CBN/Commercial Banking - Abia ThinkTank News

Nov

2024

Prayers Prevented Exchange Rate From Reaching N10,000 Per Dollar – Pastor Adeboye

Prayers Prevented Exchange Rate From Reaching N10,000 Per Dollar” – Pastor Adeboye The General Overseer of the Redeemed Christian Church of God (RCCG) Pastor Enoch Adeboye has said without divine intervention, the exchange rate could have soared to ₦10,000 to $1. Speaking during the Special Holy Ghost Congress in Abuja, Adeboye linked Nigeria’s financial struggles to its heavy reliance on fuel imports, despite being a significant oil-producing nation. He criticised the billions spent on refineries that remain non-functional, forcing the country to depend on imported petrol. Addressing the contentious removal of fuel subsidies, Adeboye remarked that the decision angered those…

Oct

2024

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By Abia ThinkTank

Nigeria’s Foreign Reserves Increase To $39 Billion In October – Cardoso

CBN/Commercial Banking, Economy, News Flash

Nigeria’s Foreign Reserves Rose To $39 Billion In October – Cardoso Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the country’s foreign reserves rose by 12.74 percent to $39.12 billion as of October 11. Cardoso spoke on Tuesday when he appeared before the house of representatives committee on banking regulation. The CBN governor said the country’s reserves stood at $34.70 billion at the end of June. Data from the apex bank had showed that foreign reserves fell to $32.29 billion on April 15 — the lowest level in over six years. Cardoso said the nation’s foreign exchange…

Oct

2024

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By Abia ThinkTank

Amid Hardship, Nigerian Banks Declare Huge Profits; Customers Complain

CBN/Commercial Banking, Economy, News Flash

Amid Hardship, Nigerian Banks Declare Huge Profit; Customers Complain Commercial bank customers in the Federal Capital Territory have urged banks to pay more attention to customer satisfaction than declaring massive profits. They spoke against the backdrop of some commercial banks making an estimated profit before Tax of N3.8 trillion in the first half of 2014. According to reports, the banks, which include Zenith Bank, UBA and 10 others, recorded a 108.2 per cent increase from the N1.83 trillion recorded in the first half of 2023. But bank customers told the News Agency of Nigeria (NAN) on Wednesday that they were…

Oct

2024

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By Abia ThinkTank

Dele Momodu’s Advice To Wike(Copied)

CBN/Commercial Banking, News Flash, Politics

DELE MOMODU'S ADVICE TO WIKE My dear Brother, good evening. I have watched you in recent months with trepidation. I'm scared about your inability to comprehend the country called Nigeria. You must have underrated how the owners of Nigeria operate. I studied the biography of CHIEF OBAFEMI AWOLOWO. I was an insider in the June 12 1993 crisis, and a veritable witness to the tribulations of my great mentor, CHIEF MOSHOOD ABIOLA. Closer home, you must have seen how your predecessor, DR PETER ODILI, was stopped in his tracks in 2007. You're certainly one of Nigeria's best performing Governors, if…

Oct

2024

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By Abia ThinkTank

CBN Introduces Electronic System To Boost Transparency In Forex Market

CBN/Commercial Banking, Economy, FGN, News Flash

CBN Introduces Electronic System To Boost Transparency In Forex Market The Central Bank of Nigeria has announced the introduction of an Electronic Foreign Exchange Matching System aimed at transforming the country’s foreign exchange market. This new system is set to be operational in the Nigerian Foreign Exchange Market by 1 December 2024, following a two-week test run scheduled for November. The EFEMS is expected to reshape how foreign exchange transactions are conducted in the interbank market by enhancing transparency and promoting a market-driven exchange rate accessible to the public. According to a circular by the Director of the Financial Markets…

Sep

2024

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By Abia ThinkTank

World Bank Approves $1.57Billion Loan In Financing For Nigeria

CBN/Commercial Banking, Economy, FGN, News Flash

World Bank Approves $1.57 Billion Loan For Nigeria The World Bank has approved three new loan requests totalling $1.57bn in financing for Nigeria. According to a statement released on Monday, the approval is to support the Federal Government in strengthening human capital through better health for women, children and adolescents. It added that the approved projects would also help build resilience to the effect of climate change such as floods and drought through improving dams safety and irrigation. The statement read, “The World Bank has today approved three operations for a total of $1.57bn to support the Government of Nigeria…

Sep

2024

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By Abia ThinkTank

Lifting Petrol From Dangote Refinery Will Moderate FX Pressure – CBN Governor

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

Lifting Petrol From Dangote Refinery ‘ll Moderate FX Pressure – CBN Governor, Cardoso The Governor of the Central Bank of Nigeria, Yemi Cardoso, says lifting of petroleum products from the Dangote Refinery will moderate foreign exchange demand pressures. Cardoso who said this on Tuesday in Abuja, while presenting a communique from the apex bank’s 297th Monetary Policy Committee meeting, said that it would also moderate transportation cost, thereby easing food prices. “The committee expressed optimism that the lifting of refined petroleum products from Dangote refinery will moderate transportation costs and significantly support the easing of food price pressures in the…

Sep

2024

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By Abia ThinkTank

Presidency Reacts To Reports Of CBN Governor, Yemi Cardoso’s Resignation

CBN/Commercial Banking, Economy, News Flash

Presidency Reacts To Reports Of CBN Governor, Yemi Cardoso’s Resignation The presidency has dismissed a viral report claiming that President Bola Tinubu asked Central Bank of Nigeria (CBN) Governor Yemi Cardoso to resign. An online business publication had alleged that the President requested Cardoso’s resignation due to his failure to revive the economy and stabilize the naira, a year after assuming the role. The report further stated that Cardoso had allegedly promised to shore up the value of the naira to a range of N700 to N900 per dollar by May 2024, a target that was not met, leading to…

Sep

2024

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Gov. Otti Attends 17th Annual Banking And Finance Conference Organized By CIBN At Transcorp Hilton Hotel, Abuja

Abia State, CBN/Commercial Banking, Economy, Good Governance, News Flash

Governor Alex Otti of Abia State attends the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) at the Transcorp Hilton Hotel in Abuja. On Tuesday September 10th, the Executive Governor of Abia State Dr. Alex Otti attended the 17th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) at Abuja. The event themed 'Accelerated Economic Growth and Development', focused on discussions around Nigeria's economic challenges and exploring strategies for sustainable growth. During the event, Governor Otti presented a goodwill message to the participants and emphasis on…

Sep

2024

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FAAC Allocations Rise To N13.7trn 149% In 7 Months

CBN/Commercial Banking, Economy, FGN, News Flash

FAAC Allocations Rise 149% To N13.7trn In 7 Months The Federation Account Allocations Committee (FAAC) disbursements to the Federal Government (FG), 36 states and 774 local governments (LG) rose by 149.4 percent year-on-year (YoY) to N13.72 trillion in the first seven months (January to July) of 2024, 7M ’24, from N5.5 trillion in the corresponding period of 2023. Details of data from the National Bureau of Statistics, NBS, FAAC report for the review period showed that in 7M ’24, FG received N2.68 trillion, up by 28.2 percent YoY from N2.09 trillion received in 7M’23. States received N2.91 trillion in the…