CBN unveils new policy to capture the unbanked

CBN unveils new policy to capture the unbanked January 17, 2019 The Central Bank of Nigeria on Thursday unveiled the National Financial Inclusion Strategy designed to ensure that at least 80 per cent of Nigerians have access to banking and other financial services. The CBN Deputy Governor on Financial System Stability, Mrs. Aisha Ahmad, made the presentation at the National Financial Literacy Stakeholders’ Conference in Abuja on Thursday. She said that the apex bank had also released new policy frameworks on consumer protection, financial literacy and financial education. “Adequate consumer…

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Spray Money In Parties And Go To Prison – CBN Blows Hot

Central Bank of Nigeria (CBN) spokesman Isaac Okorafor announced in a meeting in Lagos that the police and the Ministry of Justice would arrest any one who sprays money in a party. “If a celebrant is dancing and you spray him/her, you may go to jail from the party venue because the law enforcement agents will be there, waiting to arrest you. “It is the duty of law enforcement agencies to catch offenders and take them to court. Our collaboration with the police will intensify as we move to implement…

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No Fire Incident At Our Head Office, Says CBN

The Central Bank of Nigeria (CBN) last night clarified that reports that its head office building was on fire were false. The CBN in a statement explained that passersby who saw a pall of exhaust from the generator house far away from the building mistook the exhaust for fire smoke. It added: “The CBN maintains a total security system that triggers safety alarms in the presence of smoke and so all fire engines and personnel received the alert only to discover that it was an unusual pall of exhaust. “The…

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Nigerians Can Now Access Loan With Academic Certificates – Says CBN

The Central Bank of Nigeria (CBN) has disclosed that Nigerian youths venturing into various Small and Medium Enterprise(SME) in the country, can now access micro finance loans up to N3million from banks with their academic certificates as collateral. CBN disclosed this yesterday through its Director of Development Finances, Dr. Mudashiru Olaitan, at the 3rd All Civil Society National Economic Summit, organised by a Coalition of Civil Societies. The CBN has introduced a number of initiatives aimed at encouraging the youths to engage in entrepreneurial activities that will create employment and…

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Seven banks ‘hide N249.6b for unknown govt officials’

A Federal High Court in Lagos yesterday ordered seven banks to remit to the Federal Government $793,200,000 (about N249,659,700,000.00) allegedly hidden with them in breach of the Treasury Single Account (TSA) policy. A vacation judge, Justice Chuka Obiozor, made the interim order following an ex parte application by the office of the Attorney-General of the Federation (AGF). The judge warned that the remittance order would be made permanent on August 8, unless cause was shown why it should not. The AGF, through his counsel, Prof. Yemi Akinseye-George (SAN), accused the…

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CBN pumps in $195m more to boost forex supply

The Central Bank of Nigeria (CBN) yesterday supplied $195 million to stabilise the inter-bank Foreign Exchange Market. CBN spokesman Isaac Okorafor said $100 million was offered through the wholesale segment. Small and Medium Enterprises (SMEs) segment received $50 million. Tuition fees, medical payments and Basic Travel Allowance (BTA), among others, got $45 million. Okorafor said the CBN was pleased with the state of the market, and assured that the bank would continue to intervene in order to sustain liquidity in the market and guarantee international value of the naira. He…

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Bank-to-bank forex deals resume

Banks can now directly sell foreign exchange (forex) to one another, without prior Central Bank of Nigeria (CBN) approval, The Nation has learnt. The policy shift became exigent following the improvement in forex supply to key segments of the market, a development that has shored up market confidence. A top manager in one of the Tier-1 lenders, who disclosed this at the weekend, said the CBN had in the heat of the forex scarcity stopped commercial banks from selling foreign exchange to one another, unless they had its approval. But…

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CBN leaves interest rate at 14%

THE Central Bank of Nigeria (CBN) yesterday kept its Monetary Policy Rate (MPR), its base interest rate, at 14 per cent. CBN Governor Godwin Emiefele, who spoke to reporters after the Monetary Policy Committee (MPC) meeting in Abuja, said the recession corridor would come to an end by the third quarter because of the positive financial and economic indicators, which he said would endure. Defending the MPC’s position to retain the current level of the MPR, Emefiele, said: “In consideration of the challenges weighing down the domestic economy and the…

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CBN releases list of items valid for forex

The Central Bank of Nigeria (CBN) yesterday released a list of items that can source foreign exchange (forex) from the market. The list, sent to all authorised dealers, Nigeria Customs and the public, has 36 categories. It is endorsed by Director, Trade and Exchange, W.D Gotring. He said the list became exigent following misconceptions and enquiries across market on items that are “Valid for Foreign Exchange”. The items that made the list include animal or vegetable fats and oils fractions, hydrogenated- not including palm oil/ olein and margarine; prepared glues…

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FOREX: CBN offers $100m for wholesale auction

The Central Bank of Nigeria (CBN) on Thursday offered $100 million to authorized dealers at the foreign exchange (forex) auction in the interbank wholesale window just as Moody’s Investors Service expressed optimism that the Federal Government would easily achieve its target of $3.5 billion foreign borrowing this year as improved oil output is expected to rejuvenate the economy According to the apex bank’s spokesman, Isaac Okorafor, while confirming the offer in Abuja, no interventions were made in the retail auction window for forex. He added that the apex bank also…

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