BDCs vindicated by discovery of money in Lagos, says Gwadabe

Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON) said that the discovery of huge sums of money in Lagos has vindicated its members. In an interview with the News Agency of Nigeria (NAN) on Friday in Lagos, Gwadabe said that ABCON was saddened by the development, but added that……

Recession: Senate to launch probe into N30trn forex scam

The Upper House (Senate)  has launched a probe into an alleged N30 trillion foreign exchange racketeering (forex scam) by commercial banks and importers. The upper legislative chamber claims that the country lost over N30 trillion to the alleged diversion of forex between 2006 and 2017. Senate Committee on Customs, Excise and Tariff, on Wednesday, told……

Buhari Forwards Names Of 5 Nominees For CBN’s Non-Executive Directors To Senate

Following the president, Muhammadu Buhari’s absence at the yesterday’s Federal Executive Council, FEC meeting which was presided over by the vice president, Yemi Osinbajo, President Buhari has forwarded five names of nominees for the non-executive directors of the CBN to the National Assembly. Recall that the Information Minister, Lai Mohammed had revealed that the president……

CBN Releases Additional $250m For Agriculture, Airlines

The Central Bank of Nigeria (CBN) on Wednesday released another 250 million dollars on 7 to 30 day forwards for agriculture, airline, petroleum products and raw materials.   The acting Director, Corporate Communications, CBN, Mr Isaac Okorafor,  said in a statement that the bank also called for bid for 100 million dollars wholesale spot for…

CBN releases additional $250m for agriculture, airlines

The Central Bank of Nigeria (CBN) on Wednesday released another 250 million dollars on 7 to 30 day forwards for agriculture, airline, petroleum products and raw materials. The acting Director, Corporate Communications, CBN, Mr Isaac Okorafor, said in a statement that the bank also called for bid for 100 million dollars wholesale spot for traveling……

‘Benefits of financial knowledge among youths’

In the same manner that education and training equip an individual for success in life, so does financial literacy enhance sound financial decisions and lifetime financial security. This was the submission of Chief Executive of Stanbic IBTC Bank, a member of Stanbic IBTC Holdings PLC, Dr. Demola Sogunle while speaking in Umuahia, Abia State at…

Buhari nominates non-executive directors for CBN

President Muhammadu Buhari, Wednesday, forwarded a list of nominees to the Senate for confirmation as Non-Executive Directors of the Board of the Central Bank of Nigeria (CBN). A statement by his Special Adviser (Media & Publicity) Mr Femi Adesina, said the move is in accordance with Sections 6 (1) (d) and 10 (1) and (2)…

Buhari nominates non-Executive Directors of CBN Board [LIST]

President Muhammadu Buhari has sent the list of his nominees for non-executive directors of the Board of Directors of the Central Bank of Nigeria (CBN) for Senate confirmation. He disclosed this in a statement signed and issued by his Special Adviser on Media and Publicity, Femi Adesina, on Wednesday. According to the statement, the nominations…

President Buhari Nominates Non-Executive Directors of CBN Board

Femi Adesina, Abuja: In accordance with Sections 6 (1) (d) and 10 (1) and (2) of the Central Bank of Nigeria (Establishment) Act, 2007, President Muhammadu Buhari, Wednesday, forwarded the list of his nominees to the Senate for confirmation as Non-Executive Directors of the Board of the Central Bank of Nigeria (CBN). The letter to…

CBN directs banks to plough 5% profit into Agro/SME investment scheme

The Central Bank of Nigeria (CBN) has issued a directive to all deposit money banks to fulfil remittances of five per cent profit after tax (PAT) for investment in the Agricultural/Small and Medium Enterprises equity Investment Scheme. This development was made known via a circular issued to all banks by the Director/Financial Policy and Regulation…

Naira sustains loss against dollar

The Naira on Tuesday sustained its loss against the dollar at the parallel market. This was in spite of the Central Bank of Nigeria (CBN)’s intervention at both the interbank market and Bureau De Change (BDC) window. The News Agency of Nigeria (NAN) reports that the naira on Tuesday afternoon exchange between N405 (buying rate)……

Forex: CBN opens special window for SMEs

The Central Bank of Nigeria (CBN) has opened a special Forex window for Small and Medium Enterprises (SMEs) to enable SMEs import eligible finished and semi-finished items. The CBN spokesmsn, Isaac Okorafor, in a statement on Monday in Abuja, said that the SMES would be permitted to import items not exceeding 20,000 dollars for an……