CBN/Commercial Banking - Abia ThinkTank News

Feb

2024

Forex: EFCC Raids BDC Operators In Oyo, Kano, Abuja

CBN/Commercial Banking, Economy, News Flash

EFCC Raids Bureau De Change Operators In Oyo, Kano, Abuja Some currency exchange operators in the famous Kano currency exchange market, WAPA, have been arrested by the Economic and Financial Crime commission (EFCC). According to an eyewitness, Malam Isma’ila Zico, officials of the EFCC were at the market in earlier hours of Wednesday. “They were so tactical in the operation, it was after the apprehension that we found out that they have been in the market since morning. When it was time for them to strike, we then saw their operatives with crested vests and some other security agents, and…

Feb

2024

0 Comments

By Abia ThinkTank

FG Seeks $10Billion To Stabilize Exchange Rate As Naira Continue To Depreciate, Almost N1,900

CBN/Commercial Banking, Economy, FGN

FG Seeks $10 Billion To Stabilise Exchange Rate As Naira Tumbles, Nears N1,900 The Nigerian Federal Government is planning to raise $10bn to improve liquidity in the foreign exchange market. On Tuesday, the naira fell to an all-time low of 1,850 per dollar at the parallel market. President Bola Tinubu, who was represented by Vice President Kashim Shettima, disclosed this at the inaugural Public Wealth Management Conference in Abuja on Tuesday. The Ministry of Finance Incorporated organised the event with the theme “Championing Nigeria’s Economic Prosperity”. In a statement on Tuesday, the Senior Special Assistant to the President on Media…

Feb

2024

0 Comments

By Abia ThinkTank

FG To Audit N23 Trillion Ways And Means Debt Accumulated By Buhari Government

CBN/Commercial Banking, Economy, FGN, News Flash

FG To Audit N23 Trillion Ways And Means Debt Accumulated Under Buhari’s Govt The Bola Tinubu-led government has announced plans to thoroughly audit the N23 trillion Ways and Means debt accumulated during the previous administration. The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, disclosed the decision during the ongoing Public Wealth Management Conference organized by the Ministry of Finance Incorporated. He said the audit will address and understand the complexities surrounding the substantial debt and pave the way for a more transparent financial system. Edun further revealed that the government would present a bill to the…

Feb

2024

0 Comments

By Abia ThinkTank

Peter Obi Condoles With Families Of Late Herbert Wigwe And Abimbola Ogunbanjo

CBN/Commercial Banking, Mishap, News Flash

His Excellency, Mr. Peter Obi Condoles with families of Late Herbert Wigwe and Late Mr. Abimbola Ogunbanjo. Yesterday, with a heavy heart, I paid a condolence visit to the beloved families of my very dear friends, Herbert Wigwe and Abimbola Ogunbajo, whose deaths continue to break my heart and those of many in the nation. I expressed my deepest sympathies to the Wigwe and Ogunbajo families over this colossal loss. Herbert and I have remained very close friends over the years and I cherish the times, ideas, and moments we shared. His death remains a terrible sore in my heart,…

Feb

2024

0 Comments

By Abia ThinkTank

Access Holdings Names Bolaji Agbede As Acting CEO

CBN/Commercial Banking, Economy, News Flash

Access Holdings Names Bolaji Agbede As Acting CEO Access Holdings Plc on Monday announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer. This follows the death of its former Group Chief Executive Officer, Dr. Herbert Wigwe. Wigwe died in a helicopter crash alongside his wife, son, and a former chairman of the Nigeria Exchange Group, Abimboloa Ogunbanjo on Friday A statement made by the company’s Board of Directors and dated February 12, 2024, stated that the appointment was subject to the approval of the Central Bank of Nigeria “Further to its announcement dated February 11,…

Feb

2024

0 Comments

By Abia ThinkTank

I Will Be Unfair To God And Man If I Blame Tinubu For Nigerian’s Economic Hardship – Sanusi Lamido

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

I will Be Unfair To God And Man If I Blame Tinubu For Nigerian’s Economic Hardship – Sanusi Lamido• Says Nigeria Was Living On Fake Lifestyle With Huge Debt From Foreign And Domestic Debts Since 2012• Says Tinubu's Decision To Remove Subsidy And Unify Exchange Rate Was Nigeria Only Surviving Strategy, No Borrowing To Run Government Any More Former Emir of Kano, Muhammadu Sanusi, said it would be unfair for him to criticise President Bola Tinubu over the country’s economic hardship. Mr Sanusi, a former governor of the Central Bank of Nigeria (CBN), speaking during a virtual religious event on…

Feb

2024

0 Comments

By Abia ThinkTank

CBN Stops N10 Trillion Devt Finance Funds And Other Advances To FG

CBN/Commercial Banking, Economy, News Flash, Presidency

CBN Stops N10 Trillion Devt Finance Funds, Ways And Means Advances To FG Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso on Friday, February 9, said the apex bank will no longer grant Ways and Means Advances to the federal government unless the outstanding balance is settled. The apex bank also said it has halted “quasi-fiscal measures” of over N10 trillion it pays under the guise of development finance interventions. Cardoso revealed these when he appeared before the joint Senate Committee on Banking, Insurance and Other Financial Institutions, Finance, and National Planning to address critical concerns related to…

Feb

2024

0 Comments

By Abia ThinkTank

Pressure On Naira: CBN Uncovers $2.4Billion False Forex Claim – Cardoso

CBN/Commercial Banking, Economy, News Flash

CBN Uncovers $2.4 Billion False Forex Claim Pressuring Naira – Cardoso The Central Bank of Nigeria (CBN) uncovered invalid foreign overdue claims totalling $2.4 billion, which have pressured the naira for long and spooked the currency market, central bank governor Yemi Cardoso said on Monday. Mr Cardoso said the discovery was made after an audit by the consultant that the central bank engaged brought several shady deals to light. After seven years of being concealed from public knowledge, the audited accounts of the CBN became public last year during which auditors revealed a $7 billion backlog of unmet dollar demand…

Feb

2024

0 Comments

By Abia ThinkTank

Those Celebrating Naira’s Fall On Twitter Are Clowns – VP Shettima

CBN/Commercial Banking, Economy, News Flash

Those celebrating Naira’s Fall On Twitter Are Clowns – Shettima Vice President Kashim Shettima has expressed his disappointment with Nigerians who find amusement in the depreciation of the Naira against the dollar, labeling them as ‘clowns.’ Shettima made this known while speaking at a function in Abuja on Wednesday, January 31. In the video which was shared by Symfoni, Shettima said, ‘”It is not only disheartening and disenchanting, but also heartbreaking that yesterday when the Naira culminated to N1,500 to the dollar, instead of us to coagulate into a single force and salvage our nation economy, sadly, some clowns are…

Feb

2024

0 Comments

By Abia ThinkTank

FG Set To Reform NYSC, Float Special Bank For Youths

Economy, CBN/Commercial Banking, News Flash

FG Floats Special Bank For Youths, Set To Reform NYSC The federal government has announced initiatives to transform the prospects and opportunities for Nigerian youth. The initiatives include a reform of the National Youth Service Corps, NYSC, to focus more on ensuring that when young people finish school, they are ready to obtain good jobs or start their own businesses. Additionally, the establishment of the NextGen Bank in April 2024 will assist young people with funding to start their own entrepreneurial projects. Other initiatives include implementing a mandatory 30% quota in government appointments to amplify youth voices in decision-making and…