Banks and other financial institutions are required by the Central Bank of Nigeria (CBN) to move cash and unclaimed balances from inactive accounts to accounts maintained by the central bank. In order to help beneficiaries and account holders recover money that has lain dormant for up to ten years, the CBN has also published regulatory…
Mrs Ifeoma Ogbonnaya, an Assistant Manager at Zenith Bank Plc, has described how Mr Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), transferred monies to his wife, Mrs Margaret Emefiele. Ogbonnaya told an Ikeja Special Offences Court on Tuesday how Emefiele exploited the bank to transfer millions of naira to his…
Nigeria’s foreign exchange reserves climbed by 5% to $33.58 billion in the last two months. This is based to the Central Bank of Nigeria’s (CBN) most recent foreign exchange data as of June 19, 2024. As a result, the foreign exchange reserves amount has increased by $1.47 billion since April 19, 2024, when they stood…
In an attempt to combat growing inflation, the Central Bank of Nigeria increased the monetary policy rate, often known as the interest rate, by 200 basis points, to 24.75 percent from 22.75 percent. This was revealed by CBN Governor Olayemi Cardoso on Tuesday at the press briefing for the 294th Meeting of the Monetary Policy…
With an eye toward international investors, the Central Bank of Nigeria has auctioned a record N1.3 trillion in Treasury Bills. The goal of this is to boost the amount of foreign exchange (forex) coming into Nigeria and improve the value of the Naira. Attractive interest rates are available on current Treasury Bills, providing investors with…
The Central Bank of Nigeria has prohibited International Oil businesses (IOCs) from repatriating all foreign exchange gains to their parent businesses overseas. Beginning immediately, the regulation prohibits international oil companies from repatriating 50% of their revenues in the first instance and the other half after 90 days. According to a circular issued by Hassan Mahmud,…
Yesterday, the Federal Government proclaimed a staff of the Central Bank of Nigeria. CBN, Odoh Ocheme, and two other people are wanted for allegedly faking former President Muhammadu Buhari’s signature to steal $6.2 million from the central bank. In a letter to the Assistant Inspector General of Police from the CBN special investigator’s office, Ocheme,…