CBN Archives - Page 2 of 5

Oct

04

2024

CBN Unveils New Foreign Exchange Code to Stabilize Naira

Business, Economy, NewsBusiness, CBN, Economy, Naira

The Central Bank of Nigeria (CBN) has introduced a fresh Foreign Exchange Code to guide participants in the country's FX market, aiming to stabilize the Naira. This move is part of efforts to regulate Nigeria's financial system and supervise the foreign exchange market in line with global best practices. The new FX Code is built around six core principles: Ethics: Promoting transparency and accountability Governance: Ensuring effective oversight and management Execution: Facilitating efficient and timely transactions Risk Management and Compliance: Minimizing risks and ensuring adherence to regulations Information Sharing: Encouraging open communication among market participants Confirmation and Settlement Processes: Streamlining…

Aug

30

2024

By Amos Oge Kalu

CBN Gov, Deputies Spend Over N10 Billion on Bulletproof SUVs, Increase Allowances Amidst Economic Hardship

Economy, Metro, NewsCBN, Economy, Metro

As Nigeria grapples with economic challenges and inflation, Central Bank of Nigeria (CBN) Governor Yemi Cardoso and his four deputies have reportedly splurged over N10 billion on bulletproof SUVs. According to Daily Nigerian, the CBN officials have been indulging in extravagant spending, including the purchase of ultra-modern armoured vehicles and a significant increase in their allowances. Governor Cardoso allegedly acquired six armoured Lexus LX 600 2023 models, valued at over N10 billion, for himself and his deputies - Emem Usoro, Philip Ikeazor, Bala Bello, and Sani Abdullahi. Each deputy received one SUV, while Cardoso secured two for his personal use…

Feb

29

2024

By David Okoye

Senate Confirms Four Nominees to CBN Board of Directors

News, PoliticsCBN, Finance, Politics, Senate

The Senate has confirmed the appointment of four individuals, Robert Agbede, Ado Wanka, Murtala Sagagi, and Muslimat Olanike, to serve as members of the board of directors of the Central Bank of Nigeria (CBN). This decision follows the adoption of the Senate Committee on Banking, Insurance, and Other Financial Institutions' report during the Committee of the Whole session. Chairman of the committee, Abiru Adetounboi, reported that four out of the five nominees underwent the screening process, with Urum Eke being the exception as he did not appear. The nomination process adhered to the relevant sections of the Central Bank of…

Feb

24

2024

By Amos Oge Kalu

CBN provides Customs with updated guidelines regarding exchange rates for import clearance.

Business, Economy, Metro, NewsCBN, Economy, Money

The Nigerian Customs Service (NCS) has been directed by the Central Bank of Nigeria to establish a foreign exchange closing rate on the day that importers submit their "Form M" for the purpose of clearing their products and assessing import duties, amidst multiple hikes in customs exchange rates. This was revealed by the CBN in a statement on Friday that was signed by Hassan Mahmud, the department's director of trade and exchange. The pricing system has been upset by the frequent changes in the customs taxes rate, according to CBN, which has resulted in erratic increases in the market's final…

Feb

10

2024

By Amos Oge Kalu

Emefiele’s wife, three others, declared wanted by EFCC for alleged money laundering.

Lifestyle, Metro, NewsCBN, Crime, Emefiele

The wife of former Governor of the Central Bank of Nigeria, Godwin Emefiele, Margaret Emefiele, and three other people have been declared wanted by the Economic and Financial Crimes Commission (EFCC) for their alleged involvement in money laundering activities. The Federal Government of Nigeria is searching for Margaret Emefiele, Eric Odoh, Anita Omoile, and her husband Jonathan Omoile for their roles in a plot to convert substantial amounts of money. The agency accuses them of violating Sections 411, 287, and 314 of the Lagos State Criminal Law in addition to stealing and collecting money under false pretences. The four suspects'…