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The Central Bank of Nigeria (CBN) has taken a significant step by removing restrictions on the importation of all 43 items that were previously banned under the 2015 Circular TED/FEM/FPC/GEN/01/010 and its subsequent addendums. The CBN has now authorized these items to access foreign exchange for purchase in the Nigerian Foreign Exchange Market. This decision…
In a significant development for Nigeria’s financial sector, the Nigerian Senate has confirmed the appointment of Dr. Olayemi Michael Cardoso as the Governor of the Central Bank of Nigeria (CBN) and four deputy governors. This confirmation follows Dr. Cardoso’s assumption of office in an acting capacity and the subsequent nomination of his deputies. The nominees…
A special investigative committee, led by Jim Obazee, is unraveling a colossal financial scandal in Nigeria. The probe has uncovered a shocking N8 trillion ($19 billion) looted from the Central Bank of Nigeria (CBN) and Government Business Entities (GBEs). This staggering sum has been traced to various bank accounts operated by individuals and private business…
President Tinubu has called upon top security agencies in Nigeria to take all necessary actions to recover the substantial sum of N1.1 trillion from defaulters of the Central Bank of Nigeria (CBN) Anchor Borrowers’ loan. The President has set a firm deadline for this recovery, demanding that it be completed on or before September 18,…
Despite facing a cash scarcity that gripped the nation in the latter months of 2022, the Central Bank of Nigeria (CBN) expended a staggering N74.84 billion on the production and rollout of currencies, including new naira notes, throughout the year. This figure represents a substantial 40.42% increase compared to the N53.29 billion spent in the…
The Central Bank of Nigeria (CBN) has taken a significant step towards enhancing import trade by launching the Price Verification System (PVS) for importers. The introduction of the PVS follows a successful pilot run and comprehensive training sessions conducted in collaboration with all banks. This move aims to streamline import processes and ensure transparency in…
In a bid to curb the devaluation of the Nigerian currency, the naira, the Central Bank of Nigeria (CBN) has laid out a series of intervention measures that are set to be unveiled in the coming days. The acting governor of the CBN, Folashodun Shonubi, shared this development with reporters on Monday following a meeting…
Senator Shehu Sani has launched a scathing critique against the Central Bank of Nigeria (CBN) under the leadership of President Muhammadu Buhari. Sani took to his official Twitter account, @ShehuSani, to express his concerns, labeling the CBN as “the most opaque and fraudulent institution of Government in the history of Nigeria.” In his tweet, Sani…
The Central Bank of Nigeria (CBN) has underscored the country’s relatively favourable inflation rate, positioning it comparatively better than many African nations. Speaking at the 2023 Zenith Bank International Trade Seminar, the acting Governor of the CBN, Folashodun Shonubi, represented by Deputy Governor Kingsley Obiorah, highlighted various contributing factors to the global inflation trends. The…
The Central Bank of Nigeria (CBN) has revealed that a total of $533.48 million was released for foreign education by banks between October 2022 and March 2023, as reported in the latest statistical bulletin published by the apex bank. Experts anticipate that the second quarter of 2023, spanning from April to June, may see an…