CBN/Commercial Banking

Emefiele Printed ‘His Own Naira’, Ignored Design Approved By Buhari – Ex-CBN Director Reveals A former Central Bank of Nigeria (CBN), director of currency operations, Ahmed Umar, has disclosed that the immediate past governor, Godwin Emefiele, printed his own design of the naira. The Nation reported that the Economic and Financial Crimes Commission (EFCC) on May 15, arraigned Emefiele on a four-count charge before Justice Maryanne Anenih of the FCT High Court. Emefiele, however, denied the charge and was admitted to bail in the sum of N300 million. However, Umar while giving evidence at the Federal Capital Territory, FCT, High…

Your Bank Deposits Are Safe – CBN Reassures Nigerians The Central Bank of Nigeria (CBN) has again reassured the banking public of the safety of their deposits and the banking system’s resilience. The apex bank’s Acting Director of Corporate Communications Department, Mrs Hakama Sidi-Ali, gave the assurance in a statement on Monday in Abuja. Sidi-Ali’s statement was a response to concern in some quarters about the stability of some Nigerian banks in the wake of Heritage Bank Plc’s license revocation, She faulted claims that the CBN was considering revoking the operating licences of Fidelity, Polaris, Wema, and Unity Banks. She…

FX Gain Now Major Source Of FAAC Revenue – Report A think-tank organisation, Agora Policy, has stated that foreign exchange gains have become a major source of revenue for the Federation Account Allocation Committee. In the report titled “How Exchange Gain Became a Major Source of Federation Revenue”, Agora Policy said the exchange gain saw an increase after the unification of the foreign exchange market. Exchange gain represents the difference between the exchange rate projected in the budget and the actual rate at which applicable revenue streams are converted at FAAC. The organisation stated exchange gain had been a feature…

Heritage Bank Customers Throng Headquarters For Payment Customers of the liquidated Heritage Bank gathered at the bank’s headquarters in Lagos on Wednesday, to seek clarification on the beginning of their deposit payments. A visit by a News Agency of Nigeria correspondent revealed that security personnel stationed at the bank’s entrance prevented customers from entering the premises. Addressing the customers through the gate, an official informed them that payments had begun for savings account holders and would continue until Friday. “You don’t need to take any action. NDIC staff are already processing payments. Your money will be transferred to your other…

CBN Speaks Over Report Of Planning To Revoke Licences Of Unity Bank, Polaris Bank, Keystone The Central Bank of Nigeria (CBN) says it has no plans to revoke the licences of Unity, Polaris, and Keystone banks. Online reports had claimed the apex bank would terminate the licences of the three banks, following the revocation of Heritage Bank’s licence. However, in a post on its social media pages on Tuesday, the bank said the content was not authentic. “The content is fake and not from the CBN,” the post reads. On June 4, the Central Bank of Nigeria (CBN) revoked the…