CBN

Tony Elumelu of Heirs Holdings took an N41.5b loan @15% interest rate per annum and defaulted CBN There are still many of them roaming freely in an opulence lifestyle. If the CBN published all the names of defaulters,there are about 20 of them owing over N5 trillion Naira. The past government set up a committee through AMCON to get the money from them. But just like an elite game, Nigerians did not hear much of what happened. These men are super elites and above the law, most of the debts are now classified as bad debts. But they are sitting…

Feb

2024

CBN Increases Interest Rate To 22.75%

CBN Increases Interest Rate To 22.75% The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) has announced a significant increase in the Monetary Policy Rate (MPR), raising it by four hundred basis points to 22.75% from the previous rate of 18.75%. CBN Governor Yemi Cardoso revealed the decision after Tuesday’s first MPC meeting of the year in Abuja. In addition to the MPR adjustment, the MPC raised the Cash Reserve Ratio (CRR) to forty-five per cent. However, the liquidity ratio remained unchanged at thirty per cent. The move suggests tightening monetary policy to address various economic challenges and ensure…

Feb

2024

Naira Crash: FG Blocks Binance, Octa FX, Other Cripto Firms