For a while now, economists and finance types who follow the Central Bank of Nigeria (CBN) have been sounding a low intensity alarm about the CBN’s direct funding of the Nigerian government. Between December 2013 and April 2017 for instance, the CBN’s “claims on the federal government” went from 678 billion naira to 6.5 trillion naira ($1.8 billion to $17.3 billion)-an almost 10-fold rise. These “claims” are made up of overdrafts, treasury bills, converted bonds and other such lending. For the most part, the issue has remained an obscure one…
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CBN CLEARS THE AIR ON ARREST OF ITS DEPUTY GOVERNOR
The Central Bank of Nigeria (CBN) has denied a newspaper report alleging that one of its Deputy Governors was arrested and made to forfeit some amount of money to the Economic and Financial Crimes Commission (EFCC). In a statement signed by its Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, the apex bank stressed that the report was categorically false, adding that it was, “a figment of the writer’s imagination.” The regulator further stated that it and its officials: “will not be distracted from the onerous task of ensuring stability…
Read MoreCBN PROBING BANK DIRECTORS OVER FOREX INSIDER ABUSE – EMEFIELE
Oyetunji Abioye The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on Tuesday said the regulator was currently looking at some cases of insider abuse by members of the board of directors of commercial banks and other financial institutions in the country. As a result, Emefiele said the CBN would go tough on errant board members of banks and other financial institutions. According to the governor, the recent economic recession has revealed corporate governance weaknesses in the financial services sector. He listed some of the governance weaknesses as:…
Read MoreNIGERIA’S FOREIGN RESERVE REACHES A 30-MONTH HIGH OF 31BIL DOLLARS – CBN
• Apex bank injects $297m into forex market The nation’s foreign exchange reserves have stood at a 30-month high at $31.59 billion, as at August 18. The Central Bank of Nigeria(CBN) data have shown. Nigeria’s dollar reserves have climbed back to a level they last reached in January 2015, shortly before the general elections. The bank, however, did not provide the reason for the increase. Nigerian assets, largely shunned by foreign investors over the past three years, have attracted significant amounts of capital after the CBN in April liberalised the exchange…
Read MoreNBS: BANKS SACKED 360 STAFF EVERY WEEK FROM JANUARY TILL JUNE
The National Bureau of Statistics (NBS) had revealed that 8,663 workers lost their jobs in the first half of 2017. Data made available by the NBS showed that an average of 360 people were sacked every week from January to June 2017. The figures, according to The Cable, were higher in the first quarter and lower in the second. According to a report titled: ‘Selected Banking Sector Data: Sectoral Breakdown of Credit, ePayment Channels and Staff Strength,’ released by the bureau last Sunday, a total of 8,663 lost their jobs…
Read MoreCBN RETURNS 51.9 BILLION ILLEGALLY DEDUCTED FROM CUSTOMERS TO BANKS
Chukwudi Akasike, Port Harcourt The Central Bank of Nigeria has said that it has recovered over N51.9bn illegally deducted by commercial banks and returned it to the customers. The CBN stated that the amount was illegally removed from the accounts of bank customers across the country in the past five years. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, disclosed this in Port Harcourt during an interactive session with stakeholders, including labour union leaders, in the South-South zone. Okoroafor stated that the recovery and return of the funds to…
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