The Federal Government of Nigeria on Thursday launched a new Foreign Currency Voluntary Disclosure, Depositing, Repatriation, and Investment Scheme, urging Nigerians with foreign currency holdings outside the formal banking system to declare their assets. This was disclosed in a statement by the Director, Information and Public Relations Ministry of Finance, Mohammed Manga. He said the … Read more
The Central Bank of Nigeria (CBN) has dismissed reports suggesting that the old series of the N200, N500, and N1,000 banknotes will cease to be legal tender by the end of this year. This is disclosed in a press statement issued Thursday by the bank’s Acting Director, Corporate Communications, Sidi Hakama. This comes after the … Read more
A prosecution witness, Edward Adamu, on Wednesday, testified at the Federal Capital Territory (FCT) High Court in Abuja that former Central Bank of Nigeria (CBN) Governor Godwin Emefiele bypassed required approvals from the Nigerian president and the CBN Board for the redesign of naira notes in late 2022. Mr Adamu, a former deputy governor at … Read more
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says lifting of petroleum products from the Dangote Refinery will moderate foreign exchange demand pressures. Mr 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 … Read more
The Nigerian government has frozen more than $37 million worth of cryptocurrency held in wallets believed to be owned by some organisers of #EndBadGovernance protests. The freezing followed an order by the Federal High Court in Abuja. The judge, Emeka Nwite, gave the order in a ruling delivered on 9 July, a copy of the … Read more
The Senate on Wednesday amended the Central Bank of Nigeria (CBN) Act to increase the borrowing limit the bank can offer the federal government from five per cent to 10 per cent. The borrowing, popularly called Ways and Means, is a loan facility through which the CBN finances the federal government’s budget shortfalls. The Senate … Read more
A deputy director at the Central Bank of Nigeria (CBN), Olubukola Akinwumi, explained on Friday how Nigerians trading on Binance Holdings Limited’s platform use false names in the transactions. Mr Akinwumi, who is the Economic and Financial Crimes Commission (EFCC) ‘s second prosecution witness in the ongoing trial of the cryptocurrency firm and its executive, … Read more
The Nigeria Deposit Insurance Corporation (NDIC) has lauded the Central Bank of Nigeria (CBN) for its move to recapitalise banks to achieve economic resilience in the country. The Managing Director of NDIC, Bello Hassan, made the commendation on Friday during the NDIC Special Day at the ongoing 35th Enugu International Trade Fair. The News Agency … Read more
The Nigeria Customs Service (NCS) has announced the suspension of the 25 per cent import duty penalty on improperly imported vehicles. The directive for the suspension came from the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and is said to be part of strategies to help rejuvenate the economy and ensure … Read more
Senate panel begins probe of N30trn CBN loan obtained by Buhari The Senate began legislative activities last Monday with the inauguration of a nine-member ad hoc committee to interrogate the disbursement and usage of the 30 trillion Ways and Means loan obtained by the administration of former President Muhammadu Buhari from the Central Bank of Nigeria (CBN). … Read more
